Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent

Asure

Welcome to Mission to Grow, the podcast tailored for small business owners seeking practical insights, compliance-oriented content, and expert advice to navigate the complexities of HR and beyond. Hosted by Mike Vannoy, a seasoned business professional with a vision for rebranding and leveling up. Join us every Thursday as we delve into the world of compliance, productivity, and management strategies to empower owners and managers of midsize companies. read less
BusinessBusiness

Episodes

Understanding Isolating And Allocating Growth Capital - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode # 96
6d ago
Understanding Isolating And Allocating Growth Capital - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode # 96
Every business wants to grow, but can growth potentially hurt your business? This week’s guest thinks so. He’s a speaker, entrepreneur, and financial expert who helps businesses uncover the secrets to profitability. Joining the show this week is Partner at Carr, Riggs & Ingram, Greg Crabtree!Greg sits down with Mike Vannoy to explore the world of Growth Capital. Greg explains what the cost to power ratio is, how changing your billing cycle can free up revenue, and when it makes sense to borrow vs spend your own cash.  Takeaways:A common area where business owners get themselves into trouble is by trying to apply a method or practice from a different category of business to their own. If funding strategies don’t line up, businesses can quickly find themselves losing money.  There are three capital types, light, moderate, and heavy. Capital light businesses hold no inventory or accounts receivable and get paid upon service. Moderate businesses hold either inventory or accounts receivable, and heavy businesses hold both. The cash to power ratio is between your trade capital amounts and your profits. If trade capital is 10% and profit is 5%, you will lose 5% of your revenue before making your first dollar. By decreasing trade capital and increasing profit, you access funds sooner.Growth is something that should be pursued, but not at the expense of the business. If you are looking to drive new revenue, but don’t have a line of credit available or cash on hand, prioritize growing your cash on hand first. One of the best ways to free up capital is to lengthen out how long it takes you to pay your suppliers, while at the same time shortening your payment times with your customers. If you can try to bill them as soon as services are rendered. Borrowed capital can be dangerous, but there are times where it makes sense. If you are buying a productive asset like a van or cnc machine, financing the purchase allows you to keep two months of business expenses in cash on hand. Businesses need to start with profitability, and profitability comes from understanding the data behind your business. Once you know the data you can identify which areas are making or losing you money. Quote of the Show:“Cash is a choice and debt is a choice.” - Greg CrabtreeLinks:LinkedIn: https://www.linkedin.com/in/greg-crabtree-simple-numbers/ Company Website: http://www.CRIcpa.com Publications: https://www.simplenumberscri.com/booksWays to Tune In:Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj  Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976 Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006
Anti-Discrimination Laws: Are Your Hiring Practices EEO Compliant? - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode # 95
Apr 4 2024
Anti-Discrimination Laws: Are Your Hiring Practices EEO Compliant? - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode # 95
Staying compliant during your hiring process can be challenging, especially as well intentioned questions can actually end up being discriminatory. Our guest this week helps clear up any misconceptions around EEOC. Please welcome to the show, VP of HR Compliance and Learning and Development at Asure, Mary Simmons!Mary and Mike sit down to explore some of the common pitfalls employers experience in the hiring process. Mary dives into the federally protected classes, the importance of having consistent questions, and how to write accurate physical requirements in your job descriptions.   Takeaways:While some states may not require anti harassment training, there is still a federal level of regulations that need to be observed. By knowing the nuances of your state you can ensure you stay compliant with regulations. Under the EEOC, there are 8 protected classes: race, color, religion, sex, national origin, age, disability, and genetic information. These are the federal protected classes, and some states add on additional protected classes. For employers, acting out of good intentions can accidentally count as discrimination. While moving a pregnant employee to a less physically strenuous job may seem like an accommodation, doing so without asking could be considered discrimination. While it may be tempting to discredit employee feelings alone, doing so can have negative repercussions. While you may not be found legally responsible in a lawsuit, the cost and reputation losses alone can severely impact your working environment.When building out your job description, you need to have physical requirements that are realistic. Any job, whether it’s working in a warehouse or sitting at a desk should include the physical requirements of the role. When dealing with disability in the hiring process, employers need to ask all candidates the same questions, and allow the candidate to make the distinction as to if they can meet the physical requirements. No two candidates are the same, and asking the same questions protects you from being discriminatory. Consistency in your questions allows you to evaluate your candidates on the basis of their answers. Quote of the Show:“Feelings are important here, because I have to feel safe at work.” - Mary SimmonsLinks:LinkedIn: https://www.linkedin.com/in/marysimmonshrconsultant/ Company Website: https://www.asuresoftware.com/ Ways to Tune In:Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj  Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976 Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006
On-Demand Pay: The New Must-Have Benefit for Job Seekers - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode # 94
Mar 28 2024
On-Demand Pay: The New Must-Have Benefit for Job Seekers - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode # 94
As technology advances, so should your payroll. On demand pay is becoming more of a desire for the workforce, and it benefits employers as well as employees. Here to explain the world of on demand pay is VP of Sales at ZayZoon, Shane Edrington.Shane sits down with Host Mike Vannoy to dispel some myths about earned wage access. Shane shares how on demand pay results in happier employers, how it can prevent unnecessary losses for businesses, and what types of employees it makes the most sense for.   Takeaways:Employers need to understand what earned wage access is and isn’t. While on demand pay fills a similar need to pay day loans, or advances, it isn’t the same. On demand pay simply gives employees faster access to their earned wages. When thinking about financial wellness, employers need to give their employees as much agency as possible. While some employers may think that holding on to pay is better, it’s ultimately more of a burden on employees. When payroll took longer and was more cost prohibitive, it made sense for employees to only get paid bi-weekly. Because of how efficient payroll has gotten, many employees are starting to desire a faster pay cadence. The types of employees who benefit from on demand pay the most are people who make between $30,000 to $80,000 a year. Typically these are people who are in some way, living paycheck to paycheck. By utilizing on demand pay, you help protect your business. In quick service restaurant or convenience store applications, the use of on demand pay resulted in theft from the till dropping by 90%.On demand pay results in happier employees, and directly results in lowered employee turnover. Businesses with on demand pay see up to a 29% reduction in turnover, equating to a savings of $10,000 a year for every 100 employees paid.When looking for a provider, employers should prioritize ease of use and automation. Solutions that require a human to enter data are time consuming, inefficient, and run the risk of having errors.  Quote of the Show:“For me, it's more about, are you giving employees access to something that will directly improve their financial position?” - Shane EdringtonLinks:LinkedIn: https://www.linkedin.com/in/shaneedrington/ Company Website: https://www.zayzoon.com/ Ways to Tune In:Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj  Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976 Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006
Why 401(k) is a Smart Choice for Small Business - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode # 93
Mar 21 2024
Why 401(k) is a Smart Choice for Small Business - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode # 93
For most employees, a 401k is a requirement, not just a perk. Here to help your business stay competitive is a 401k expert with over 20 years of experience. Joining the show this week is President of Workplace Savings at Vestwell, Richard Tatum!Richard sits down with Mike Vannoy to dive into all things 401k. Richard shares tax credits employers can take advantage of, how to count an employee's student loan payments towards retirement, and why a 401k provides employees with more than just a retirement fund.  Takeaways:In the eyes of workers, 401k’s have evolved. What once used to be just a perk has become more of a brand in and of itself. As 85% of workers want a 401k, retirement plans are a crucial part of hiring and retaining talent. While 401k plans were once quite complex, managed accounts have made them much more streamlined. Rather than need to pick specific funds, employees only need to choose their risk tolerances and timelines. When 401k’s were managed on paper, many employees and employers found them cumbersome to participate in. Technology now allows for 401k’s to be managed digitally, offering a new level of convenience to employees and employers alike. A 401k offers tangible benefits to employees in the form of tax breaks and retirement funds, but can offer intangible benefits as well. By helping build your employees financial stability, they will be less stressed, and more engaged at work. Employees are changing jobs more frequently, and are seeing benefits at more companies than ever before. If you haven’t updated your 401k in a few years, reviewing and updating your plans will keep you competitive and help better retain employees. Comparing industry data for plans is easier than ever before. Most managed plan providers have access to data and can help you make an informed choice. Businesses should lean on their providers to provide the best plans possible. Employees shouldn’t need to choose between paying for student loans and saving for retirement, and with the SECURE act 2.0 they don't! Employers can add an option to 401k plans to match student loan payments into a retirement plan. Quote of the Show:“It's just statistically proven that employer sponsored plans are better at getting people off the sidelines and saving for retirement.” - Richard TatumLinks:LinkedIn: https://www.linkedin.com/in/richardmtatum/ Company Website: http://vestwell.com/ Ways to Tune In:Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj  Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976 Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006
FMLA: What Family Medical Leave Act Provisions Mean for Your Business - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode # 92
Mar 14 2024
FMLA: What Family Medical Leave Act Provisions Mean for Your Business - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode # 92
The Family Medical Leave Act is an important piece of legislation that provides employees of certain businesses with protections in the case of a medical leave. Understanding the nuances of the FMLA will help your business stay compliant and help your employees take advantage of a critical resource. Here to demystify the FMLA is Principal at Jackson Lewis PC, Brian Shenker!Brian joins Host Mike Vannoy to unpack what you need to know about the FMLA. Brian shares requirements for both employers and employees, dives into what events are covered, and highlights some of the potential situations that businesses may find themselves in.  Takeaways:The FMLA states that qualifying employees are allowed to take up to 12 weeks of unpaid job protected leave to care for themselves or a family member. When they return, they must be returned to the same job.  While the FMLA is a semi recent job law, it was built upon the progress of other laws including the ADA. Prior to the law, employees were often forced to quit their jobs just to care for a family member. While compliance with the FMLA is necessary, it isn’t the end all be all of leave. Much like states can have higher minimum wages compared to the FLSA, leave can vary by location. Understanding local laws will help you stay compliant. For an employee to take advantage of the FMLA, there are a few requirements they need to meet. Employees must have been employed with the company for at least 12 months. These months don’t need to be consecutive, and are counted up until the leave. The FMLA has certain exceptions that make it non applicable to small businesses. To follow the FMLA, businesses must have at least 50 employees who are within a 75 mile radius. To take unpaid protected leave, employees must either be dealing with their own medical issue, or providing care for a parent, spouse, or child. Cousins, siblings, and other family members are not part of the umbrella of people an employee can take leave for. While FMLA abuse does exist, it’s best for employers to err on the side of caution. By playing the role of “doctor” or “lawyer” and trying to determine if an employee’s case is eligible, you run the risk of legal ramifications. Quote of the Show:“If you don't think FMLA applies to you, but it does, you're going to be committing violation after violation.” - Brian ShenkerLinks:LinkedIn: https://www.linkedin.com/in/brian-shenker-53708712/ Company Website: https://www.jacksonlewis.com/ Ways to Tune In:Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj  Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976 Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006
Tax Filing, Deductions, Credits & Changes: Tax Compliance Considerations for Small Business Owners - Mission to Grow - Episode #91
Mar 7 2024
Tax Filing, Deductions, Credits & Changes: Tax Compliance Considerations for Small Business Owners - Mission to Grow - Episode #91
No business wants to deal with an audit from the IRS, and properly understanding how to be tax compliant is the best way to keep your business running smoothly. Here to help you stay compliant is Sr. Director of Tax Operations at Asure, Janel Weinke!Janel and Host Mike Vannoy chat about all things compliance and credits. Janel shares the nuances that different municipalities can have for filing, the differences between filing quarterly and yearly, and how to handle an abatement. Takeaways:While there are a lot of nuances to understand about payroll taxes, the most important thing to keep in mind is to pay and file on time. None of the other nuances matter if you don’t file on time. For most districts, there are two potential time frames you need to file along, quarterly or yearly. For a business that has over $1500 in payroll liabilities, you need to file quarterly, under that amount and you can file yearly.  Even if you have no liabilities to file for a given quarter, it’s important to file regardless to avoid penalties. The IRS may fine you and put a levy on your business for not paying taxes.While you always want to avoid paying late if possible, all entities are provided a one time abatement by the IRS. While the IRS may not always accept the abatement, it’s crucial to work with the agency to avoid any further penalties. As an employer, you need to understand that the taxes you pay are based around where your employees work, not just where the business is located. There are often different deductions depending on state and even county.Employee level details may not be required where you file, but keeping a well tracked payroll system can be an important record. If you face an audit, having detailed records saves time and better protects yourself.Tax credits can offer a great way for employers to better benefit their employees. The Secure Act 2.0 helps small businesses implement 401k plans for employees by covering implementation fees and even matching employee contributions for a few years. Quote of the Show:“You're never gonna get penalized for remitting early.” - Janel WeinkeLinks:LinkedIn: https://www.linkedin.com/in/janel-weinke-3113b028/ Company Website: https://www.asuresoftware.com/ Ways to Tune In:Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj  Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976 Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006
Salaried or Hourly? Understand Exempt Classifications - Mission to Grow - Episode # 90
Feb 29 2024
Salaried or Hourly? Understand Exempt Classifications - Mission to Grow - Episode # 90
At first glance, classifying an employee as exempt or nonexempt appears to only be about how you want to pay them, but at a further glance things are much more complicated. Here to help make things less confusing is this week’s guest! Joining the show this week is VP of HR Consulting at Asure, Mary Simmons!Mary joins host Mike Vannoy to discuss the significance of properly classifying employees as exempt vs. non-exempt. Simmons highlights the importance of small business owners understanding labor laws for compliance. They discuss common misconceptions and mistakes businesses make when determining employee classification.Takeaways:Understanding the Fair Labor Standards Act is crucial for growing companies when classifying employees as salary or hourly. Employers must follow specific regulations to ensure compliance with wage and hour laws. In considering the differences between hourly and salaried employees, it's crucial to understand the distinction between exempt and non-exempt status. Exempt employees are not entitled to overtime pay, while non-exempt employees are eligible for overtime. Employers should ensure that hourly workers are paid for every minute they work, including tasks like answering emails or calls. Adhering to wage and hour laws is crucial to avoid legal issues related to off-the-clock work.Rewarding exempt employees with extra pay for overtime is possible, but it must be done carefully to avoid breaking the exemption. Consulting with a professional before implementing such rewards is crucial to ensure compliance and fairness. Responsibilities, not title, are a determining factor in an employee’s exempt status. While a retail employee may be a manager, if most of their duties involve working with customers and stocking shelves, they may actually be non exempt. Employers need to ensure they meet the minimum salary requirements for exempt employees, as failure to do so can lead to costly consequences. Exempt employees must be paid at least $684 a week. While there is a baseline of Federal labor regulations employers need to follow, it’s important to be mindful of state regulations as well. Certain states, and even municipalities, have more stringent requirements for wages. Quote of the Show:“You cannot contract around the law.” - Mary SimmonsLinks:LinkedIn: https://www.linkedin.com/in/marysimmonshrconsultant/ Company Website: https://www.asuresoftware.com/ Ways to Tune In:Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj  Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976 Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006
Finance Tips for Growth-Minded Business Owners - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode #89
Feb 22 2024
Finance Tips for Growth-Minded Business Owners - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode #89
Today’s guest is a speaker, entrepreneur, and financial expert! Welcome Greg Crabtree, Partner at Carr, Riggs & Ingram. Greg joins host Mike Vannoy to share labor efficiency, scalability, and the significance of profit in fueling sustainable growth. Greg also focuses on practical and strategic financial advice for small business owners aiming to succeed in a competitive and evolving economy. It’s an enlightening conversation you don’t want to miss! Takeaways:Businesses seeking efficiency should analyze their models to eliminate unnecessary components, such as having accounts receivable without inventory or vice versa, as this tends to correlate with higher profitability potential.Prioritizing the establishment of a fully capitalized business is crucial for fostering positive cash flow growth, with subsequent returns on investment becoming feasible once this foundation is solidified.Employing a profitability strategy centered around the gross margin to labor cost ratio is imperative for businesses to uphold a robust balance sheet, serving as a fundamental aspect of financial health.In a fast-paced, competitive market, businesses need to stand out by prioritizing active selling techniques. Engaging customers proactively, meeting evolving needs, and demonstrating adaptability through proactive sales strategies are vital for sustaining relevance and competitiveness.Businesses aspiring for growth may find it essential to restructure their models, which could involve simplification, scalability improvements, and adjustments aligned with evolving market dynamics to achieve their expansion objectives.Quote of the Show:“We have a flat economy that’s really hard to measure.” - Greg Crabtree Links:Asure: https://www.asuresoftware.com/ LinkedIn: https://www.linkedin.com/in/greg-crabtree-simple-numbers/  Company Website: http://www.CRIcpa.com  Publications: https://www.simplenumberscri.com/books  Ways to Tune In:Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj  Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976 Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006 Transistor: https://missiontogrow.asuresoftware.com/ YouTube: https://www.youtube.com/@AsureSoftware
Onboarding: Common Pitfalls & Best Practices for New Employees - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode #88
Feb 15 2024
Onboarding: Common Pitfalls & Best Practices for New Employees - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode #88
This week’s guest has extensive experience defending Class and Collective action lawsuits under federal and state wage and hour laws. His practice focuses on representing employers in a wide range of workplace matters as well as preventative advice and counseling. Welcome back to the show, Brian Shenker, Principal at Jackson Lewis P.C.! Brian sits down with host Mike Vannoy to discuss key aspects of the hiring process such as, conducting interviews, being cautious about legally protected personal characteristics, and conducting background checks. They also discuss recent legal trends like ban-the-box laws and pay transparency laws and how businesses can navigate these. It’s an enlightening episode you don’t want to miss!   Takeaways:During the hiring process, focus on the job's requirements rather than the personal qualifications or private life of the candidate. Assess whether applicants can fulfill the job's duties and perform them well without considering their protected characteristics.Brian highlights the importance of being up-to-date with legal trends. For example, "ban-the-box" laws prohibit asking about criminal history early in the job application process. Similarly, salary transparency laws prohibit asking applicants about past salaries.Employers should customize every aspect of the hiring process, including job postings, documentation, legal compliance, and onboarding, to match the specific needs of the job. This involves updating job descriptions, following local laws on sensitive questions, and ensuring clear communication about job roles and company policies for new hires.Companies need to avoid asking questions or making assumptions on protected characteristics (age, sex, religious beliefs, etc.) during the hiring process and should treat all applicants equally. Limit use of social media during the hiring process, as it could lead to consideration of protected characteristics unknowingly. If used, it should be consistently applied across all applicants and only to assess industry-related activities and professional behavior.Quote of the Show:“Legal compliance goes hand in hand with culture.” - Brian Shenker“You will have better employee morale when you’re doing things the right way.” - Brian ShenkerLinks:LinkedIn: https://www.linkedin.com/in/brian-shenker-53708712/ Company Website: http://www.jacksonlewis.com Ways to Tune In:Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj  Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976 Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006 Transistor: https://missiontogrow.asuresoftware.com/ YouTube: https://www.youtube.com/@AsureSoftware
Employee Engagement - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode #87
Feb 8 2024
Employee Engagement - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode #87
This week on Mission to Grow, Mike Vannoy sits down with Mary Simmons, VP of HR Compliance, Learning and Development at Asure! Mike and Mary discuss various strategies to engage employees and improve productivity, which in turn accelerates business growth. They focus on training as a vital aspect of employee engagement, emphasizing its importance for skill enhancement. Learn from Mary as she shares the importance of employee wellness initiatives, mission alignment, and how they affect employee engagement. It’s an insightful episode you don’t want to miss! Takeaways:Offering training engages employees because it demonstrates employer investment in their professional development. Both soft skills, like better communication, team building, and hard skills, like technical abilities, are important areas of training. Career pathing encourages employee engagement by providing a trajectory for their professional development. It’s advised to create a structure or roadmap showing potential advancements or career opportunities within the organization. This path could comprise promotions, additional training, or even cross-departmental experiences.Wellness programs or initiatives significantly impact the engagement of employees. Providing resources addressing physical, mental, and financial wellness is crucial. An engaged workforce is undeniably more productive, leading these wellness initiatives to indirectly contribute to the overall business' success.Ensuring employees understand and align with the company's mission can drive employee engagement. Employees who feel connected with the mission typically demonstrate higher productivity. It is crucial for leaders and communicators to consistently communicate the organization's mission and how individual roles contribute to achieving it.With the changing work environment, offering flexible or remote work options can boost employee engagement. However, it does bring about the need for proactive communication and employee collaboration efforts, such as regular video meet-ups and virtual team activities.Quote of the Show:“When your staff are connected, they work better and productivity goes up.” - Mary Simmons Links:Asure: https://www.asuresoftware.com/ LinkedIn: https://www.linkedin.com/in/marysimmonshrconsultant/ Ways to Tune In:Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj  Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976 Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006 Transistor: https://missiontogrow.asuresoftware.com/ YouTube: https://www.youtube.com/@AsureSoftware
CTA Requirements - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode #86
Feb 1 2024
CTA Requirements - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode #86
On this week’s episode of Mission to Grow, host Mike Vannoy sits down with Chris Bell, Regulatory Counsel for Asure. Mike and Chris then delve into the details of the CTA (Corporate Transparency Act), why it was enacted, its potential impact on small businesses, and the necessary steps to comply with the law. They also share information on exemptions to the Act and how businesses can register with the Financial Crimes Enforcement Network (FinCEN). It’s an insightful episode you don’t want to miss! Takeaways:Passed in 2021, the CTA is an act that mandates businesses to report their beneficial owner information to the federal banking regulators. Previously, this responsibility fell on the banks. However, Congress shifted this duty to businesses. This act is designed to limit money laundering practices by identifying true business owners.Contrary to what one might expect, smaller businesses bear this regulatory burden, not larger entities. The CTA exempts entities with more than 20 employees and $5 million in revenue from the reporting requirement. Comply with the reporting requirements of the CTA to avoid hefty fines up to $10,000, and potential legal trouble. Reporting involves registering with FinCEN and providing personal and company information.Businesses have to register with the Financial Crimes Enforcement Network (FinCEN) to fulfill the CTA requirements. The process involves submitting personal information, such as name, date of birth, address, Social Security Number, and identification details.There are 23 exemptions to this rule, most of which apply to regulated entities like financial institutions and accounting firms. It also includes companies that meet a "large operating exception" (more than 20 employees and $5 million in revenue). Quote of the Show:“If you don't meet one of the twenty-three exemptions under this new law, then you will have a reporting requirement annually. If you don't meet that reporting requirement, then you're going to pay some fines.” - Chris BellLinks:Asure: https://www.asuresoftware.com/ Chris’ LinkedIn: https://www.linkedin.com/in/chris-w-bell-01648079/ FinCEN: https://fincen.gov/ CTA Exemptions: https://www.wolterskluwer.com/en/expert-insights/the-23-exemptions-from-the-corporate-transparency-act Ways to Tune In:Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj  Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976 Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006 Transistor: https://missiontogrow.asuresoftware.com/ YouTube: https://youtu.be/KwfgyXIauSc
2024 Employment Law Updates - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - #85
Jan 24 2024
2024 Employment Law Updates - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - #85
Welcome to another episode of Mission to Grow! This week, we welcome back Mary Simmons, the VP of HR Compliance, Learning and Development at Asure. Mary partners with Mike to discuss 2024 employment law updates, covering topics such as the anticipated increase in White Collar and Highly Compensated salaries, pay transparency, impacts of marijuana legislation on employers, and state-mandated savings plans. They highlight the importance of staying compliant, adapting to changes, and keeping HR functions supportive of the business's growth. It’s an insightful episode you won’t want to miss! Takeaways:The Department of Labor is expected to increase White Collar and Highly Compensated salaries, which might heavily impact businesses, especially the small ones. Mary urges employers to prepare and audit their Fair Labor Standards Act, considering how this change might impact their employees and operations.More states are moving towards pay transparency where salary ranges for job postings are made public. Employers need to embrace this change and utilize it as a strategy for attracting potential employees.States are continuing to legalize marijuana, and companies need to be prepared for the complexities that come with this in relation to workplace policies. Employers need to form a solid plan on what their stance will be on off-duty cannabis use and remain aware of the changing laws surrounding it.Many states are implementing mandatory savings plans for employees. This isn't just a mandatory compliance issue, employers should also leverage this as a perk when attracting new talent.Non-competes are seeing a pushback and being challenged more frequently. Employers need to review their non-competes with a professional and consider how competition impacts their employee engagement.There are more leave laws being enacted on state and local levels, including bereavement leave and parental leave. Employers need to stay updated with the new laws and understand their effects to avoid legal complications and manage employee expectations better.Quote of the Show:“Keep focusing on HR because it is no longer a call center. It is your way to being successful.” - Mary SimmonsLinks:Asure: https://www.asuresoftware.com/ LinkedIn: https://www.linkedin.com/in/marysimmonshrconsultant/ Ways to Tune In:Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj  Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976 Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006 YouTube: https://youtu.be/0G2r5sn7qrM