Business Information for Entrepreneurs by an Entrepreneur

Perks vs. Higher Pay - Which Will You Choose?

You want to hire the best people for your small business, but at this time you just can't pay the same high salaries as some bigger companies. That doesn't necessarily put you out of the running for some of the best talent.

If you can't match the salaries of some of your competition, then beat them by offering perks that potential employees will find hard to resist.

Now more than ever, employees know the importance of balancing work with family and their other interests. Fewer and fewer people are willing to put in 80 hour weeks at the cost of never seeing their children.

For this reason, the following perks may be able to lure someone away from a higher paying position.

Telecommuting

The opportunity to work at home is appealing to people for many reasons. They can be at the bus stop to meet their older children after school. Pets won't need to be left alone all day.

In addition, it effectively cuts the time off of their work day, because there is no commute. Also, they save the cost of gas and expensive work wardrobes. This won't work for every position, but for some it's perfect.

Even if the employee can telecommute part-time (i.e. 2 days in the office and 3 days telecommuting) it's a big benefit.

Bringing Children to Work

This is not feasible for every small business, but if you have a situation where an employee can bring her children to work - even some of the time - that will be a huge benefit.

The cost of daycare continues to rise, and many parents fret about the lack of trustworthy child care providers. Sometimes all it takes is a private office with a crib or playpen.

Or, if you have several employees, it could be worth it to set aside a day care room and hire a couple of child care providers on site.

Flex Schedules

Offering flexible scheduling in which the employee can choose her hours is a perk many will find irresistible.

Many small businesses can accommodate varying schedules without much of a problem. This is a way to give your employees a great benefit at no extra cost to you.

Be creative, and offer perks that will bring the best talent to your door - even if your salaries are a bit less than the competition.

Hiring Interns: a Win-Win!

Bringing a college intern into the office is a great decision for many small businesses. If you choose the interns wisely, it can benefit to both the college student and your small business.

Most colleges require that soon-to-be grads complete some type of internship as a requirement for graduation. Some internships are paid, and some are not.

It is completely up to you to decide whether or not to offer monetary compensation for the internship. Some small business owners offer an hourly rate, while others offer a lump sum amount to go toward the intern's college expenses.

Why Internships?

For the college students, it's a chance to work in the field for which they have spent the last few years studying. They get some real world experience as well as the college credits required to graduate.

But they aren't the only winners in the arrangement.

For small business owners, taking part in an internship program allows you access to some fresh talent. Many students find their first jobs through their internships. It's a good way for you to meet some of the people who will be looking for jobs upon graduation.

Lowering Your Expenses

It's also a way to supplement your workforce without having to hire additional employees.

For example, if your busy graphic designer is always begging for an assistant designer, bringing in an intern or two could be a perfect low-cost solution.

Some companies take advantage of the program and use the interns only for running errands and making copies. If this is your plan, you need to make that clear to the potential intern before they start.

The point of the program is for the intern to get an idea about what working in their chosen field will be like - not to serve as coffee runners.

That isn't to say you should put them in charge of a project, and it's fine to have them do some administrative work. But, they should also be given the chance to work in their fields.

This will give them the experience they need, and it will give you a chance to observe their performance.

3 Good Reasons You Should Hire an Accountant

Many small business owners keep their own accounting books. Some are meticulous and well-suited to the task.

Others shove receipts in the drawer and scribble notes on scraps of paper about where the money is going. That can make things pretty tricky come tax time.

Some business owners put off hiring an accountant because of the expense, but since most are paid by the hour, hiring one doesn't have to be prohibitively expensive.

There are many good reasons to hire an accountant. Here are three.

1. Payroll

There are so many payroll regulations that it can be tough to learn them all. Plus, they are always changing.

Deviating from federal regulations can result in hefty fines. By having an account handle payroll, you won't have to worry about keeping current.

2. Tax Time

This is one of the best reasons to hire an accountant. Business tax regulations change each year and are difficult for many "lay people" to understand.

You need someone to guide you throughout the year about what will be best for your business come tax time. If you wait to hire someone just to do your taxes it will be too late to take advantage of some money saving tax strategies.

Instead, you need someone who knows your business and can guide you - starting on January 1 - about how to save money when tax time comes around.

3. Free Time

Hiring an accountant to handle your books will take one big burden off of your shoulders and will free up your time to run and grow your business.

Keep in mind that you should never hand your books over 100% to an accountant. You need to know every detail about what is going on at all times.

This will remove the possibility of someone skimming off the top or your small business being involved in any unsavory practices.

Hire a good accountant, but always know what is in those books. It is, after all, your business.