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Small Businesses

SIMA Financial Group > Small Businesses (Page 23)

An Effective Succession Plan Calls for Decisive Action

The prospect of leaving your company in the hands of someone else likely brings mixed emotions. You’ve no doubt spent a substantial amount of time and a great degree of effort in getting your enterprise to where it is today. So, as the saying goes, parting will be such sweet sorrow. Yet, when it comes to creating and executing a succession plan, decisive action is critical. You’ve got to respect the importance of timeliness — not only for you and your family, but also for your successor and employees. So here are two key questions to answer. 1. When’s your target...

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Should you offer spousal health care coverage?

When looking to manage benefits costs, employers have many ideas to consider. One in particular is whether and how to offer health care insurance to their employees’ spouses. The Affordable Care Act doesn’t require spousal coverage. It only requires coverage for dependent children. But many employees may frown on seeing spousal coverage suddenly become expensive or vanish entirely. So this is a question warranting careful forethought. 2 established ways Essentially, there are two established ways of saving money on spousal coverage: 1) rationalizing the expense through a cost-sharing surcharge, or 2) eliminating coverage altogether through a “spousal carve-out” policy. Few employers appear willing to lower the...

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Streamline your sales staff’s workflow

Do you know how much time your sales people spend actually selling? In many cases, sales reps spend too much time doing reporting, administrative tasks and other nonsales responsibilities assigned to them. If you can streamline your sales staff’s workflow to keep them better focused on selling, your profitability may benefit.   Emphasize strengths To get started, take a hard look at precisely what your sales people are doing during their workdays. When appropriate, reassign nonessential tasks to others. For instance, delivery problems can be handled by someone in shipping. Account disputes can be solved by the credit manager. Also, reports may be...

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