Connect with us

Business

How Employment Laws Benefit Small Businesses

Sheldon Cooper

Published

on

How Employment Laws Benefit Small Businesses

If you run a small business, you should know about employment laws. These laws are designed to protect workers from unfair treatment and discrimination.

For example, under the Equal Employment Opportunity Act, small businesses are not allowed to discriminate against an employee based on their race or gender.

In addition, the Civil Rights Act of 1964 prohibits employers from denying reasonable accommodations to employees with disabilities. If you feel that your employees are being treated unfairly, you can file a complaint with the EEOC.

Employers with 10 or more workers must comply with anti-discrimination laws

Anti-discrimination laws require employers to adhere to certain rules and guidelines. They must not discriminate on the basis of race, religion, sex, national origin, age, or physical or sensory disability. In addition, employers cannot advertise or conduct business in a manner that would be considered biased.

How Employment Laws Benefit Small Businesses

How Employment Laws Benefit Small Businesses

Discrimination on the basis of protected classes is prohibited by federal law. Among them are age, sex, gender, national origin, ancestry, and disability. Moreover, these laws prohibit discrimination in compensation, fringe benefits, and overtime pay. Discrimination is one of the most common lawsuits an employer faces and often times the employer does not even realize their actions are discriminatory, it is important to consult with a knowledgeable employment lawyer like Levitt LLP who can provide expert advice.

Employers with 20 or more workers must comply with COBRA

Employers with 20 or more full-time employees are required by law to provide COBRA health insurance coverage to their employees. This coverage can be used by employees and their dependents who lose their group health plans due to various reasons.

COBRA is a federal law, but individual states may have similar laws that employers must follow.

There are many complicated issues involved with COBRA, and mistakes can be costly. If your company does not meet the standards required by law, you could be paying hundreds of dollars for each day your employees go without health insurance. You may want to consider using a third party to manage your COBRA administration.

Employers with 50 or more workers must comply with FMLA

An employer that employs 50 or more employees must comply with the FMLA laws. However, FMLA coverage does not kick in immediately. For an employer to be eligible, it must employ at least 50 workers during the previous calendar year or at least 20 work weeks in the current calendar year.

This count does not have to be consecutive; it must occur within seven years of the employee’s first day of employment.

FMLA is a law that covers private companies and public sector organizations that have 50 or more employees. It gives workers with a disability or other serious health conditions rights when they work for an employer with a 50-plus employee count.

Workers may also have rights under the ADA even if they have used up their FMLA leave. Such rights include accommodation and additional leave.

Employers with more than 100 workers must submit an annual report to the EEOC

Every year, employers with more than 100 employees must submit an EEO-1 report to the EEOC. This report includes information about the race, ethnicity, gender, and job category of each employee. The report is due by September 30. Some employers may have to file more than one report.

Previously, employers were not required to submit an EEO-1 report. Now, however, many states are requiring employers with more than 100 workers to submit one. In California, for instance, employers have to report pay information by job category, sex, and race.

Employment laws are a complex and ever-evolving area of the law. They are designed to protect employees from discrimination and unfair treatment and to ensure that they receive fair pay and benefits. However, employment laws can also be confusing and difficult to navigate.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

What is the importance of field marketing?

Sheldon Cooper

Published

on

How Your Business Can Be Helped With Funds from LAP

Businesses rely on marketing to increase their customer base and revenue. There are several marketing strategies, each with its own set of benefits. Professionals with extensive training in field marketing employ this strategy to increase a business’s exposure, strengthen connections with existing customers, and find new prospects. It’s a quantifiable procedure that often requires direct contact with prospects and clients. There are ways in which you may keep employing this strategy to propel sales.

Types Of Field Marketing

To accomplish their objectives, field marketers now have access to various campaign formats. Listed below are popular ways of field marketing that are frequently used:

  • The most prevalent kind is distributing samples of a product or allowing customers to try it out for themselves.
  • Direct Sales: Because only some product demonstrations result in completed purchases, field marketers must have an inventory of products ready for immediate sale.
  • Guerrilla Marketing: This allows for unconventional strategies by field marketers, such as selecting a non-traditional setting. It usually involves “feet on the street,” as well as lots of creative thinking and boundless enthusiasm.
  • Retail Audits: A field marketing team visits stores to collect data regarding signs, promotional materials, items, etc., to analyse the success of retailer partnerships.
  • Trade Shows: This enables firms to present their latest products and services to prospective clients.
  • Conferences: Providing a learning opportunity is an excellent approach to drawing in B2B attendees.
  • A VIP dinner is an example of a field marketing strategy that focuses on a personal connection. If you use a more personable approach, you can win over more prospects.

Brand Image Boosting

The way consumers evaluate your brand is crucial to your success. Your audience will be less likely to conduct business with you if they are unfamiliar with you or have an unfavourable impression of you. Therefore, if you send brand representatives to events, you may strengthen your reputation and win over the confidence of potential clients.

Convince a Sceptical Customer

What do you do if certain people don’t trust or enjoy your brand? It can affect sales, especially since nowadays, people listen to their friends and family more than they listen to a company’s marketing. Sending out field marketers to events where they can interact with potential customers face-to-face and provide information, freebies, and demos is one strategy for dealing with this problem.

Foster Connections with Clients

Field marketers can provide in-person services to customers whenever they are feasible. Potential customers will remember this and think of your company favourably in the future. Building relationships and trust via shared experiences is a powerful tool.

Engage Your Intended Market

Online and offline promotional efforts may help you get your name out there and attract more of your ideal customers. Neither can match marketing’s ability to target a specific demographic or subset of the population. Targeting individual customers during events (both online and offline) is possible. Digital marketing enables better audience targeting. However, it takes a lot of work to do this with traditional marketing channels like billboards and TV or radio commercials.

Provides Measurable ROI

Thanks to real-time data, ROI analysis for field marketing is much simpler. This may include the number of persons who expressed interest, took a flyer or catalogue, tried a sample, and made a purchase.

Save Money on Advertising

It is easy to adjust the size of your marketing budget as needed, making it a cost-effective option. Then, there are circumstances when you can partner with a performance-based model provided by a third-party store.

Continue Reading

Business

Why Your Business Needs A Property Accountant

Sheldon Cooper

Published

on

Why Your Business Needs A Property Accountant

Running a real estate business is not a cakewalk. There are many aspects to take care of and several ways it can go wrong.

Property management needs special attention – something a reliable property accountant in Brisbane can handle. Why? Let’s take the 2023 Australian real estate market forecast for starters.

The upcoming year is expected to be one in which property prices drop significantly. As housing demand and supply increase, so will market competition. Without a proper accountant, you’ll find yourself walking in the dark. Keep reading to understand why your business needs a property accountant.

Expenditure Evaluation

You can only make positive changes by knowing exactly where your money goes. So cash outflow is a crucial aspect of property management.

However, it is also one area most prone to human errors. No matter how careful you are, it is challenging to go through each transaction and guarantee accuracy. Further, it is a time–consuming process.

A reliable property accountant in Brisbane will come to your rescue by analysing daily expenses and covering complicated areas such as insurance, taxes, utility bills, etc.

Business Debt Minimisation

Keeping debt at bay is what every good business strives to do. Debt threatens to shake the very foundations of an organisation. An experienced property accountant can intervene by helping you gain a fortune every time you invest in some property.

Estimating Real Estate Value

Property accounting also involves calculating financial indicators through which you can monitor and assess the progress of your business. However, analysing all the factors by yourself is a strenuous job.

Why strain yourself when you can easily relay this task to a skilled property accountant? While the accountant handles the analysis process, you get more time to focus on other essential aspects such as profits and losses, organisational cash flow, GP analysis, and more.

Plus, since the accountant follows strict professional accounting regulations, you will have accurate records for future reference if required.

Staying Up-to-Date with the Market

The only way to stay updated with property taxes is to practice meticulous book keeping. This enables you to prepare your property tax returns without any problems.

However, this task is challenging since tax requirements vary among properties. So, you hire a good property accountant! They will help you adhere to tax implications while keeping you updated on the best property options in the market.

Maximising Business Revenue

Every business owner wants to maximise their income while reducing expenses. One way to do so is to assess every transaction made with realtors, contractors, etc.

If those accounts are justified, you can move toward analysing your business portfolio to check whether there are rental units for which rent can be raised. For instance – those that offer superior amenities.

These analyses take time and need scrupulous attention to numbers. A good property accountant will conduct the research and suggest practical ways to maximise revenue.

Balance Your Books Today!

Yes, you can manage your business accounting, but it can be highly frustrating and time-consuming. And if done with accuracy, it can save you money and time.

Trust an experienced property accountant in Brisbane and cut your hassles in half! Focus on core business operations as your accountant takes care of the finances. Keep growing!

Resources

https://www.ato.gov.au/General/property/

https://business.gov.au/finance/taxation/taxes-on-your-property

Continue Reading

Business

A Complete Guide to Boat Financing: Everything you need to know

Sheldon Cooper

Published

on

A Complete Guide to Boat Financing: Everything you need to know

Purchasing your boat is an excellent option to go exploring! You’re in luck if you’re wondering how to acquire a boat loan or how boat financing works. Although purchasing a boat may be a pleasant investment, it can also be too expensive. It is helpful to think about a few options. Essential factors are mentioned below for reliable boat financing with bad credit. But before diving into the elements, first look at the introduction of boat loans- what it is all about.

What is a boat loan?

Boat loans are specific personal installment loans that internet lenders, credit unions, and banks provide. You will start paying set monthly payments once you take out a boat loan and continue until the loan is repaid. A fixed interest rate and any costs levied by the lender are included in the monthly installments.

Usually, lenders provide a selection of payback arrangements. Your credit rating, debt-to-income ratio, income, loan size as well as whether you take out a secured or unsecured loan will affect the loan duration and interest rate you are eligible for.

Factors to Consider when financing a boat:

Before you get into the details, there are a few things you should be aware of when you begin financing a boat.

Get Pre-Approval

Getting pre-approval is one of the finest things that can happen when you buy a boat. This is a document that the lender will provide you with, assuring you of a specific loan amount should you proceed with your application. With a pre-approved boat loan, you may shop for the boat of your dreams with the assurance that you will have the funds to do so. This may give you the confidence to haggle for a lower price at the dealership. A pre-approval will also enable you to create a budget, guaranteeing that you won’t go overboard when you buy the boat.

Finally, a pre-approval can expedite the boat loan application process. This will significantly shorten the processing period, allowing you to get authorized and start looking for the boat of your dreams much sooner.

Recognize Your Credit

Lenders check various credit profiles that can meet their requirements – even if they have bad credit. Before applying for boat financing with bad credit, you should verify your credit score. Most lenders need a credit score of 700 or better for boat financing. If your credit score is terrible, some lenders specialize in subprime loans.

Each provides a suitable boat loan option selection to meet your requirements. However, you should avoid having many hits on your credit profile from various lenders in a short period since this might appear suspicious.

Consider the Operating Costs

No matter what kind of boat you want to buy, it’s always crucial to consider its maintenance costs. The larger cruise ships may drain your bank account quickly, from anchoring to engine maintenance, and for those who enjoy traveling, lots and lots of gasoline. A small yacht might be easier to handle and won’t have as much financial impact on you.

This is why, before submitting your loan application, you should carefully assess the sort of boat you want to buy. In addition to the purchase price, you will need to pay a sizable sum for operational expenses, which might influence your future financial stability.

Consider Boat size

The boat’s size and planned purpose should also be considered when purchasing. Do your research to be confident of what you’re receiving and what the boat’s size means for use, transit, and storage. Are you looking to buy a boat to carry your entire family on fishing expeditions every other weekend? Or you may intend to traverse the globe aboard your boat, where other matters will take precedence. Or, if you like a more busy weekend, you might be more curious about the boat’s top speed.

Consider the operational costs.

Consider the costs associated with maintaining the boat you intend to buy. The larger cruise ships may drain your bank account quickly due to docking fees, engine maintenance, and high fuel costs for those who enjoy long-distance trips. You will be more financially constrained, and managing a small boat may be more straightforward.

Because of this, you should carefully assess the sort of boat you want to buy before submitting your loan application. In addition to the purchase price, you will also need to pay for operational expenses, which will strain your finances in the coming years.

Conclusion

Each significant element must be considered when deciding which boat to purchase.

Resources

https://www.bankrate.com/loans/personal-loans/how-to-qualify-for-a-boat-loan/

https://www.moneyadvicetrust.org/advice-services/how-to-deal-with-debt-guide/

https://www.forbes.com/advisor/personal-loans/best-boat-loans/

Continue Reading

Trending