Let’s think about it: you have all kinds of insurance. Health insurance, life insurance, the list goes on and on. The same goes for your business. With a Business Owner’s Policy (BOP), you guarantee the protection of your business from any and all property and liability risks. At Decisely, we work with A-rated insurance companies to provide guidance on risk analysis and business consultation. Not to mention, keeping your business and assets safe.

First off, why do you need a BOP?

You need to obtain business insurance and a Business Owner’s Policy if your business has a physical location and if you have assets that could potentially be damaged or stolen. These include things like furniture, cash, equipment, etc. But it’s also a lot more than that.

So what’s in a Business Owner’s Policy (BOP)?

1. Liability Protection

Essentially, this is your protection from any possible harm that could come from your business. Now, we aren’t talking anything illegal here, but sometimes accidents happen such as on-the-job injuries or faulty installations of equipment.

2. Property Insurance

The insurance for your office building and any other assets or real estate owned by your company.

3. Business Income Insurance

This is your protection from an event(s) or disaster(s) that may disrupt your business from actually doing business. Typically, business income insurance refers to earthquakes, fires, floods, and other natural disasters.

And, if you’re needing something a little more, BOPs also have add-ons. The first of which is Data Breach Coverage. This is ideal if your business stores private patient or customer information and if it may be at a risk for a data breach.

The second add-on is Professional Liability Coverage. This kind of coverage deals with the not so pretty aspect of business. Also known as the potential to be sued. In this case, Professional Liability Coverage helps to protect your business from someone claiming that your business committed a negligent act or omitted information in the services you provide.

Okay, besides the protection, any other advantages of a BOP?

In one word: yes.

Here’s the thing: you’re going to need protection for your business no matter what. Unless you really like to live on the edge. And even then. So not only is a BOP a smart choice, it’s a convenient one. It also simplifies a lot of elements in terms of both business and property liabilities. Rather than purchase multiple policies, a BOP keeps everything under one roof, so to speak. And again, these are customizable based on your business needs. So, as you embark on building out your new business, be sure to invest in a BOP: it’ll be the beginning of a beautiful friendship.

Building a great HR team takes a combination of education, luck, mentorship, and experience. Not necessarily in that order. I recently received an email from a friend who is an experienced HR practitioner. She let me know she was moving from a large organization to a smaller one to grow the HR team. The key for her was to understand what resources she would need to lead this team. Into the light. Up, up and away. (Pick your cliché and run with it). See what I did there?

And I don’t know about you, but I remember the excitement (and panic) in my first HR role. Mainly, I was nervous about managing my first team, much like my friend.

Challenges in Building a New HR Team

The challenge in establishing a new HR department is four-fold. The challenges include:

  • Building a rapport and establishing resources within your HR team
  • Establishing credibility and trust with other employees and organizational leaders
  • Creating, communicating, and training new HR processes
  • Understanding the responsibilities of leading a team

As I mentioned, establishing a new HR department requires many resources. Know that it will take time to navigate and adapt to the company culture. As a new HR leader, your relationship with your company’s leadership team is extremely important. In order to be effective in your role, you must be seen as a business partner rather than a separate department. Your team should align with the future success of the business and its plan for growth and change.

The Secret to Building Credibility in HR

Remember it is not our level of HR experience or track record of success that matters. It’s our ability to establish and build strategic relationships with members of the leadership team.

For years, human resources has been siloed, rarely involved in business development or planning decisions. Most organizational leaders have not had a true business partner or leader within HR.

The keys to establishing credibility and a reputation for results include:

Speak Their Language

Most executives know that their employees are a very valuable asset. What they don’t always understand is how employee turnover or engagement directly impacts growth, revenue, sales, customer experience, and organizational expenses. To help them understand, share this data. Demonstrate its importance. And voila! The road to credibility is paved.

Understand the Bigger Business

It’s important to understand the bigger business outside of HR. For myself, this means attending senior business meetings. I also invite my peers to meetings so I can ask questions and understand the bigger business goals and needs.

Lean In

Yes – Sheryl Sandberg’s book. She writes that we should insert ourselves into conversations where you know you will add value. Don’t wait for someone to invite you to the party. Be bold and unapologetic, especially when you know you are right in your suggestions, expectations, or way of thinking.

The Keys to Being an Effective Leader: Relationships, Business, and Execution

Depending on your new role in HR and the size of the organization, you may find yourself communicating directly with your company’s board of directors. This might be a new experience for you. If so, remember that this involves a unique dynamic where you report to your board about the performance and engagement of personnel in your company.

Whatever the case may be, remember that you are the expert in the field of human resources. The employees and executive team are looking to you to set the bar, professionally. By building relationships and aligning your HR goals with the overall goals of the company, you’ll soar as an effective HR leader. Up, up, and away.

We’ve discussed the importance of exercise and the importance of a business’ culture in attracting and retaining employees, but what about actually creating a wellness program for your business?

A workplace wellness program adds to your company culture, AND can contribute to the overall success of your business. With both an emphasis on work hard and a work-life balance, healthy employees tend to be more productive, efficient, and happier in their jobs. And that’s not just the endorphins talking.

We have the stepping stones you can take to formulate an effective wellness program for your business:

1. Gauge employees’ needs and interest levels.

Before introducing a wellness program, make sure it’s something your employees want. To be clear, more likely than not, it will be. Over 85% of new businesses that have wellness programs state that it was well worth the initial investment.

More importantly, what are your employees’ preferences? Do many of them have an interest in yoga? What about a running club? Or, covering the cost of gym memberships? Answering these questions will give you a head-start in assessing the focus of your wellness program. And the best way to get these answers: simply ask your team.

2. Align your findings with your existing culture.

To note, you want to ensure your wellness program aligns with current values and the culture that you and your team have built. That being said, you can use feedback and findings to figure out what motivates your employees and even consult outside sources such as the CDC to determine your worksite health score. The aim here is to get both an A in effort and in execution.

3. Create incentives.

Once you figure out the direction you want to take your wellness program, ensure your employees know about it and can take advantage of it. Whether that’s creating a schedule of potential fitness classes or sending out reminder emails, let them know there’s new ways to step up their fitness game. Sustaining a wellness program can also be done with an incentive plan. Maybe that’s a Fitbit challenge or a point system. It’s not about the competition necessarily, but it’s about allowing your employees the time to pursue fitness and focus on their health.

The main thing to remember is that, like most things, creating and implementing a wellness program takes time. That whole Rome wasn’t built in a day thing rings true, even for exercise. But following these steps will get you on the road to constructing your own fitness masterpiece. Even if it’s not the Sistine Chapel.

Chances are, you’ve heard the term time management. And even bigger chances are, we know at least one person (including ourselves) that has said something along the lines of “If only I had more time!” We probably all understand the premise of time management, but sometimes we struggle with implementation. Easier said than done, as they say. And, if you are a small business owner, you are your own boss, so understanding time management is crucial.

Here’s the thing: time does not have to be a limitation. It is in your control and in a sense, you can create the time you need. So here’s what you need to know:

Rock Around the Clock

Not so much the Bill Haley song, but you can be far more aware of the “clock”, so to speak, if you make a schedule. And not a mental schedule. Actually make one. Type it up, write it out, spell it with ABC blocks, whatever works for you. Studies show that over 65% of us are visual learners, and we will remember more if we actually see the thing we need to remember. Not only that, but a written schedule allows you to see where you are truly allocating your time. Are your activities producing viable results? Where can you improve? Where can you give yourself a break? Once you master this, you really will be able to rock around the clock. Swing dancing included.

Step Away from the Email

Seriously. Stop it.

Yes, keeping up with your email is important. You need to communicate with your team, your customers, etc. But what you do not need is to be continuously interrupted by new messages. Instead, schedule 30 minutes for email only. Use this time to not only respond to messages, but to prioritize and flag emails in order of importance and relevant folders. That way, you free up more time for other activities and the important emails don’t get lost in the shuffle of things.

Put ‘Make a To Do List’ at the Top of Your To Do List

This is somewhat similar to writing out your schedule, but a schedule can include meetings, appointments, birthdays, etc. Your to do list is purely what you need to do. What you need to focus on. What goals do you want to accomplish? Daily tasks? A to do list also helps to optimize your time because you can see what’s important to you in very concise (but specific) terms. And hey, in this case, even a Post-It will suffice.

Take a Break

But I’m too busy to take a break.” That might be an ingrained and somewhat automatic response that most of us go to. At this moment, this article is probably not your only window or tab open. I’d be willing to bet a stack of colorful Post-Its on it. But breaks actually make us more productive. There is such a thing as “being in the zone,” but sometimes, the zone comes to an end. You hit big, orange cones and become unfocused, frustrated, you know the drill. So here’s your chance – take a break. Especially if you find yourself stuck: on an idea, a post, a draft of an email, anything. Let your brain enter its diffuse mode (its relaxed state). Giving yourself 10 minutes here and there to let your mind wander can actually help spark new ideas. Including new swing dance moves.

Early last month, small businesses lost $1.3 million due to a scam pertaining to OSHA labor law posters. So what is OSHA? Those simple four letters are short for the Occupational Safety and Health Administration. For businesses of any size, OSHA requires the display of labor law posters. And, typically these are updated every year based on new laws or regulations pertaining to minimum wage, etc.

The backstory on the scam in a nutshell is this: small businesses received a call from people posing as government agencies, in which small business owners were encouraged to purchase occupational safety posters for upwards of $180. Luckily, the Federal Trade Commission (FTC) found out and is nipping this in the bud. For any small businesses that did purchase a fraudulent poster, the FTC is working on getting said businesses refunds.

What a mess, right? We don’t want you or your organization to be scammed – here’s how to avoid potential OSHA scams in the future:

First things first, what are some signs of OSHA scams?

  • If you receive a call or email stating that your current labor law and occupational safety posters are outdated
  • If you receive a call or email stating that your business is not in compliance and you run the risk of severe fines if you do not take action (AKA spend your money on new posters)
  • If you receive a call from a so-called government agency, but you feel like you are being threatened on the call

While the scam above occurred very recently, the unfortunate reality is that these scams occur more frequently than we’d like to think.

How to avoid being scammed:

  • Verify – this is mainly for someone “selling” posters door to door; ask to see someone’s ID if you suspect something’s up
  • For emails and calls you may receive, you can also easily do research on OSHA’s website to see if any laws or regulations actually did change in your state
  • For emails and calls you may receive, research the company selling the posters. The Internet is full of extremely handy and helpful information. A simple Google search can go a long way and always use your best judgement.

The overall point is this: you should never feel threatened when you receive any form of communication from a legitimate company. Not to mention, OSHA workplace posters can be downloaded for FREE. So, ya know, that should make things even easier. And lastly, we all can help stop these scam artists – if you suspect that someone or a company is impersonating OSHA, contact OSHA at 1-800-321-6742.

Not everyone is a fan of change, but sometimes change can be a good thing. And sometimes change is a necessary thing. Especially when it comes to healthcare. Life happens, we know. So just in case something comes up and you have to make a change to your health insurance plan, here’s how to know if you qualify for special enrollment:

For starters, the two terms you really need to know are open enrollment versus special enrollment periods. Open enrollment is that special time of year where you can enroll or switch healthcare plans. Unlike Christmas, open enrollment dates tend to change from year to year, with many typically falling between November and January. To note, Medi-Cal and Medicaid (free or low-cost health coverage for those that have limited income) have open enrollment all year long.

A special enrollment period is any time outside of that open enrollment period. Seriously. The key thing to remember here is that you are only eligible to get or switch coverage for specific life events.

What are these special enrollment life events?

Normally, you cannot make changes to your health plan outside of open enrollment, unless you undergo qualifying life events. Life events include the following: change in income (or change in your job, usually referring to losing job-based coverage), moving to a new state, and changes in your family composition.

Typically, if you have an event that qualifies you for special enrollment, you have 60 days from when the life event occurs to change your healthcare coverage.

Let’s go into a few more specifics:

Loss of Job-Based Coverage

Loss of job-based coverage qualifies you for special enrollment if any of the following occur:

  • Your employer no longer offers benefits
  • You leave your job (either if you were fired or by choice)
  • Your COBRA coverage expires

Changes in Family Composition

You are also eligible for special enrollment if your family size changes:

  • You get married
  • Have a baby or adopt a child
  • You become legally separated or divorced from your spouse (and you lose health insurance because of it)
  • If there is a death that makes you ineligible for your current health plan

Changes in Residence

Apart from moving to a new state, other household moves also qualify you for a special enrollment period:

  • If you are a seasonal worker, you qualify if you have to move to and from different places based on your job
  • Moving to a new home
  • If you are a student, and you move to or from the city or area you attend school

The other big qualifying event is if you become a U.S. citizen. For other questions, our federal government offers a pretty handy hotline that will solve any additional special enrollment questions: 1-800-318-2596.

To get off the ground, every small business requires financing. But sometimes it’s necessary to seek outside financing. Enter business loans.

When or if the time comes, we want you to be prepared with what is needed so that you can keep your cash flow, well, flowing. So here’s what you need to know:

If you need a loan, first ask yourself why? Is it to manage payroll? Day to day expenses? Growing your team? Once you have that question answered, then it’s all about knowing the criteria that banks and lenders look for when looking at loan applications.

Criteria

  1. Good business credit history
  2. Good personal credit history (lenders typically look for credit scores in the 700 to 800 range)
  3. Have a legitimate business purpose for the loan (as silly as it sounds, don’t use the money for things such as gambling). Legitimate purposes include purchasing real estate for your business, new equipment, or investing in software or hardware relevant to your business
  4. Debt to income ratio (debt payments should not exceed a third of your monthly income)
  5. Previous cash flow reports (the higher your operating margin, the better)

Once you know you fit the criteria, be sure you’ve done enough analysis and research to understand the amount of money you need. Underestimate and you may run out of working capital sooner than you expected. Overestimate and you run the risk of having your application rejected. But the way to get things juuusst right? All it takes is putting together a budget that includes the most relevant financial projections. That way your credibility stays intact and you avoid any issues in obtaining your loan.

Now it’s time to figure out what type of loan is best for you.

Types of Loans

  1. Short-term cash flow loan: ideal if your business needs a quick injection of cash to pay the day-to-day expenses
  2. Line of credit: this works like a credit card; you borrow a certain amount of money but only repay the money that you actually use. A line of credit is good for covering payroll or if you need a safety net
  3. Accounts receivable financing: this is the perfect solution to take care of any unpaid invoices
  4. Term loan: your go-to if you are paying off fixed payments (e.g. a piece of equipment)

Have your loan picked out? Now what about your lender?

Types of Lenders

  1. Commercial banks: no mystery here – traditional banks for traditional loans
  2. Region specific lenders: these are banks and lenders whose goal is to improve the economy in various cities or states or industries
  3. Nonbank lenders: faster and higher flexibility, these loans have a fixed rate for small businesses and charge simple interest
  4. Alternative options: crowdsourcing or crowdfunding your projects or your business through sites such as IndieGoGo, Kickstarter, and GoFundMe

Once you have all of your ducks in a row, or as I should say, your paperwork in line, the last part of your loan application entails yours and any other business owner’s resumes plus your personal financial information as well as your tax returns over the previous 3 years. And then it’s as simple as sending your application over to your chosen lender and exhibiting a few weeks’ worth of patience. Most applications take up to 4 weeks to review, but if you go through the steps outlined above, you should be on your way to getting the best loan with the best terms possible.

When you think of a company with an awesome organizational culture, what comes to mind Disney? Zappos? Twitter? (I hear the tweety-birds have rooftop meetings.) Whatever your preference, all three companies dedicate time and resources to build a culture that is not only great, but lasts as they scale.

Company culture is important. Period.

Culture sets the tone for employees to operate and interact – it is the personality of your business. As they say, Rome wasn’t built in a day. And, the same is true for your organizational culture. Here are 5 tips to help you build and grow a winning organizational culture.

1. Leadership is everything.

You know ye old adage, lead by example? Truer words could not have been spoken. Everyone (esp. leadership) is the embodiment of the company. Ask yourself: what do you want your company to value? How important is transparency? How important is fun? Customer success? Employee success? You get the picture. Whatever your answers are to those questions, be sure to act on those answers and communicate them to your employees.

2. History doesn’t have to repeat itself.

Unless you want it to. What I mean by this is that you can draw on your past experiences to determine what works and what doesn’t. Garner feedback from others, and in doing so, you will see what cultivated success in your organization and what can be improved

3. Emphasize team building.

Now this doesn’t have to be super cheesy – we are not talking about sitting in a circle singing Kum-bi-ya (unless that works for you, of course). But, team building is important. Chances are you won’t have one person that is awesome at everything. Let alone one who can handle everything for the company. That said, employees rely on one another, and should be comfortable doing so. Whether it’s planning a one-hour weekly activity or having quarterly retreats, let employees spend time together to increase team cohesion and effectiveness.

4. Encourage open communication.

Regardless of your organizational type (e.g. matrix, lattice, flat) employees should feel comfortable providing relevant feedback and ideas. Plus, open communication fosters an environment of trust. Shoe and clothing company Zappos clearly states that they have a culture that thrives on “open and honest relationships.” And, with hundreds of millions of dollars in profits, clearly this kind of culture is paying off. No pun intended.

5. Hire right.

Just as it is important to lead by example, it is equally important to rely on employees when carrying out that example. Employees are your culture advocates. They will support, promote, and believe in it. Ya know, the stuff that makes your culture f-ing fantastic. SO, all the more reason to hire employees that fit with your company values.

Organizational culture is a BIG differentiator for your business. It will not only attract and retain employees but can also get you noticed. (Again, think about all of the stories you’ve read about Disney, Apple, Google, etc, etc.) Whether your company is starting up, already running or in need of a change, use these tips to help your office become the happiest place on earth. Wait, Disney’s already claimed that one. Second happiest is good, right?

Passed in 2010, the Affordable Care Act (ACA) is a couple years away from full implementation. Each year, there are new changes and regulations that accompany the rollout. This includes new reporting requirements, insurance carrier mergers, and more. We want to help you keep everything straight; so, we have compiled the information you need to know when it comes to the ACA.

While millions of Americans have enrolled in healthcare plans due to the ACA, it is important to remember that premiums are increasing this year. The National Center for Policy Analysis released its report stating that out of pocket healthcare expenses are expected to increase between 7 and 20 percent. Why? Mainly because the way in which premiums and tax credits are decided are based on Americans’ income levels. On average, those earning higher incomes will pay higher premiums. Fear not – look to tax credits to alleviate some of these costs. In 2015 alone, nearly 30 million Americans were able to receive advance tax credits when it came to their healthcare.

The second change to be aware of is important for the business owner. This change involves employee reporting, specifically the Employee Mandate. The Employee Mandate stipulates that businesses with 50 or more full-time employees are required to offer healthcare coverage to at least 90% of their employees. Here’s the thing – 96% of American businesses are small businesses, meaning they do not fall under the Employee Mandate. That being said, over half of the 30 million small businesses do offer healthcare coverage to their employees. So, if you happen to be one of these businesses, you can easily gain help with reporting thanks to companies like Decisely. The main information that needs to be reported if you offer coverage is both the type of plan/coverage and the time period of said coverage.

It’s at this point you may be thinking, okay, health insurance and benefits are not only complicated, but also expensive, too. Oy vey. Here’s a potential solution: employee wellness programs are steadily proving to reduce healthcare costs. These kinds of wellness programs include incentives to exercise, quit smoking, and more. Allow your employees to be accountable for their own health. A wellness program gives them the means to do so.

As most of us know, with the passage of the ACA also came the legal standard that all citizens in the U.S. must have healthcare coverage. This year the penalty for not having healthcare has increased to $695.

In past years, small businesses have seen the least amount of reform when it comes to the ACA. In 2016, we are seeing changes that have trickled down to small businesses. Keep these in mind while working with your healthcare broker –  it will help your business to run smoothly for the rest of the year.

You probably know – healthcare is expensive. Health plans seek to cover as many expenses as possible, BUT there are exceptions to every rule. Exceptions in the form of out-of-pocket expenses. So how can you help employees manage these additional costs with HRAs? 

HRAs are powerful. Why? Take clownfish, for example. As we all learned in Finding Nemo, they live in sea anemone [uh-nem-uh-nee]. Both species survive and thrive due to a symbiotic relationship. Marlin and Nemo receive protection and shelter while the anemone receives nutrients from the clownfish. It’s a win-win situation.

The same goes for HRAs. HRAs are tools that benefit both employees and the business by creating a supplemental healthcare fund that is tax-free. Below, we have included a guide with everything you need to know in order to implement one successfully.

Table of Contents

What are HRAs?
HRA Requirements
Benefits to HRAs
Types of HRA Plans
HRAs and HIPAA
HRAs and FSAs

Let’s start at the beginning. What does HRA actually stand for?

Health Reimbursement Arrangement or a Health Reimbursement Account (aka HRA for short ?), An HRA is a benefits program that is funded by the employer and approved by the IRS.

So what does an HRA do that actually helps a small business?

Here it is: the best part about HRAs is that they provide a tax advantage to save money on healthcare costs for employees and employers.

For a step by step process:

  1. Employer puts money into an employee account (this is the HRA).
  2. For out-of-pocket expenses, an employee is able to withdraw tax free money from this account.
  3. Employees enjoy additional healthcare coverage, and employers benefit from gaining tax deductibles and providing the best options for employee retention.

HRAs let employers contribute a specific amount of pre-tax dollars to an employee’s account to cover any medical expenses that do not fall under their current insurance plan. It is not health insurance, but a supplement to your current benefits package.

When do HRAs work best?

Like gourmet cheese and fine wine, HRAs pair well with high deductible plans. If you do not currently offer high deductible plans, the choice to offer them is a simple move and also reduces costs for you. High deductible plans have lower premium costs, which means these savings can be used as HRA contributions.

HRAs sound great – any reason why we can’t have one?

The two requirements of an HRA are: 1) the HRA cannot be funded via salary reduction and 2) benefits are provided once medical expenses are verified. This means reimbursements only occur after medical expenses are incurred.

HRA funds are also eligible to rollover from plan year to plan year. However, it is up to you as the employer to determine how you would like to manage these accounts (i.e. are funds available year to year or are funds forfeited at the end of every health insurance plan year?) One big advantage for allowing carryover is that employees are able to access HRA funds when they retire.

The lowdown behind HRA benefits:

Employer Benefits

  • All contributions made to an employee’s account are 100% tax deductible
  • High flexibility and choice as to what HRA funds can be used for, including coinsurance, copays, etc.
  • Ability to effectively manage benefits cost 

Employee Benefits

  • Contributions from the employer are 100% tax free
  • HRAs can be used to cover an employee when they retire, as well as any dependents and spouses
  • Lower health insurance premiums

Types of HRA Plans

For Specific Expenses: HRAs can be specified to cover certain expenses exclusively, including dental, prescription medications, vision, etc. For specific expenses, you as the employer have the ability to choose which areas of healthcare these funds are eligible to cover. Remember, employees should substantiate medical claims with information such as the name of the service provider, the date of the appointment, and the total amount for care.

Uninsured Expenses: HRAs can cover all out of pocket expenses. This ranges from deductibles, dental, vision, prescription, and more. Uninsured expenses can be incurred by both your employees as well as their dependents.

Deductible: Any expenses that fall under your deductible are eligible for reimbursement. This plan typically does not include copayments.

HRAs are also eligible for annual rollover, meaning any unused balances transfer from year to year. Utilizing an HRA creates a win-win situation for you and your employees as everyone benefits and everyone can save money.

HRAs and HIPAA

HIPAA rules apply to HRAs (backlink to Jessica’s article on HIPAA). In regards to privacy, plans cannot discriminate against any employees in terms of fund allocation and access to said funds.

HRAs and FSAs

You can offer your employees access to a Flexible Spending Account (FSA) along with an HRA. Different than HRAs, FSAs are employee-funded rather than employer-funded. An FSA lets employees cover out of pocket medical expenses with pre-tax dollars. Unlike an HRA, FSA funds are determined through employee salary reduction.

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By taking advantage of the benefits of HRAs, you can build better relationships in the workplace and live happily ever after.

Spoiler Alert: Finding Nemo has a happy ending, too.

Most of us are familiar with TED Talks. Technology, Entertainment, and Design (aka TED): conferences and talks meant to “stir your curiosity,” as the website says. And they do. The great thing about TED Talks is that they bring together thought leaders from all kinds of industries to share experiences and knowledge to spark great ideas in us, which can further be used in small business.

Music mogul and entrepreneur Russell Simmons always said to “surround yourself with people smarter than you.” So even if we don’t know these thought leaders personally, TED gives us the opportunity to learn from the best of the best.

Here’s a list of the best TED Talks for any small business:

1. Seth Godin: the tribes we lead

Entrepreneurs everywhere are familiar with Seth Godin. A world renowned (no exaggeration here) marketer, he discusses the power of people (or tribes) in building brand awareness and spreading the message of what’s so awesome about your small business. He purports that people are the key to mass marketing. However, the key here is that it’s not a “massive” (pun intended) amount of people that is necessary to reach the actual masses.

Think about it: when we go back to the real concept of tribes, it is no more than 10 to 50 people. But this small group believes in something so fiercely and passionately that it sparks a belief in others as well. It’s not so much herd mentality as it is the power that every individual person has to effect change. And Godin lets you in on how to do that for your small business.

In a nutshell: Focus on the connection with your customer.

2. John Gerzema: the post-crisis consumer

John Gerzema is a branding machine. He’s helped design strategies for some of the biggest brand names, including United Airlines, Coca-Cola, and BMW. In his talk, he goes over the cultural changes that have occurred since the 2008 financial crisis. And how these changes have caused consumers to alter their buying behavior.

For small business, it is important to know how customers are spending their money. And where they are spending it. Having this key information helps you understand which outlets and distribution channels you can use to propel your small business forward. From Gerzema’s talk, you will learn how to stand out from the crowd. You know, take the road less traveled – as the brilliant Robert Frost once wrote.

In a nutshell: It’s not so much about your product or your service, but how that product or service will solve a problem. 

3. Simon Sinek: How great leaders inspire action

“How do you explain when others are able to achieve things that seem to defy all of the assumptions?” Author Simon Sinek opens his talk by asking the audience this question. It’s probably at this point you’re thinking: there’s clearly no simple answer.

Here’s the thing about Sinek: for years, he has studied leadership and the characteristics that some of our most influential leaders have. And how this allows them to inspire others. It’s grounded in psychology and biology. But again, understanding how to impact the human decision making process means you have the opportunity to inspire them. Inspire them to buy your product, invest in your company, start a revolution. You know the drill. Watching Sinek’s talk will give you the ability to understand patterns of success. And how you can implement those patterns in your own life.

In a nutshell: The why you do what you do is much more important than what you actually do.

4. Amy Cuddy: Your body language shapes who you are

We’ve all dreamt of being a superhero at some point, haven’t we? Would you settle for power posing? If that term alone leaves you wondering, it’s enough to watch Amy Cuddy’s TED Talk. Cuddy is a powerhouse in the world of psychology, studying body language and how the way we stand, sit, or hula hoop, causes others to perceive us as well as how we feel about ourselves.

Okay, so don’t quote me on the hula hoop part, but our body language is directly linked to our body chemistry. Why Cuddy’s talk is so powerful? To let you in on the secret, power posing is standing with your hands on your hips and chest out, in essence a “Superman” stance. Body language such as this can alter your brain chemistry to make you feel more powerful and more influential. This pose alone can help decrease stress and give you the ability to take more risks. Nothing crazy like hula hooping, but risks that could benefit your business.

In a nutshell: It really is all about the way you carry yourself.

5. Linda Hill: How to manage for collective creativity

Author and Harvard professor Linda Hill knows just how to pinpoint people’s strengths. Not only that, but how to take those strengths and encourage people to generate genius-level ideas. In her talk, Hill discusses how you and your teams can use certain tools (which she outlines) to keep everyone creative and forward thinking. She also highlights how to build creativity and problem solving into your company’s culture.

It doesn’t have to be as hard as you think: sometimes the catchiest ideas come from taking a step back and finding inspiration in other places outside of your small business. Take a look at your surroundings, and what’s going on in the world, and what people are actually saying. That’s how Adidas got its longstanding slogan, after all. The slogan, impossible is nothing, stems from a quote stated by Muhammad Ali, a huge influence in the world of sports (i.e. the world that Adidas operates in). Either that, or maybe the creative team was just power posing. Again, don’t quote me on that.

In a nutshell: You’re probably more creative than you realize.

A little over 2 years ago, President Obama sought to restructure America’s labor system, and overtime laws. But a lot can happen in two years. That being said, we have compiled this guide so you know what’s going on, the impact these changes will (or already) have on your business, and how you can keep yourself walking in the legal line. Especially because these changes are expected to take effect in the summer of 2016.

Lay it on me – what’s changing?

First things first: under our current structure, overtime pay must be given to salaried employees that make less than $23,360 a year. That’s also equivalent to $455 a week.

So now you know what’s currently going on, but what might happen? The new threshold may be raised, meaning salaried employees that make under $50,440 a year (or $970 a week) must be paid for overtime work.

To break it down a little more, overtime essentially means time and a half for every hour an employee works after the typical 40 hours in their workweek. So if this reform happens, expect the current 8% of the workforce that is affected to jump to 40%. That’s an estimated 5 million Americans. For small business owners, the additional wages (on average) are estimated to be $2,400 a year per each qualifying employee.

Okay, so what’s the good? The bad? The ugly?

The upside here is that we all know change can be a good thing. It’s no secret that many employees are overworked, and the threshold for overtime pay has not been updated in over a decade. Not to mention adjustments to match inflation. Essentially, the proposed changes seek to give people a better quality of life.

On the other hand, these changes do mean increased costs to you as an employer. You may have to analyze which employees to keep as non-exempt or if you need to hire additional part-time workers. So yes, there is some red tape here, but additional pay for your employees can also yield increased productivity and job satisfaction.

What can I do to prepare?

The first thing is to simply remain updated. Whether that’s monitoring your news sources or working with your broker, be sure you are getting the information you need. Like Confucius said, “success depends upon previous preparation.” And who are we to argue with 2,000-year-old advice?

You’ll also need to think about a labor strategy. Some elements include:

  1. Estimate the number of total overtime hours that your employees work throughout the year so you can estimate your costs. Because let’s face it, money doesn’t grow on trees. As much as we wish it did. 😉
  2. Compare that cost with your current labor budget and determine if you will need to increase that budget.
  3. Ensure your employees know about any changes you are going to make in regards to their work schedules and responsibilities.

If you are a little confused about how to classify your employees – exempt or non-exempt, that’s more than okay. Just perform an FLSA analysis. Say what?

The FLSA, aka the Fair Labor Standards Act, analysis will show you the exceptions to the rules of the new overtime reform. Meaning some employees, if they pass this “duties test,” are not eligible to receive overtime pay. Here’s how you know if an employee is exempt from overtime pay:

Executive Exemptions

  1. The employee has to be salaried and make at least $455 a week.
  2. Their main job responsibility has to be managing the company or a department or division of your business.
  3. They must regularly oversee the work of at least 2 or more other full-time employees.
  4. This employee must also have the right to hire or fire employees; or have a substantial amount of weight placed on their recommendations of the hiring or firing or promoting of employees.

Administrative Exemptions

  1. The employee has to be salaried and make at least $455 a week.
  2. Their main job responsibility must be administrative/office or non-manual work related to managing business operations.

Professional Exemptions

  1. The employee has to be salaried and make at least $455 a week.
  2. Their main job responsibility must be related to performing work based on advanced knowledge (typically science fields) that was gained under specialized instruction or other courses (in layman’s terms, school).

Computer Employee Exemptions

  1. The employee has to be salaried and make at least $455 a week or if hourly, must be paid at least $27.63 an hour.
  2. The employee must work as a computer systems analyst, programmer, software engineer, or the following must be their main job responsibilities: managing and implementing hardware and software systems, designing/developing/creating/testing computer programs, modifying operating systems, or a combination of the three.

We know, this is probably a lot. But the hope is that you can stay as prepared as possible so that you not only know what’s coming, but you can handle it like a pro, too.