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Goal Setting for Your Business Should Top Your New Year’s Resolution

Goals for Your Business

New Year’s Resolutions are easy to make … and very hard to keep.

In fact, a study a few years ago examined 800 million user-logged activities that showed most people are likely to give up on their New Year’s Resolution by January 19.

“The difficulty of the goal you set isn’t nearly as important as whether or not you develop the kind of habits that allow you to achieve that goal,” wrote Inc. contributing editor Jeff Haden. “Otherwise, you’re just wishing and hoping. Your intentions are great, but unless you develop new habits … your chances for success are basically nonexistent.”

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New Employment Laws and Minimum Wage Changes in 2023

road sign that says pay raise

While there are no significant employment law changes effective in 2023 from a federal mandate, employers still need to be aware of any legislative changes on state or local levels.

Nationally, no major changes are slated for 2023 with the Fair Labor Standards Act (FLSA) still establishing minimum wage, overtime pay, recordkeeping, and youth employment standards affecting employees in the private sector, and in federal, state, and local governments.

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Small Business Strategies to Survive Soaring Salary Inflation

Inflation

A year ago the think tank the Conference Board surveyed American businesses and found that companies--  facing the gauntlet of rising inflation and a historically tight labor market – were setting aside 3.9 percent of their 2022 payroll budgets for employee raises.

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HR: One of the Many Hats Small Business Owners Must Wear

Multiple Hats

It’s no secret that small business owners must wear many hats from CEO to sales to marketing to HR and all the way down the line to being the warehouse and logistics honcho who knows where the extra toilet paper is stashed.

Sartorial success, however, is often hard to pull off with not every hat a comfortable fit – Texans understand this every time they get a glimpse of any “dollar store cowboy” in an oversized 10-gallon hat.

“It’s a reality that we all deal with as we work to grow our businesses. We have to perform several different functions as effectively as possible. One day you might be working on your marketing plan. The next day, you might be negotiating with vendors. After that, you might find yourself being your own accountant,” Jeff Charles shared in Startup Advice.

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Win-Win: PEOs Benefit Both Employers and Employees

HR = Human Resources

Many small and mid-size business (SMB) employers and their employees could use a win these days after more than two years of uncertainty that has included the COVID-19 pandemic, the highest inflation in 40 years, and political and social tumult.

Fortunately for these SMBs there is a win-win solution that is growing exponentially: the outsourcing of HR services to professional employer organizations (PEOs).

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How Business Leaders Handle Employee Compensation in Inflationary Times

Depressed businessman sitting under question marks

Small business owners can be forgiven if they hear the echoes of carnival barkers during these inflationary times:

“Around and around, it goes, where it stops, nobody knows!”

Unlike a “Wheel of Fortune”, however, the current economic climate is more like a “Wheel of Mis-Fortune” for small businesses as rising costs across the board have them in a vice grip with higher prices for goods, raw materials, rent and transportation on one side and escalating salary and benefit demands by employees on the other.

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Importance of Continuous Learning on Employee Wellness, Career Advancement

Keep Learning written on rural road

Employers and employees both agree that continuous learning can have a positive impact on employee wellness and career advancement, as well as improving workplace culture and, best of all, your business's bottom line.

“The vast majority of U.S. workers say that new skills and training may hold the key to their future job success,” according to a Pew Research Center survey.

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Inflation Balancing Act: Businesses Must Move Wages & Revenue in Tandem

Image of a businessman workplace with papers

Business owners are facing an issue many have not experienced in their lifetime as inflation reached its highest level since 1982 with consumer prices jumping 7 percent last year.

“The last time inflation was this high, Ronald Reagan was in the White House, Olivia Newton-John was all over the radio, and the cool new computer was the Commodore 64, named for its 64 kilobytes of memory. Oh, and there was a new soft drink about to hit the shelves,” NPR’s Kelsey Snell said of a time before Diet Coke was an option.

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Business Owners Challenge: Embracing Change in the Face of Uncertainty

Businessman finding the solution of a maze

Has there ever been a harder time for business owners to make decisions than right now?

That can certainly be the perception from Wall Street to Main Street with a confluence of factors leading to decision paralysis including:

“2022 is shaping up to be one of the hardest years ever to run a company – even harder than 2020, when the pandemic first hit, corporate leaders and analysts tell us,” wrote Emily Peck and Erica Pandey, this month, in Axios.

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