Employee Benefit Plans for small businesses are notorious for double-digit inflation. The threat of the unsustainable benefit plan is a fact that many small business owners face every year at renewal. Here’s a way to stop having that awkward renewal conversation with your benefits provider; make the most used portion of your benefit plan a fixed and predictable cost. This … Read More
Is It Time to Think Differently About How We Arrive at Being Happy?
I’ve written in the past about what important role anti-depressants have played in my life. They had become a necessity for my functioning after Maddie’s death. I’ve written blog posts about the merits of anti-depressants. There comes a time when change is needed and time to explore alternatives. Anti-depressants are not without side effects. Anti-depressants are not a magic pill that … Read More
10 Ways to Build Wealth in Your Business To Fund Your Exit Strategy
Tips For Business Wealth Management Business owners work hard at perfecting their business to make a living, earn a profit and ultimately sell or transition the business to another group of owners or family members. At the end of the year, our income statements and balance sheets generally indicate whether we were successful. You work incredibly hard to streamline operations, … Read More
Are You One of the 65% of Business Owners Making This Financial Mistake?
I talk to at least a dozen business owners a week. The crux of our conversations is around how they may want to look at the finances within their businesses a little differently. It could be about items that could be legitimately expensed but aren’t, getting money out of their businesses tax effectively, how they can use their business to … Read More
10 Employee Benefit Plan Tips That Keep Employees and Employers Happy
10 Employee Benefit Plan Tips Usually, there is a disconnect between employers and employees as it relates to employee benefit plans. Employees want a comprehensive plan and employers need to be watchful of the bottom line. Pleasing both parties is not always easy to achieve. Here are 10 Employee Benefit Plan Tips that if incorporated into your plan, will satisfy … Read More
What is the Secret to Sustainable Employee Benefits Plan Costs?
Health Spending Accounts Advantages for the Employer If I was talking to a business owner about setting up a health spending account, I could tell them that they determine how much they are willing to spend each year and have greater control over the funding of a Health Spending Account program than they do in a traditional plan design. This … Read More
What You Need to Know About Employee Benefit Plans for Business Owners?
Business Owners: An Important Guide to Employee Benefit Plans Business owners need to be aware of the vital parts of an employee benefit plan. Whether you manage the plan yourself or you have someone else within your business that acts as a benefits administrator, you need to be aware of some key elements that can reduce long term cost, create greater … Read More
Why Don’t You Want to be a Business Owner Without a Benefits Plan?
Should You Be Paying Personally for Health and Dental Expenses? In short, the answer is no. You can pay more taxes, but why would you? As business owners, the CRA gives us very few opportunities to do things in a tax-preferred way. Business owners are entitled to write off legitimate health and dental expenses through your business. There are a … Read More
What are the Not So Obvious Factors That Impact Employee Benefits Cost?
Over the past couple of decades, employee benefits have increased in importance and have become a critical part of employee compensation programs. Employees are using their dental, prescription drug, paramedical and vision coverage at record levels. The three major factors contributing to the increases in benefits costs are: Aging: As we get older, we use more health care products and … Read More
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