In the middle of Women’s History Month, with Black History Month and International Women’s Day just behind us, and the 2018 Paralympics just begun, I’ve been thinking a lot about diversity these days. As the #MeToo movement and “Get Out!” illustrate, the same experience can look completely different depending on whether you’re male or female, white or black.

My thoughts about diversity haven’t been entirely happy, however. In fact, the current conversation has reminded me that, no matter how well meaning we are, each of us has unconscious biases. The era in which we grew up, the attitudes our families instilled in us, and the way the rest of the world sees us — all of these factors affect how we see ourselves, and how we see others.

For small business owners, that’s a particular challenge, because we are leaders who need to set examples. Yet if you take a glance around your own business, you may find a lot of people who look a lot like you — or a lot of people who look a lot like each other.

Unconscious Bias in Hiring

Here are a few things I read in the past week that made me think.

Using language that’s stereotypically associated with men or women in job descriptions can discourage candidates of one gender from applying for a job. For example, a study by Cornell University researchers found that ads using words like “ninja,” “rock star,” or “hardcore” tended to deter women from applying. (Although the researchers didn’t study this, I’d assume the same words would dissuade older workers, too.)

Where you place your want ads affects the type of candidates you’ll attract. Late last year, a lawsuit was filed against T-Mobile US, Amazon and Cox for using social media’s ad-targeting capacities to keep job ads from showing up on older workers’ Facebook feeds, SHRM reports.

Traditional ways of recruiting may need to change. The Wall Street Journal reports that a group of plaintiffs in their 40s and 50s have sued PwC, alleging that it discriminates against older workers by recruiting on college campuses and on school affiliated jobsites.

You might be asking for too much in your want ads. Women and minorities are more likely than white men to think they have to meet every requirement listed on a job ad before they can even apply, Cornell research found. Being too specific and detailed about qualifications for a job can reduce the diversity of your applicant pool. You can still ask for what you want, but saying, “Advanced degree preferred” instead of “MBA required” encourages a wider range of people to apply.

Inclusive Hiring Best Practices

Here are some best practices that can help you attract more diverse job candidates.

• Spell it out. State in your ad and on your website that your company welcomes applications from a wide range of job candidates. Explicitly saying your business values inclusion and diversity can go a long way toward making all kinds of people feel welcome.
• Focus on what the job needs to accomplish, not on the qualifications the person should have.  What does the person in this role need to get done?
• Use prepared interview questions. Let’s face it: When you’re interviewing a bunch of job candidates, some of them just “click” with you — even if they’re not necessarily the best candidates. Asking everyone the same set of questions helps reduce your bias a little bit, as opposed to letting your interviews turn into conversations.
• If you’re working with outside companies to recruit or provide temporary employees, make sure they know that you are actively seeking diverse candidates. (Make like Academy Award winner Frances McDormand and create your version of an “inclusion rider.”)
• Actively reach out to organizations that help people with disabilities, older people, women, and minorities find jobs.

I don’t pretend to have any solution for the problem of unconscious bias, but all of us can take steps to try to prevent it from limiting our workplaces.

Photo via Shutterstock

This article, “Want to Hire More Inclusively? 5 Best Practices to Show You How” was first published on Small Business Trends

We all want to be more productive at work.

Want being the key word.

We all want to. It’s just that some days are much harder than others.

But there are some things you can do to be increase your productivity at work – starting right now.

How to Be More Productive at Work

Whether you’re part of a team, or managing it, here are five research-backed secrets on how to increase your productivity.

1. Add an MVP to Your Team

If you’re an NBA fan and the letters MVP are mentioned, you probably think of names like LeBron James and Stephen Curry. And for good reason – they’re amazing players.

But neither one of those MVPs would have won a championship – or a single game – unless they had a team supporting them.

Well, it turns out that great players can have a “spillover” effect on their team members.

They can elevate the games of everyone else on his or her team.

Put simply, an MVP can make everyone better.

In fact, according to “Productivity Spillovers in Team Production: Evidence from Professional Basketball“:

Using possession-level data from games played in the National Basketball Association (NBA), we demonstrate that productivity spillovers play an important role in team production. We find that a standard deviation increase in the spillover effect of one player improves team success by 63% as much as a standard deviation increase in the direct productivity of that player.

What’s it mean?

The magical powers of just one great team member – a unicorn – can positively impact the productivity of rest of your team. The opposite would also be true – a donkey employee can stifle productivity.

And seriously, who would you rather your team emulate – a unicorn or a donkey? So hire wisely!

2. Limit Talk About Politics in the Office

It used to be that politics would only be a huge topic once every four years.

Not anymore.

Regardless of your party affiliation, we can probably all agree that today’s contentious political climate is taking a toll on employees on both sides of the aisle (and everyone caught in the middle).

People are feeling stressed and cynical. They’re having trouble getting work done.

Why? Duh! Stress makes people less productive.

According to a survey by the American Psychological Association, one in four employees were negatively affected by political talk at work during the election season:

Although a majority of working Americans (60 percent) indicated that people at work are generally respectful toward others with differing political views, more than a quarter (26 percent) have witnessed or overheard their coworkers arguing about politics, and about 1 in 10 (11 percent) have gotten into an argument themselves. Overall, more than a quarter of working Americans (27 percent) reported at least one negative outcome as a result of political discussions at work during this election season.

While you can’t stop it entirely, it might help to keep politics to a minimum in the office – and always make sure discussions are done in a respectful manner.

Even if you’re on different “political teams,” you’re all on the same team at work. So do your best to leave the politics at the door and get stuff done.

3. Stand Up!

Could a standing desk make you more productive? Research says yes.

According to research from Texas A&M University:

The researchers examined the productivity differences between two groups of call center employees over the course of six months and found that those with stand-capable workstations–those in which the worker could raise or lower the desk to stand or sit as they wished throughout the day–were about 46 percent more productive than those with traditional, seated desk configurations. Productivity was measured by how many successful calls workers completed per hour at work. Based on work related to this study in a previous publication, workers in the stand-capable desks sat for about 1.6 hours less per day than the seated desk workers.

In addition to increasing productivity, standing desks are also good for health. Workers using standing desks reported less body comfort.

It’s also possible that standing desks can improve cognitive performance, but the research isn’t in on that. Yet.

Healthier employees will be more productive employees. So it may be worth it for your company to make an investment in standing desks.

4. Go Green

Plants aren’t just pretty to look at. Adding plants to your office can boost productivity by 15 percent.

That’s according to University of Exeter research, which found that “green” beats “lean”:

The research showed plants in the office significantly increased workplace satisfaction, self-reported levels of concentration, and perceived air quality.

Analyses into the reasons why plants are beneficial suggests that a green office increases employees’ work engagement by making them more physically, cognitively, and emotionally involved in their work.

If you want a smart and productive office – one that’s more enjoyable, comfortable, and profitable – add some plants.

5. Stop Multitasking

I’ve said it before, and I’ll say it again: multitasking is killing your brain.

The human brain is simply less productive when it tries to focus on more than one task at a time. Our brains weren’t programmed that way.

As research from the University of London explained:

Heavy multitaskers – those who multitask a lot and feel that it boosts their performance – were actually worse at multitasking than those who like to do a single thing at a time. The frequent multitaskers performed worse because they had more trouble organizing their thoughts and filtering out irrelevant information, and they were slower at switching from one task to another.

Oh, but that’s not all in terms of negative effects. Multitasking also lowers your IQ and might even be permanently damaging your brain.

Yikes. You only have one brain. Protect it – and protect your productivity.

So there you have it.

If you’re ready to be more productive at work, now you know where to start.

Republished by permission. Original here.

Photo via Shutterstock

This article, “Apply These 5 Secret Techniques to be More Productive in your Business” was first published on Small Business Trends

Should you need to worry about radiation from your WiFi?

Before I delve straight into answering that question, I guess I need to clear up a few of the basics first like: “what exactly is WiFi radiation?”

So here you go.

WiFi Radiation: What You Should Know

Most WiFi devices emit RF (radio-frequency) radiation (or microwave radiation) 24 hours a day. This radiation is more or less the same type used by microwave ovens for cooking food.

A microwave oven bombards your food container with microwave radiation. This produces molecular friction which heats up the contents of the container. Such a phenomenon is known as the thermal effect or the heating effect.

WiFi devices including the likes of wireless PCs and routers come with transmitters using microwave radiation to convey information back and forth into the air. Bluetooth speakers and headphones rely on the use of RF signals to play music. Even smartwatches use radio frequency to connect to your phone.

So should you worry about any of that? Turns out you should.

RF Radiation From Wifi And Bluetooth Devices: What’s Known And What’s Unknown

Radio frequency signals from Bluetooth, WiFi and cell phones, in general, are considered a nonionizing form of radiation.

Meaning, unlike the ionizing forms of radiation, say, UV light from the sun, or medical tests like x-rays or CT scans, they do not carry a whole lot of energy to alter or break your DNA which is one of the possible ways cancer can occur.

However, some research still comes with the suggestion that nonionizing radiation can have noticeable effects on living beings. Just how serious they are remains the question.

Some of the possible biological effects that have been linked to WiFi are:

• Disruption of glucose metabolism in the brain.
• Increase in blood-brain barrier permeability.
• Disruption of metabolism in the cell.
• Breaks in the DNA chains.

So What Should You Do?

Now don’t get overly concerned about wireless networks because of the biological effects highlighted above.

After all, remember these are only linked to nonionized WiFi waves; there’s no real proof to back them up. And it has also been said exposure from a single router in your business or home may be very small. The risk may be considerably greater in places with dozens of routers and laptops working at the same time.

Anyway, here are a few precautionary steps for you to consider to be on the safe side:

1. Go for an Eco-WiFi Router

Because it offers a safer alternative to a standard WiFi conenction.

The JRS Eco-WiFi router comes with two things:

• A conventional Asus router, and
• An Eco-WiFI software as approved by JRS.

The software gives the router its unique ability to function in low EMF. This short video below can shed more light on the matter.

2. If Possible, Keep your Phone or Tablet Away from your Head or Body

Now, this is particularly true in areas with weak cellular signals. for e.g., when your cell has only one bar. That is because in such situations your phone would increase its functional power to compensate for the lack of coverage.

Carrying your phone in a bag instead of keeping it in your pocket can work wonders. You should also not rest your tablet on your body for an increased period of time.

And then, when you go to bed, consider having your phone away from the place of your sleep. Put it to the “flight” mode, or switch it off entirely.

3. Pay Particular Attention to the Ethernet Cable

Your Ethernet cable’s the one linking your router or modem to your PC.

Most people do not usually give this cable a second thought. If you are one among them, you are making a huge mistake.

The cable can be a source of EF radiation and hence, must be shielded as a precaution. You will find lots of cable categories — labeled 5, 6, 7, etc. — available for purchase. My recommendation would be to go for a Cat6a Snagless Shielded Ethernet cable. It is safer and more effective.

Final Word

Always remember to switch off your WiFi when your device is not in use. The less the exposure, the better. With that, I will sign off finally for the day. Hope you had a great read.

Photo via Shutterstock

This article, “Warning: How Safe are You and Your Employees from Your WiFi and Mobile Devices?” was first published on Small Business Trends

With the right perks, employers can deliver the work-life balance many of today’s workforce is looking for. A new survey by Clutch reveals one of the most valued of these perks is flexible work hours, which make it possible to achieve this balance. This was the case for more than 2 in 5 or 41 percent of the respondents in the survey.

The report that follows the survey asks, “Why Employee Perks and Company Culture Matter?” And according to Clutch Content Creator and Marketer Elizabeth Ballou, who wrote the report, it is because businesses offering perks will benefit with more productive employees.

This doesn’t only apply to large enterprises. Ballou says small businesses can also provide perks by carefully choosing what to make available and being flexible in the implementation of employee perks.

The goal is to make your employees feel appreciated and valued in your organization. Ballou writes, “Whether those perks come in the form of a free snack bar, the option to work from home, company retreats or reduced-rate evening classes, employee perks show workers that businesses care about their wellbeing.”

The Clutch survey was carried out with 507 participants holding full-time jobs. It was made up of 52 percent female and 48 male respondents split evenly among 18-34, 35-54, and 55 or older age groups. Respondents came from a wide range of companies with anywhere from 1 to 10,000 employees, but the largest group, or 21 percent, came from organizations with between 1 and 10 employees.

And, the Most Important Employee Perk is…

Some of the key findings in the survey revealed 42 percent of respondents didn’t have employee perks and more than half or 53 percent have perks which give them a better quality of life. Of those respondents who receive the perks, 66 percent said they are satisfied with them.

When perks are available, the most common ones are flexible working hours at 32 percent, professional development at 28 percent, fitness, health perks, and food and snacks at 19 percent, and working from home at 14 percent, according to respondents.

As to how these perks benefit employees, 53 percent said it gave them better quality of life and another 49 percent felt valued.  In addition 44 percent reported improved physical and mental health, 42 percent reported cost savings and 33 percent reported better bonding with coworkers has benefits of added perks.

Small Businesses

Ballou suggests small businesses can provide perks with health and wellness programs by covering some or all of the cost of gym or other club memberships. Businesses can also take part in the professional development of their employees by offering access to online courses or internal training by senior staff.

Takeaway

Perks improve the working environment of your employees, which in turn make their lives better inside and outside of the workplace. Whether the perk is offering flexible hours or something specific to each of your employees, you can be creative in how you choose to provide them. And you don’t have to be a large company to make it happen.

Photo via Shutterstock

This article, “Best Employee Perks: How to Use Them for Business Success” was first published on Small Business Trends

You don’t always have a Post-IT note handy, but the chances are you’ve always got your smartphone by your side or laptop close by. Being able to jot down notes, flag important emails, record audio, create checklists and even collaborate lowers the stress level with a note taking app. Here’s a few top choices for small business users.

Best Note Taking App for Small Business

Evernote

This is an industry leader for a reason. Evernote provides 60 MB of free storage per month. One of the only downsides is the fact there’s a maximum file upload of 50 MB. Still when you’re looking for the best note taking app, innovation is a deciding factor. The new Spaces feature in Evernote Business lets team members have combined access on all current campaign ideas.

You can get this app for free or choose the Plus plan for $46.99 yearly. The Premium version will set you back $89.99 annually. There’s a Business plan for $12 per employee on a monthly basis. Download the free trial here.

OneNote

Simplicity is always best when it comes to notetaking apps. In fact, industry insiders say this is the only one that challenges Evernote’s supremacy in the field. There’s 1TB of online storage included here and your small business gets access to Office applications. If you’re a small business that already uses Office, the interface is going to be familiar.

On the other side of the coin, some of the features require you use their OneDrive cloud. You can get OneNote on Windows, Mac and the Web as well as mobile devices.

You’ll need a Microsoft account to get started.

Simplenote

Available for iOS, Windows, Linux, Android, Mac and on the Web, Simplenote allows you to see versions of previous notes. There is an easy-to-use slider that lets you see notes from before. The feature is great for clarifying points that were made and need to be revisited.

The instant search feature allows you to find ideas you thought you might never see again. These lists are updated instantly. Creating your free account is quick and easy.

Dropbox Paper

If your small business team works online, chances are you already have a Dropbox account. That makes it easier to check out Dropbox Paper. This app allows people to chat in real time while they’re editing a document. Keep an eye on everything your team is doing with this simple app.

It’s available on iPhone, iPad, Android and the web.

Google Keep

This app is designed for photos, lists and short notes. It’s good for reminders and quick thoughts but not so good for the big points from a big meeting. It is available on Android, the web and iOS. And the app is simple, effective and free. Download the it here.

Ulysses

Although this one is built specifically for writers, it’s useful for small business people who do their own marketing. Ulysses builds on the features you’d expect to get from a traditional word processor. It’s simple. The library places everything you write in one spot. There’s no need for Save dialogs or the kind of Finder searches that can waste your time and interrupt your train of thought.

The markdown text editor makes it great for writing on iOS and macOS and the flexibility and features are good for putting together work bulletins or a newsletter.

You get a 14 day free trial. After that, you’ll need a subscription at $4.99 monthly or $39.99 yearly.

Quip

Quip joined with Salesforce in 2016. The app is available on iOS, Android, macOS, Windows and on the web and has some great note taking features built right in.  Small businesses can get documents, spreadsheets, tasks, lists and @mentions in one space. The Live Apps for Quip include polls, calendars and process bars.

If you’re looking for a pedigree here, co-founder Bret Taylor is responsible for Google Maps and even Facebook’s “like” button. The other founder, Kevin Gibbs, brought the Google App Engine to market.

Pricing starts at $30 per month for a team of five.

Photo via Shutterstock

This article, “Looking for the Best Note Taking App? Try These 7 Picks for Small Business Users” was first published on Small Business Trends

SALESmanago is giving a single marketing automation tool free to young entrepreneurs and startups in all industries.

The offer from SALESmanago is invaluable for individuals and companies just starting their entrepreneurial journey. And with digital presence now a key component for business success, using digital channels for your marketing is critical. Still, mastering the complexities of this new marketing approach may require effort startups can ill afford. For this reason, it seems likely the free marketing tools from SALESmanago will be more than welcomed.

Digital marketing is complicated, and for many small businesses marketing automation software is the best way to address the issue. This is because it takes more than just sending emails or creating a social media page to reach your audience, engage with them, and retain them for the long run. The offer from SALESmanago introduces businesses to the benefits of using such solutions.

Greg Blazewicz, CEO and Founder at SALESmanago, claims helping entrepreneurs is the main objective. In a press release, Blazewicz explains, “We understand that launching a new business is a risky and costly exercise. Also, a lot of companies at the very beginning does not need to have fully fledged marketing solutions but all they want is a single tool to solve specific marketing issue but still with the potential to grow their marketing ecosystem. The offer we made is directed to such companies.”

Free Marketing Automation Tool

SALESmanago is only providing a single automation marketing tool. But this tool includes Live Chat, Web Push, Pop-up, CRM and Contact Management features. If you want to add more services, you will have to switch to the SALESmanago Basic plan.

SALESmanago is a company providing marketing automation solutions to more than 10,000 companies, including some of the leading brands in the world across all industries. Everyone from KFC to New Balance, Starbucks, Pizza Hut and others uses the marketing automation technology.

You can try SALESmanago’s Marketing Automation Pro free for 30 days here.

Image: SALESmanago

This article, “SALESmanago Offers Entrepreneurs One of Its Marketing Tools for Free” was first published on Small Business Trends

There are two main variables that will determine the profitability of your business: the revenue you have going in and the expenses you have going out. If you can retain control of these two variables, your business can continue operating successfully. Unfortunately, there are many other variables to consider. If you don’t manage them properly, it could lead your company to failure. Here are some ways to manage those major business expenses that impact all types of companies.

Managing Expenses

Let’s focus on the “expense” side of the equation. Here’s what it takes to manage your expenses effectively:

• Reducing expenses. When most people think about managing expenses, reducing those expenses as much as possible comes to mind. It’s a good strategy. Every dollar you save on expenses (while maintaining the same standards and operations) is an extra dollar of profit.
• Understanding and forecasting expenses. You also need to understand what your expenses are and how they work. For example, you should be able to predict your recurring costs. Plus, you should project how those costs might change over time. This allows you to keep your cash flow positive and make better sales goals. Ultimately, you can effectively chart the future of your business.
• Strategically taking on expenses. Managing expenses means taking on other expenses, provided they’re valuable to you. For example, you might invest more money in a new marketing campaign if it promises to return new sales.

Tips on How to Control Business Expenses

Let’s take a look at some of the major categories of expenses you’ll take on and how you can manage them more efficiently:

1. Wages and Benefits

Without a team of employees, your business won’t last long. If you’re just starting out, you’ll need to first decide who’s going to be on your team and what responsibilities they’re going to handle. Using Glassdoor or a similar salary index, you can calculate the going rate for each role you plan to hire. Estimate the cost of benefits you’re going to pay. This could range from next to nothing to tens of thousands of extra dollars a year. Keep your costs low here by only taking on the people you need to get the job done. Also, use independent contractors and other part-time help to cover anything else.

2. Rent (or Mortgage)

Aside from staff costs, this will be your biggest predictable expense. If you’ve purchased a building outright, that means making a mortgage payment and paying property taxes. If you’re renting, you’ll probably pay a flat rate. Even a small business can expect to pay several hundred to several thousand dollars a month in rent, depending on your area. Keep your space small and away from heavily populated areas or consider the option of subleasing your commercial space.

3. Equipment

Your business probably needs equipment, whether it’s a multi-million-dollar manufacturing piece or just a traditional copier/printer. that means spending at least several hundred dollars on initial equipment. Save money by finding devices that provide multiple functionalities in a single package or by buying used equipment rather than new. Make sure you understand the decreased life expectancy and/or performance of the used equipment.

4. Utilities and Office Supplies

The ongoing monthly costs of keeping a business open can also eat into your budget. Here, you’ll need to plan for things like water, electricity, gas, internet, and basic office supplies that include pencils, pens, and paper. Reduce utility costs by “going green” and installing more efficient equipment and occupying a smaller space. Also, enforce strict standards on how and when utilities are used, such as mandating that all devices are turned off and unplugged at the end of the night. If you wanted to get extreme with shaving office costs, you could go paperless and keep your office clutter-free.

5. Theft

You’ll need to consider your office may become vulnerable to criminals. Additionally, you should be aware of the threat that cyber attacks pose small businesses. All it takes is a single compromised password to bring your company to its knees. Accordingly, you’ll need to invest at least some money in better security standards. Fortunately, modern camera systems are relatively inexpensive, and protecting your digital presence is as simple as better educating your employees and keeping their software up-to-date. These strategies are both cost-free.

6. Other Losses

Consider lawsuits, natural disasters, and sudden changes that halt your income stream. There are many types of business insurance available. Get any policy that protects your business from a viable threat. However, you can reduce your rates by getting your policies with the same provider and committing to safer ongoing practices.

7. Professional Fees

Though some entrepreneurs like the idea of trying to handle everything themselves, there are some areas where novices can do more harm than good. For matters relating to the law, taxes, or other complex disciplines, it’s better to hire someone who knows what they’re doing. That means paying a steep hourly rate or retainer fee. Fortunately, if you do some digging, you can probably find someone affordable in each area who you can trust for sound advice. Start by asking other local business owners who they use and why, then interviewing them to get their perspectives.

8. Marketing and Advertising

If you want your business to generate more leads, interest, and brand recognition, you’ll need to invest in marketing and advertising. However, not all strategies are the same. You can save money by focusing on the strategies most likely to give you a high return on investment (ROI) or those that work especially well for your industry. It may take some time for you to find these candidates through experimentation, interviews with other business owners, and research. However, it’s worth the investment if it means getting a better rate and a higher return.

9. Professional Memberships

Depending on what industry you’re in, you may be required to pay professional membership or association fees. Otherwise, you risk being outside the industry. You might need to pay to get certified in a certain discipline or pay a monthly fee to be a part of a registry or database. Fees range from minimal to egregious. Unfortunately, there isn’t much you can do to reduce those costs unless you plan to operate outside those set standards and group operations.

10. Travel, Dining, and Entertainment

If your business involves traveling to meet with clients, pitch your company, or recruit talented people around the country, you might see significant expenses in the travel, dining, and entertainment category. You’ll need to reimburse yourself or your employees for when they travel to outside locations, take clients out to dinner, or even discuss business at entertainment events like sports. Keeping costs low here is a sacrifice. You’ll need to spend less money on fancy client dinners and substitute some video calls for in-person meetings. If it saves you hundreds of dollars a month, it may be worth it. This depends heavily on your industry, target market, and how much your business can afford to spend.

11. Repairs and Maintenance

If you own anything on behalf of the business, including your own building, your equipment, or personal devices like laptops, you’ll need to set aside money for repairs and maintenance. Preventative maintenance and proactive repairs tend to pale in comparison to the cost of major repairs and replacements. Work to find a reliable contact in each category who can handle these routine tasks.

12. Tax Preparation

Business taxes can be complex, covering multiple categories like income tax, estimated taxes, self-employment taxes, withheld taxes, and excise taxes. If you aren’t prepared for these expenses, they can take you by surprise. And, if you don’t pay them appropriately, you could get yourself in legal trouble.

Be Proactive

These tips should allow you to budget for expenses more accurately, and ultimately reduce your operating costs. If you can do this consistently, while also increasing the amount of revenue you bring in, there will be nothing left to stop your business from becoming profitable. The more you learn and the more experience you gain in this area, the more intuitive it will become. Keep investing in your financial skills and always work to manage your money better.

Republished by permission. Original here.

Image via Due.com

This article, “Master the Art of Controlling Business Expenses with These 12 Tips” was first published on Small Business Trends

Law firms aren’t jumping for joy in the same way many other small businesses are because of the recent passage of a new tax bill. The Tax Cuts and Jobs Act includes plenty of deductions and changes that could benefit small businesses in various industries. But it also imposes some new limits on deductions that may be especially relevant for law firms.

For example, the 20 percent deduction for qualified income can certainly help pass-through entities like those structured as partnerships, S corporations, or certain LLCs. And law firms often do fall into this category. However, this deduction is limited based on income. So the typical salary level for lawyers could negate any potential benefits businesses can gain from this deduction.

Tax Cuts and Jobs Act Impact on Lawyers Limited

Evan S. Morgan, director of tax services in the Miami office of accounting firm Kaufman Rossin explained in an email interview with Small Business Trends, “This deduction is limited for lawyers and other professionals who make over $157,500 (single filer) or $315,000 filing jointly. For individuals with more than $207,500 for individuals and $415,000 for joint filers, the qualified business income deduction starts to phase out.”

There are also a few other limits or changes to the rules that could impact some common deductions for law firms. For example, business entertainment was previously available as a 50 percent deduction. But now any entertainment that would distract from business discussions can no longer be considered a business expense. So lawyers would not be able to take clients to the theater, but could still deduct some business dinners.

Additionally, businesses are now able to deduct only 50 percent of meals provided in the office to employees. And there are also immediate limits on interest expense deductions. Both of these changes apply to all businesses, but they happen to be especially relevant to law firms, according to Morgan.

The changes might seem small but for law firms courting new clients and regularly providing meals to keep employees productive throughout the day, those little things can add up. It can also make it necessary for those business owners to make some changes to their bookkeeping and expense tracking systems.

Morgan explains, “When the 50 percent limitations on meals and entertainment was first enacted in the 1980s, many companies were in the habit of lumping together all their travel-related expenses in a single account, making it difficult to determine which expenses were only partially deductible. With this new change related to business entertainment and meals, firms will need to require employees and partners taking clients to events to separate the cost of admission from the cost of meals purchased at the venue.”

As with many other types of businesses, the exact impact of the new tax bill will take some time to decipher. However, the small details like the ones Morgan has outlined can add up to be a big deal for certain types of businesses. So if your business is only looking at the major pass-through deductions and tax bracket shifts, it may be worth taking a closer look at some of the finer points.

Photo via Shutterstock

This article, “Lawyers and Law Firms Not Seeing the Benefits of Federal Tax Cuts” was first published on Small Business Trends

N’Ware Technologies may be an SAP Gold Partner delivering cloud and on premises ERP solutions to businesses in the manufacturing ad distribution industries.

But the company also provides an old school touch even when selling high tech offerings.

The N’Ware Technologies team communicates with most of its clients over the phone and in person, even though there is also a website and live chat for customers who prefer to do business that way. But no matter what each customer’s particular preferences, the team strives to provide personal service to everyone, performing walk-throughs of warehouses and manufacturing facilities and meeting with customers in person to make sure they have exactly the solution they need.

SAP (NYSE: SAP) recently recognized N’ware Technologies with the SAP North American Award for Partner Excellence for SAP Business One. The company was honored as part of the 2018 Regional Awards for Partner Excellence.

SAP 2018 Regional Award Winner – N’Ware Technologies

According to SAP, N’Ware Technologies’  industry focus is part of the reason the company has been able to serve its customers so effectively.

Dan Parent, CEO of N’ware Technologies said in a phone interview with Small Business Trends, “We only work with customers who we can actually help. If it’s not a great fit, we run away. We don’t want to do business with anyone who we can’t truly help. So we always make sure that the client is happy with everything before we escalate.”

Head of SAP Business One Sales for North America Steve Tait said in an email to Small Business Trends, “Keeping the customer at the center of every decision, Dan Parent has one of the highest customer satisfaction scores across the Business One channel.”

In addition to the industry focus, SAP recognized N’ware Technologies for its company culture, which helps every team member remain engaged and provide great service to every client. Parent says the company takes great pride in hiring the right people and making sure every employee aligns with the company’s values. Parent also focuses on creating a family approach where all the team members work together and support one another, as well as the company’s clients.

This type of recognition has meant a lot to the entire N’ware Technologies team, according to Parent.

He says, “It’s really all about our team. Our values are very, very important to us. Integrity, respect, a family approach and resilience have all helped us create a great sense of teamwork and accountability. We have tremendous appreciation for our team. It’s not easy — our employees travel and are on the road away from their families, working long days. So for me as a business owner, it just makes me very proud of our people that they’re able to deliver such a level of satisfaction that SAP would recognize them for it.”

Each year, SAP recognizes its regional partners around the world in a variety of categories. The company looks at sales data, along with achievement and performance numbers like customer satisfaction.

Parent says the recognition is especially meaningful coming from a company like SAP, with such a wide ranging base of partners and high standards for all the companies that deliver its products.

He says, “We’re extremely happy to be alive with SAP. It’s the best ERP company in the world. So for us, it’s not just looking back on this last year and being proud of what we’ve accomplished. We’re also looking forward, and a very important part of that is our continuing relationship with SAP.”

Image: N’Ware Technologies

This article, “N’Ware Technologies Provides Old School Touch While Delivering High Tech Solutions” was first published on Small Business Trends

The US Chamber of Commerce sent a “key vote” letter to the Senate in support of S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. The bill looks to provide community banks with regulatory relief after the blanket implementation of financial regulations following the 2008 financial crisis.

US Chamber of Commerce Backs Dodd-Frank Relief for Small Banks

The letter highlights the difficulties faced by mains street businesses in the wake of regulations like the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

“Main Street businesses depend on community and regional banks for the financing necessary to get started, sustain operations, manage cash, make payroll, and create well-paying jobs. The ‘one-size-fits-all’ approach to regulation implemented in the wake of the 2008 financial crisis has severely constrained these banks’ ability to serve consumers and small businesses in their communities,” the letter explained.

On Tuesday, a bipartisan effort resulted in 17 Senate Democrats joining Republicans to advance the bill. A vote of 67-32 ended the debate on a motion to proceed, more than the 60 vote majority needed. The proposed legislation is expected to clear the Senate by next week at the latest.

In the letter, Jack Howard, Senior Vice President of Congressional and Public Affairs for the chamber, writes, “This bipartisan legislation is a step towards right-sizing regulations on community and regional banks and would help reverse the decade-long decline in small business lending.”

What Will S.2155 Accomplish?

S.2155 would amend several provisions of the Dodd-Frank Act, as well as other rules related to regulations in the financial industry. It specifically changes the regulatory framework for small depository institutions. These are lenders with assets under $10 billion (also classified as community banks).

Changes to consumer mortgage and credit-reporting regulations will also be implemented along with the authorities of the agencies regulating the financial industry.

The bill will stop clumping community banks together in the same regulatory frameworks designed for Wall Street institutions. According to the Independent Community Bankers of America (ICBA), this is “Fueling banking industry consolidation and leaving local communities with fewer financial services options.”

Proponents of the bill see more cash being available to businesses, which includes banks, credit unions and free-market groups. Opponents on the other hand see the dilution of the Dodd-Frank Act as the precursor to another financial crisis.

Photo via Shutterstock

This article, “US Chamber of Commerce Backs New Bill to Help Main Street Businesses” was first published on Small Business Trends