Essential Staff Investments for a New Business Owner

Tue, Mar 11, 2014

Financial Advice, Financial News

Business Class

As talented, capable, and focused on your entrepreneurial goals as you may be, you more than likely will be unable to keep your business afloat all by yourself. The multitudes of tasks that you must attend to, including making up payroll, keeping track of inventory, and ensuring the safety and wellness of your workers, may need to be relegated to other support staff so that you can concentrate on making a profit and serving your customers.

In relegating these projects to your employees, however, you might also need to invest in software, programs, and policies so that they too can accomplish their assigned duties and play a role in ensuring your success. As you think about what kinds of investments to make for the good of your company, you may consider these suggestions.

Tech Support Software

Competitive businesses today utilize innovative technology that lets them have an online presence and communicate with customers better. If you fail to understand the finer aspects of these innovations, you can pass this technological duty onto your IT specialists and computer programmers. These workers, however, may need you to invest in software that they can use each day to keep your enterprise online and to maintain your computers’ security and function. You can buy a variety of software and computer programs designed just for today’s competitive business market.

Payroll

Even if you only employ a handful of workers, you still may lack the time to figure out their paychecks in a timely manner. Rather than pay your employees late or jeopardize miscalculating their payments, you can keep your payroll on track by investing in payroll software. This software will keep track of your workers’ hours and make all of the necessary deductions based on their tax documents. It can also generate the direct deposits that will be sent to their bank accounts each pay period.

Health Coverage and Company-Sponsored Retirement

Employees who work full time for you may expect to receive certain benefits in return for their dedication and effort. You can reward your staff by making available group health insurance policies and company-sponsored 401k retirement accounts. Group policies tend to be much more affordable and provide better services. People often prefer to buy insurance through their employers rather than from private insurers because of these perks. These benefits let workers save for their futures and also take care of their own families better. Making this investment for your staff can give them the incentive to keep working for you instead of looking for employment elsewhere.

Workers Compensation Insurance

Along with offering health insurance, you can safeguard your staff by investing in workers compensation insurance. In fact, most states require that business owners have this protection in place, particularly if you employ a certain number of workers.

According to Thomas Stroble, workmans compensation lawyer in Michigan, his firm helps employees file claims for gradual conditions that happen over a period of time and even pre-existing conditions that were aggravated from working. Therefore, investing in workers comp insurance is vital to your organization.

This policy will pay for on-the-job accidents and compensate employees who have medical bills and other expenses because of their employment-related mishaps. The policy could also protect you from becoming the target of an expensive lawsuit.

Your entrepreneurial success could depend on what kinds of programs, software, and policies you invest in for you and your staff. As you think about what you need to stay competitive, if not viable and functional, you would do well to keep your employees’ safety and happiness in mind, as well as your obligation to your workers as they carry out their work-related duties for you.

Melanie Fleury understands the importance for a new business owner to invest in health insurance not only for themselves, but their employees as well. Researching Thomas Stroble, workmans compensation lawyer in Michigan, she also realized that this type of investment for a new company requires an expert consultant.

 

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