In the Hybrid Work World, Some Perks are Disappearing, But Should Your Business Take Advantage? Summer Fridays were once widely embraced by businesses to boost employee satisfaction and provide adaptability in a highly competitive employment landscape that demanded companies offer certain perks and fringe benefits. Back in 2019, a significant 55% of U.S. companies adopted summer benefits, allowing employees to either take Fridays off or depart early during the warmer months, as indicated by Gartner’s research. However, the onset of the pandemic in 2020 and the subsequent growth of remote and hybrid work models have seemingly diminished the appeal of this particular Friday perk for many companies. Recent data from Flex Index reveals that 37% of U.S. companies now follow a structured hybrid approach, marking an increase from 20% in early 2023. Additionally, 32% of companies offer complete flexibility, while 31% maintain a full-time, in-office attendance requirement. The surge in hybrid and remote work arrangements might be responsible for the decline in Summer Fridays. A 2023 survey by Monster.com, a job recruitment website, reported that only 34% of U.S. workers were offered summer benefits. This data begs the question: how do companies deal with employee perks amidst a changing business landscape? How Businesses Can Strike a Balance When Deciding Which Workplace Perks to Adopt and Which to Drop Balancing workplace perks for small businesses involves considering the needs and preferences of employees, the company’s financial capabilities, and the overall impact on productivity and morale. Here are some steps small business owners can take to strike a balance: Understand employee needs. Conduct surveys or hold discussions to understand which perks are most valued by employees. This can help in prioritizing benefits that align with their needs and preferences rather than guessing or relying on intuition. Financial viability. Evaluate the cost of each perk and its potential return on investment. Consider the financial health of the company and the long-term sustainability of the benefits package. The answers you find may surprise you and it’s better to know definitively than to ballpark estimates. Legal requirements. Ensure that the benefits package complies with all relevant laws and regulations, such as the Family and Medical Leave Act (FMLA) and the Affordable Care Act (ACA). Flexibility. Consider offering flexible benefits that can be tailored to the individual needs of employees. This could include options for remote work, flexible working hours, or additional benefits like gym memberships or childcare support. Regular review. Regularly review the effectiveness of the benefits package and make adjustments based on employee feedback and changing business needs. Communication. Keep employees informed about changes to the benefits package and the rationale behind these decisions. Open communication can help to manage expectations and maintain morale. Benchmarking. Look at what similar companies are offering to ensure that the benefits package is competitive within the industry. This also helps you to keep your employee retention high as they’ll have less incentive to go elsewhere. Additionally, be sure to consider alternatives. If certain perks are too costly, consider alternative ways to achieve the same goal. For example, instead of offering a full gym membership, the company could provide a fitness stipend or organize group fitness classes. By doing just a bit of research and listening to employee feedback and concer, small business owners can create a benefits package that supports the well-being and productivity of their employees while also being financially sustainable for the business. Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at (602) 541-1760, or, if you prefer,

Hey, Small Business Owners Do You Know Your Blind Spots? If Not, Here’s How to Tell and Become Better Leaders Running a small business is like embarking on a voyage into uncharted waters. While the journey is exhilarating, it also comes with challenges and hidden obstacles—commonly known as blind spots. These are areas where leaders might lack awareness, and navigating through them can be the key to becoming a more effective and insightful leader. The Blind Spots You Just Can’t See Imagine navigating a dark forest, unsure of the path ahead. That’s what it can feel like for small business owners, often unaware of the hidden obstacles and opportunities lurking in their blind spots. But fear not, intrepid commerce explorers! By shedding light on these blind areas, you can transform your leadership and guide your business to new heights. What are Blind Spots? Blind spots are areas of your leadership and business where you lack awareness or insight. They can be internal, like personal biases or emotional triggers, or external, like neglecting customer feedback or overlooking market trends. These hidden flaws can hold you back from making informed decisions, building strong relationships, and achieving your full potential. How Small Business Owners Can Identify their Blind Spots Seek diverse perspectives. Surround yourself with advisors, mentors, and employees who offer different viewpoints and experiences. Their insights can illuminate areas you might have missed. Embrace feedback. Don’t shy away from constructive criticism. Actively seek feedback from customers, employees, and partners, and listen with an open mind. Analyze data. Numbers don’t lie. Utilize analytics tools to track performance metrics and identify areas where your strategies might be off-track. Conduct self-reflection. Take time for introspection. Reflect on your leadership style, decision-making process, and interactions with others. Ask yourself: What are my strengths and weaknesses? Where am I prone to biases? Step outside your comfort zone. Challenge yourself to venture beyond your usual routine. Attend industry events, network with diverse individuals, and explore new ideas. How to Conquer Your Blind Spots Once you’ve identified your blind spots, it’s time to take action: Seek education and training. Invest in leadership development programs or workshops to gain new skills and knowledge. Delegate tasks and empower your team. Trust your team members to handle areas where you lack expertise. This frees you to focus on your strengths and address your blind spots. Embrace continuous learning. Never stop learning and adapting. Stay informed about industry trends, new technologies, and best practices. Develop self-awareness practices. Implement mindfulness exercises, meditation, or journaling to become more aware of your thoughts, emotions, and biases. Build a culture of open communication. Foster an environment where employees feel comfortable voicing concerns and offering feedback without fear of judgment. The Rewards of Leadership Clarity Conquering your blind spots leads to a multitude of benefits: Improved decision-making. Clearer awareness leads to more informed choices that drive better results. Enhanced relationships. Building trust and rapport with your team and customers fosters a positive and productive work environment. Increased innovation. Embracing diverse perspectives and new ideas fuels creativity and innovation. Greater resilience. Self-awareness allows you to navigate challenges and setbacks with greater adaptability and confidence. Empowered leadership. Leading with clarity and self-understanding inspires your team and guides your business toward success. Remember, the journey to self-discovery is ongoing. Embrace the challenge, learn from your missteps, and celebrate your successes. By constantly seeking feedback, cultivating self-awareness, and taking action, you can transform your blind spots into your greatest assets. So, step into the light, small business owner! Your leadership journey awaits. Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at 602-435-5474, or, if you prefer, send us an email. You can also visit us at Waters Business Consulting Group to learn more about us and the services we offer.

Keeping track of small business expenses is no easy task. In fact, it’s one of the least liked chores or responsibilities that come with running a business of any size. And, it’s little wonder why. After all, these various costs range greatly in amount and frequency, making them very difficult to keep straight. Plus, when more than one person is spending money on such expenses, it complicates the matter even more. Fortunately, there are ways to keep better track of your small business expenses. Business Expenses vs Personal Expenses According to the IRS, a business expense is something “ordinary and necessary” – expenses that are commonplace in your trade or profession and which are helpful for your business. While that’s a very broad definition, most people understand in order to qualify, expenses have to directly relate to the operation of a business. (Of course, there are instances where it’s necessary to rely on the advice of an experienced accountant and/or tax professional to determine which expenses are and which aren’t “ordinary and necessary.”) Handling business finances is often one of the least favorite parts of running a small business. Having a firm grasp on your cash flow, knowing what’s tax deductible and what’s not, understanding what you spent each quarter; it all translates into a more positive and less stressful experience at tax time. You might be dreading that expense tracking is going to be a thorn in your side. But with knowledge comes power. Understanding how to properly track expenses will help ease the pain. —Inc.com Obviously, personal use disqualifies purchases from being classified as business expenses. Unfortunately, some businesses take the risk of trying to write off expenses that don’t truly qualify. And, it’s a big risk because it could very well cost a lot more in the end than it’s worth in the short-term. So, it’s critical to keep track of those genuine business expenses. How to Better Keep Track of Small Business Expenses In order to better keep track of small business expenses, you’ve got to get into certain habits and use the right tools. Here are three ways to keep track of your business expenses in the new year: Use only corporate accounts. This is one of the easiest ways to keep track of your business’ expenses. Use only business credit cards or debit cards and you’ll have all those transactions in one place for quick reference. What’s more, it makes accounting for all your purchases a lot less complicated and simpler to find when needed. Run cloud accounting software. Approximately 9 out of 10 small businesses already use some form of cloud accounting software. While that’s a great way to help keep track of expenses, if it isn’t used properly, it won’t be an effective tool. Get in the habit of going over the program on a regular basis so you’re familiar with how it works. This way, when you need to pinpoint something, it won’t be a big deal. Store all your business receipts. Here’s where too many businesses go wrong — they don’t store all their expense receipts in an orderly manner. Remember, not all your transactions will have a digital trail, so it’s very important to keep paper receipts. Recently, I asked my accountant for some app solutions he would recommend for one of our clients, and is his recommendation; If you want basic functionality you can use Scan Manager build right into QuickBooks Desktop versions. In QuickBooks online there is a new “receipts” application located from the “banking” menu choice. You can scan/upload anything and link it to a job/invoice/bill, etc. The online version supports smart phone uploads. For something more sophisticated, Expensify is popular. It has good functionality to support field staff and ties into QuickBooks well. It is relatively inexpensive at $5.00 per remote user per month, plus $ 9.00 per month for admin users. You can get more details from the app menus. What other suggestions do you have to help keep track of business expenses? Please share your thoughts and experiences; your comments could help others better run their businesses! Interested in learning more about business? Then just visit Waters Business Consulting Group.