8 Things That Are Keeping You from Growing Your Company

April 26th, 2014

ELM Blog Cover - Services

 

 

Everyday business necessities (and legalities) get in the way of you doing the business of your business.  When these functions take time out of growing your business and keeping your current customers happy, you’ve got a problem.
Read more


1. Payroll Processing



Small business owners spend an average of eight hours a month just on payroll. Plus, the Internal Revenue Service has reported that one out of every three employers has been charged for a payroll mistake, and given the ever-changing nature of tax regulations, it’s easy to make an error that will really suck up your valuable time and definitely affect your bottom line.

2. Human Resource Management

 

The average time-to-fill for companies of 1,000 employees and more is 43 days, compared with 29 days for companies having fewer employees. Add all of the new mandates and requirements for employment and employee management it seems that you spend more time with applicants and employees issues instead of your customers. That can’t be good for your bottom line.

The number of different tax reports and regulations is nothing short of overwhelming. You have to files your federal, state and local tax reports, and deposits. Don’t forget: FICA, FUTA, SUTA, 940 and 941 reports, as well as generate and deliver W-2s. How much time to you spend giving someone money instead of making it?
Whether your business is small or large, handling the expense and effort of meeting workers compensation obligations is non-stop. Time consuming and important for protecting your business, this is one task that needs to be handled perfectly and cuts into business planning and growing time.
Compliance is a jungle of red tape and regulation. A time consuming task that changes by the week and can not only take you away from the business of your business , but could cost you a mountain of money if you fall off the costly cliffs of non-compliance.
Save yourself from time sheets and the guessing game of when your employees really returned from lunch. The amount of time taken from you is one thing. How much money has been taken from your company with a antiquated paper and punch in time system is another.
Coverage to protect your company for defense costs and damages related to various employment-related claims, including allegations of Wrongful Termination, Discrimination, Workplace Harassment and Retaliation deriving from the employer-employee relationship. If your not an expert on this very specialized kind of insurance – you could be buried in just finding and choosing the EPLI coverage not to mention the paperwork and headaches with one small mistake in today’s litigious society.
Experts say that small businesses can use employee handbooks to avoid litigation and put staff members at ease by spelling out, in positive terms, the company’s policies and expectations. Add up the time it will take to know what needs to go in a handbook, learn all the new laws and regulations, and make it – well – understandable. Don’t forget the printing and proofing time – you have just lost weeks of time and energy.
****
Whew! Do you ever get to work with actual clients?
When is the last time that you worked ON your business and not IN your business? There is a solution to getting back to the core of your business. A way to find time for your customers and would be customers that will help your company grow. Maybe it’s time to find a business resource that can manage the obstacles and the functions of business that are standing in the way of you being the owner, boss and business you want to be.
That solution is Employee Liability Management. ELM doesn’t run your business; we enable you to concentrate on running and growing your business. We handle all of your human resources, benefits and payroll administration, and you can take advantage of our expertise and economies of scale. This includes finding the best benefit packages for your employees, which helps you attract and retain the best employees.
We are an advocate for you, the business owner. We protect your business with advice and guidance on legal compliance, risk management and claims processing. We are advocates for local business. We live and work in the Mobile and Baldwin County area, and we have a greater desire than the larger national PEOs for your and every business we work with to succeed and grow. If you don’t prosper, the area doesn’t prosper – and neither do we.
Simply put, ELM gives you time to shorten your job description to one word: OWNER.

 

To find out how we can free you up to get back to work visit us at http://www.elminfo.com/ or call us at 251.470.0700.

 

LIKE us on Facebook
FOLLOW us on Twitter
Connect with us on Google+

 

Share This Post

next post: Restaurants Beware: Tipping Pools & FLSA Collective Suits