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BusinessHub

SWBC's BusinessHub blog is a one-stop resource for business owners and company decision makers.

 

How to Save Up to 15% on Employee Healthcare Costs

Running a small businesses can be tough. Between staffing, compliance, policy creation, managing payroll, financial reports, and the 2,000 other things you have on your plate, sometimes the time you have “left over” (if there’s even such a thing) is marginal, at best. Consider the ins and outs of your responsibilities as an employer which include ever-changing regulations as they pertain to employee benefits, and well, you have yourself a recipe for stressed-out-losing-sleep-can’t-concentrate-on the-big-picture disaster. Welcome to running your own business!

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Is Value-Based Care Right for Your Company?

The United States spends over 18% of Gross Domestic Product (GDP) a year on health care. The rate of growth in healthcare costs has become unsustainable and employers are now searching for innovative ways to reduce costs while providing competitive benefit programs for their employees.

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Invest in the Success of Your Business [Infographic]

Opening and growing a new business takes work, dedication, and money—sometimes lots of money. Giving your business its best chance at success requires funds to purchase equipment and supplies, pay for assistance and labor, and establish a storefront or office location. Hopefully, the payoff will be worth it, since owning a successful business offers outstanding potential returns for your invested dollars.

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Pros and Cons of an HDHP for Your Employees

Often when people hear the words "high deductible," they're wary of having to make a huge payment up front, before insurance kicks in and helps pay expenses. Though high deductible health insurance plans are becoming the norm, employees often express concerns about using these plans themselves. If you're considering moving to a high deductible plan or have recently implemented one, here is some information that will help you acknowledge your employees' concerns about costs while pointing out the potential positives a high deductible health plan (HDHP) can deliver.

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Enhancing the Return on Your Wellness Investment

As a business owner, one of your most valuable assets is your employees. It's a commonly known fact that healthier employees can affect productivity, but a major indirect cost to consider is the healthcare costs associated with unhealthy employees. According to the Wellness Council of America (WELCOA), the majority of health care costs are aimed at treating conditions that are preventable. Depending on the health of your employee population, this can increase costs for both you and your workers. Targeting and helping to prevent medical conditions among your workforce can significantly reduce health care costs.

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The Value of Taking Vacation Time

Did you know that giving your employees time off from work can make them more productive and increase your profits? Seems counterproductive, right? Well, when employees have proper work/life balance, including ample sick, vacation, and/or paid time off, it can increase productivity, improve morale, increase retention, and have significant health benefits for your employees.

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How Companies Can Minimize Wasteful Expenses and Stop Employee Fraud

We always want to think the best of people, especially our colleagues and employees. Thankfully, in most circumstances, we work with people who strive to do the right thing for our business and its clients. Unfortunately, sometimes we encounter employees who carelessly waste company money or commit fraud that costs a business not only money, but its reputation and future if the problem is not discovered immediately.

According to the Association of Certified Fraud Examiners, a "typical organization loses 5% of revenues each year to fraud," with small companies losing greater-than-average amounts. Here are some tips that will ensure employees at your business stay on the straight and narrow, helping minimize your company's chances of falling victim to employee fraud and unnecessary, wasteful expenses.

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7 Ways Safety Training Can Help Reduce Business Expenditures

If you are, or ever were, a fan of playing video games, then you may understand the thrill of jumping over buildings, tumbling down mountains, falling off of cliffs, and driving cars at high speeds through pedestrian-filled sidewalks with no consequences in the digital world. 

However, as someone in the business world, you know that workplace injuries and fatalities are real events that can't be eradicated by just pushing a button to restart the game or go back to level one.

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Money Smart Week: 3 Ways Your Small Business Could Save Money

As the invoices roll in, it can feel like your business' money rolls right out. Since this week is Money Smart Week, we wanted to give you some tips to save your small business money in three key areas: office space, payroll, and supplies/equipment.

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Small Business Owner? Save Big on Taxes With Health Care Benefits

Things in the health care benefits arena have changed drastically over the last couple of years with the passage of the Affordable Care Act (ACA). If you're a small business owner, this may or may not affect you and your employees in a big way.

Here's a quick breakdown of the Small Business Health Options (SHOP) rules:

  • Small employers with up to 100 employees will be eligible to participate in the SHOP. However, until 2016, states may limit participation to business with up to 50 full-time equivalent (FTE) employees

  • Small employers must elect to offer, at a minimum, all full-time employees coverage ina qualified health plan through a SHOP

  • Small employers must have its primary office in the Exchange service area and offer all its employees coverage through that SHOP, or offer coverage to each eligible employee through the SHOP servicing the employee’s primary worksite

  • You are required to provide coverage to your employees' children, up to age 26

  • Your employees are required to carry health insurance—either from you, their employer, or through a private policy—or be subject to fines

The fact of the matter is, providing health care for your employees is a costly business expense, but it is also non-negotiable.

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