Best of 2024: Small Businesses Strategies to Unlock Hidden Tax Breaks, Smart Hiring Hacks, and Year-End Game Changers - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode #128
As the year comes to a close, what steps can small businesses take to ensure FLSA compliance, maximize tax credits, and position themselves for growth in the new year?
This week on Mission to Grow, Mike Vannoy brings together an all-star lineup of experts, including Mary Simmons, Richard Tatum, Shannon Scott, and Janel Weinke, for the Best of 2024 Compilation. In this special episode, they delve into pivotal business topics like Fair Labor Standards Act (FLSA) compliance, employee recruitment and retention strategies, the evolution of 401k plans, and employer tax credits. Packed with actionable insights and practical advice, this episode is a must-listen for business owners looking to enhance their operations, stay compliant, and leverage financial incentives to grow their companies. Don’t miss this invaluable discussion!
Takeaways:
- Conduct a thorough audit of your HR policies and employee classifications to ensure they are fully compliant with the Fair Labor Standards Act. This will help prevent potential legal issues and ensure that all employees are correctly classified.
- Establish consistent hiring practices across your organization to prevent discrimination and ensure a fair process for all candidates. This consistency also fosters a positive company culture that attracts top talent.
- Explore the benefits of offering a 401k plan to your employees. Offering a 401k not only enhances your employee benefits package but also helps you attract and retain talent by providing a valuable retirement savings option for your staff.
- Take advantage of tax credits available to small businesses, such as the Employee Retention Tax Credit (ERTC). These credits can significantly reduce your tax liabilities, providing valuable financial resources that can be reinvested into your business.
- Regularly check for updates and new tax credit opportunities as the year-end approaches. Staying informed about the latest changes to tax laws and available credits can help you plan strategically for the next fiscal year.
Links:
- Asure Software: https://www.asuresoftware.com/
- Mary’s LinkedIn: https://www.linkedin.com/in/marysimmonshrconsultant/
- Richard’s LinkedIn: https://www.linkedin.com/in/richardmtatum/
- Shannon’s LinkedIn: https://www.linkedin.com/in/shannonscottceo/
- Janel’s LinkedIn: https://www.linkedin.com/in/janel-weinke-3113b028/
Ways to Tune In:
- Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj
- Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976
- Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null
- Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c
- Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006
Creators and Guests
Host
Mike Vannoy
Mike is a digital-first marketing executive with 25 years dedicated to helping HR companies thrive. As a board member of an AI software company and Chief Marketing Officer at Asure, he's been at the forefront of AI, HR compliance trends, and the changing demographics that shape today's marketplace. Under his leadership at Sales Engine Media, the company predominantly focused on the payroll, HR, and benefits industries, earning multiple spots on the Inc5000 list. Actively involved in multiple small businesses, Mike is a lifelong entrepreneur adept at navigating the changing workforce dynamics. He has held multiple executive roles at industry-leading HR firms, showcasing his expertise and leadership in the sector.
