The beginning of the 2014 has small businesses and entrepreneurs excited and ready for financial growth opportunities.
Observing a Changing Economy
The debt ceiling in Washington, DC is one factor affecting the outlook and hiring trends for small business owners this year. Until the debt continues to decrease and the economy starts to show remarkable or at least substantial progress, small business owners will remain hesitant with plans of expansion.
Also, the new laws pertaining to government healthcare affect businesses financially. Some small businesses apply for specific tax breaks for the new healthcare, but others don’t. Also, new heavier fees fell on insurance providers. For those in the insurance industry, these new laws don’t necessarily inspire joy.
Who knows what else 2014 has in store for the small businesses and the economy? In Colorado, retail sellers are now opening their doors since being allowed to legally sell marijuana for recreational use to adults over the age of twenty one. Analysts project that this new legal product will produce millions of dollars for the Colorado economy, boost small business growth, and create good jobs. The same outlook could soon apply to Washington state and other regions of the country once the results come in.
Tips for Hiring New Employees
As mentioned previously, only a certain percentage of employers are looking to hire new employees and expand their business ventures. Some employers truly underestimate the actual hiring process. They simply view resumes and hire the so-called “best person” for the job. In an ever changing economy, it’s essential more than ever for small business owners to invest in the future through the hiring process.
Instead of simply waiting for the perfect candidate for the position, choose an employ you can groom and let grow for a long term career with your company. Trained employees that learn and grow with a small company tend to show more loyalty and appreciation when the company expands. Stop searching for short term financial solutions such as freelance or contract work that often doesn’t produce the same passionate work as a person who’s invested in a company in an intimate way.
Some companies are going far enough to even recruit future talent in high school. To survive in a competitive economy and market, small businesses must be willing to recruit the right people to grow into seasoned expert professionals.
The Minimum Wage Fight
The battle for increased minimum wage rages on into the new year. Adults with children working full time minimum wage jobs cannot reasonably live and provide for their families. The cost of living in and around the major cities in the United States continues to rise year after year.
No one earning around normal minimum wage can’t afford to pay for rent, a mortgage on a home, food, transportation, and overall living costs.
Yet if legislation passes to increase the wage, how will this effect small business employers that can’t necessarily absorb the new costs like larger corporations? As an entrepreneur, you must keep an eye on this issue to see where a compromise, if that, is struck.