Highlights from BOA Small Business Owner Report

Bank of America just released their semi-annual Small Business Owner Report. This report reveals the current concerns and struggles of business owners in the US. Below, we compiled some of the highlights from the report and provided ways we can help address the concerns.

Fact from BOA Small Business Owner Report Spring 2015

How We Can Help Business Owners Address the Findings

"Seven years after the 'Great Recession,' only 1 in 5 small business owners say they have completely recovered."

Strategic HR & Profitability: We relieve business owners and managers of the time-consuming task of employee administration, freeing them up to focus on revenue-generating activities instead.

"Small business owners struggle to find qualified staff. Two out of five (41%) small business owners say it is difficult to find qualified candidates… Some small business owners also believe that qualified candidates would rather work for a large or midsize brand and are seeking benefits that they cannot provide."

Hiring support: We can help you write job descriptions to attract the right candidates, we provide personality assessments to narrow your applicant pool, and we can also help you prepare interview questions to target the right employees for your business. Companies that partner with us gain access to benefit plans typically only offered by Fortune 500 companies. And, we offer those plans at potentially lower costs than if your business were on its own. We can help you offer medical, dental, vision, life, and short-term disability insurance at competitive rates.

"When asked about the top challenges small business owners have with employees, they cite not only finding talent, but also salary wage demands, healthcare costs, maintaining morale and productivity, and employee turnover."

Productivity: In addition to our hiring support services and benefit plan options, we can also help you reduce turnover by increasing employee engagement, establishing clear expectations, and create recognition and rewards programs for top-performers. This helps you increase productivity and keep loyal employees at your company.

"Small business owners expressed an increase in plans to invest in employee training and development, expanding operations, and hiring more employees."

Training: We offer online or in-person training both for employers and employees, on a wide variety of topics. Our online training portal is available 24/7. We also work with clients to design and implement organizational development plans to grow your business and plan for new hires.

"Many owners are concerned about potential policies negatively impacting their businesses, including required healthcare... 39% view mandated healthcare as a potential threat to their business."

Benefits: Partnering with us is an easy way to alleviate the stress associated with changes in healthcare, and could even save you money. Your business may be eligible to become part of a large group, and thus you gain access to large group benefits. This large group plan is not subject to the restrictions of a small group and allows you to offer "large company" benefits without the burden of complex reporting. We administer employee benefits for you and assist your employees with any benefits questions. We keep up with ever-changing, complex government regulations so you don't have to.

"When asked which policies would have the greatest positive impact on their business, small business owners cited expanded tax breaks for automatically enrolling employees into retirement savings accounts…"

401k: We can help employers offer a competitive 401k plan to their employees. Retirement savings plans help you compete for talented employees against big companies. You can also defer income for tax purposes while saving for retirement.

Contact us with any questions, or to find out more about how we can help your business grow.

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