Category Archives: Management Issues

Prepare now for paid family leave law in 2019.

by Monica Blackwood, Columnist, Kitsap Peninsula Business Journal

The last half of 2017 saw companies scrambling to understand and prepare for Washington’s paid sick leave law, and employers continued to educate themselves on the new regulations into the summer of 2018. While that flurry of activity was happening, there was another bill which Gov. Jay Inslee signed: Washington State Paid Family and Medical Leave Law.

We are now the fifth state in the nation to pass such a law, after California, New Jersey, Rhode Island and New York. And, the law’s “go live” date is fast approaching – employers need to comply by January 1, 2019.

A quick summary about this law: For the year 2019, funding will be built up into the plan. Starting January 1, 2020 eligible employees are allowed 12 weeks of family or medical leave. This includes mothers and fathers welcoming a child into their home either by birth or adoption; or to take care of themselves or a family member (defined as a child, spouse, domestic partner, parent, parent-in-law, sibling, grandparent or grandchild) who has a serious health condition, or for a family member injured due to military service. In some situations, that paid leave can be extended to up to 18 weeks.

Read the rest of the story here


ABOUT THE AUTHOR
Monica Blackwood is president and CEO of Westsound Workforce, with offices in Gig Harbor and Poulsbo. Contact her at monica@westsoundworkforce.com.

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How much cash should a small business keep in reserve?

piggy bank cashCash is the fuel that makes a business run. It is needed to pay salaries including your own, fund marketing programs to acquire and retain new customers, invest in equipment and facilities, pay rent, supplies and many more day-to-day activities. Most financial experts recommend three to six months of operating expenses, but using this for every business in every situation is misleading.

To determine how much cash you need, you must look at the following key areas.

How Much Cash Have You Been Using?

If you’re an established business owner, look at your monthly cash flow report (or go to the next paragraph if you’re a start-up). This report will provide an historical and seasonal perspective. Note the cash received from sales and the cash spent. The net of these two is often referred to as the “net burn rate.” For example, if you have $50,000 in sales and $30,000 in expenses, then your net burn is +$20,000

Your “gross burn rate” only takes cash expenditures into account; in our example, that’s $30,000 and is the more conservative amount, since it does not assume any sales are made. Historical spending patterns are a good starting point in considering future spending plans.  Continue reading

Good leaders know everyone is watching.

by Mary Marshall, CEO Coach

good leaders know As a leader, you are always being watched. What you say, what you do, your reactions, your comments, your behavior, everything. Inadvertently passing someone without a “hello” or acknowledgment of their existence could be viewed as a slight by the receiver. Even though that was not remotely the intent.

When I’m working with leaders, they are often surprised when I bring this up. In their minds, people should be able to know what they meant or what they were thinking. It’s just common sense, right? It might be common sense, but we can’t be in the minds of the people we meet or work with every day. We don’t know their frame of mind, what fears or doubts they have, what happened before they arrived at work. What would be “common sense” in a neutral setting, might be anything but given the baggage, everyone shows up at the office with.

Good leaders know that it’s up to them as the leader to be aware of and modify their own behavior given the circumstances, not the other way around. Smiles, frowns, jokes, hurriedness, tone of voice, words, etc. are ALL evaluated for what they might mean to the person on the receiving end. And usually, these interpretations are wrong, but they now create a new narrative about what the leader meant or wanted done. Some leaders feel like it’s a sign of strength to “leave them guessing.” It’s not. It’s a sign of a need for control. Some leaders never clean up their messes – intentionally or unintentionally – and either way, it creates chaos in the workplace and ultimately distracts from the goals.

Continue reading on Mary Marshall’s website…

Saying “I Do” to a franchise.

Like marriage, buying a franchise is a long-term commitment.

Before you say yes, make sure you understand to the in’s and out’s of franchising what it takes to be successful.

The Commitment

franchise opportunity

Be Your Own Boss. The phrase is repeated often in franchise circles, and it can be intoxicating to those considering franchise ownership. It means freedom from the typical 9 to 5. It means control. It means you call the shots. All of this is true, but being your own boss also means that you have responsibilities. You are responsible for your employees, your customers, and your business. Their well-being is in your hands. That is why it is essential for anyone considering franchise ownership to weigh all the factors that go into being the boss and understand what it takes to be successful. Franchise ownership is a long-term commitment much like a marriage. It’s good to treat it that way, from courtship – researchingbfranchises – to “I Do” – signing the Franchise Agreement. Remember the goal is happiness and financial independence.  Continue reading

Do you think you might want to sell your business?

The Value Gap

by Kelly Deis of SoundPoint Consulting

business for saleHave you ever heard of it? Well, if you are thinking of selling your business in the next few years, it is a term that you should get familiar with.

The value gap is the difference in price between what the seller thinks his/her business should sell for and what a buyer is willing to pay for it. Bluntly, it is unrealistic expectations on the part of the seller.

Sadly, it is one of the bigger reasons why deals go awry in the lower-to-mid market tier. And, it can be avoided.

Causes of the Gap

There are a variety of reasons why a seller may think that their business is worth more than what others are willing to pay for it.

Continue reading

Washington business registration renewal letter scam.

Misleading Letter vs. Official Letter

Businesses in Washington should be aware of a possibly fraudulent letter claiming to be an official bill for annual business registration fees.

One letter received by an Edmonds-based business directed the business to send $121.86 to a post office box in Olympia. The letter stated, “your state annual report will not be filed until payment is received.”

The misleading letter did not include the Office of Secretary of State logo, as an official letter from the Office of Secretary of State would – see the example pictured above.  Continue reading

Selling your business? Timing is everything.

by Kelly Deis of SoundPoint Consulting

Owners want to sell their businesses for for a variety of reasons – some want to retire and others are ready to move on to something else. Most owners ask – “is now a good time to sell?” Not surprisingly, the answer is, “it depends”.

Here are three factors to consider when timing the sale of your business. Of course, it is best when all three are optimally aligned, but that is not always possible.

The State of the Owner

The owner is critical to the success and ultimate value of a business. Typically, once the owner is beyond his or her prime, the business value will begin to falter.

It is best to sell when the owner is engaged, still excited about the business and perhaps wiling to stay on after the sale. Likewise, the more youthful and healthy the owner the less they will appear eager to sell.

You want to be the owner that wants to sell, not one that has to sell.  Continue reading