All businesses run whether they profit or not. One way to prove that you are a good business person is to know and understand all areas of business law.
You need to be informed of the different terms and laws applied to your type of business. Reading through and understanding each section is important to be certain of your rights as a business owner.
For example, people that own rental properties may often have to pay their income tax and make their rental payments on time as absolutely required by local laws. If you do not understand these things it could end up being a more expensive proposition for you and your tenants/patients than you can afford. So always make sure you know the laws for the various types of business you might own.
One of the easiest ways to learn about such things is simply to go to Google and type in relevant keywords such as “taxes” or “ethics” or any other relevant phrases such as “banking” or “employment”. You will get a wealth of information from search engines that will lead you to websites with pertinent information.
I understand that tax laws do come and go. Sometimes they change and sometimes they do not change. However, if you know the law then you can save yourself and your employees a lot of hassle in the future. For example if you own a restaurant where the kitchen cleaner works for you and you are using her mop car for your business (but you pay her only $75 dollars per week), you can claim a qualified car utilization for that car. So if the car was used 10% of the time by you and your employee’s only work was in your restaurant (10% because you must use a car to operate your business in some instances) then you can claim $23.33 per week for your car usage taxes. That’s not much but this example shows that somebody losing their job may earn a decent income but are not aware of all the rules and regulations surrounding their state and federal tax laws.
When some people work for an employer for 20, 25 or even 30 years, they feel like they are entitled to certain cuts in their pay such as a raise. Believe me, if I were in your position, I would not want the boss to realize how much your true worth is just by looking at your pay stub. And in some instances, you have to realize you are over-compensating (paying so little that you are paying too much) or you would simply be spending yourself into considerable debt.
Take another example, a person works 20 years for a company, hasn’t had a raise in eight years, but still has not taken a slash in pay. Next year the company cuts him by 20% but from that person’s paycheck. This shows how even current employees can have money taken from them just because they work for a corporation that has lower-than-can-be expectations. How is it that we can quantify employer loyalty? By having high expectations of the company but not holding yourself to a contract that has a five year work span.
Take the time to read through your employer’s buy-out policies and make sure that there is no question that you are being terminated simply because the company feels that business is declining. And as exhilarating as it is to get a surprise check in the mail and go to receive a new career analyst assessment, it is your job to make sure it is not your job or the company’s job to provide that information to the worker.
That job is the job you as the employer should be hoping that you have the employees will take on. And that job is to make sure you are financially protecting yourself against the possibility of that happening. If you don’t it is like having a burned off cigarette with a six dollar tab attached to it.
