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It’s no secret that there is no shortage of regulations being imposed on companies from all angles. These regulations encompass everything from taxes, labor laws, advertising, commerce, environmental practices and everything in between. Essentially, they will always be a part of your business dealings and you have to be compliant in all aspects to avoid fines or penalties.

How does anyone do it? Well, that’s a great question with, frankly, an answer that can go on for days; however, there are some basic foundational steps you can take to begin ensuring your company’s code compliancy.

Know the Specifics and Statistics of Your Company

While this may seem redundant, it is incredibly important to know your company from the inside out because many financial, labor & economic codes will be affected by this. For example, the tax brackets for a small ice cream shop with 5 employees will be significantly different from a multi-national corporation with 30,000 employees. So, what should you know about your company? Well, yet again, the list is quite long but some specifics include:

• Size (number of employees)
• Net worth
• Average annual income
• Distribution (local, national, international)
• Product output (how much do you produce in a year)
• Expenditures/overhead costs
• Suppliers/vendors
• Equipment usage (what you need/use to keep operations going)

Know Your Primary Industry and Cross-Over Industries

This is one of the biggest areas you need to understand when it comes to regulations and remaining compliant due to the number of industry-specific departments there are imposing rules on business owners. First, you must understand your primary industry and make a list of all entities or government agencies that will do compliance audits for that specific area of business. Second, you must find out all the industries your company’s dealings bleed into and list all the entities and agencies that are in charge of those areas. While some companies don’t have any industry cross-overs, many do. When crossovers happen, it is important to understand the degree of the cross-over and what areas of your business are affected by the secondary industry.

Example:

A helicopter company’s primary industry is aviation. So, they must be compliant with all FAA (Federal Aviation Association) rules and regulations. This company, however, also has defense contracts, medical contracts and forest fire-fighting contracts. That means they will also likely have to be code-compliant with the Department of Defense, Department of Health and Human Services and the National Park Service, to name a few.

Get the Appropriate Certifications and Licenses

Once you establish which agencies and departments you’ll be reporting to for compliancy, it’s important to get the certifications and licenses that they require. This will not only be part of the regulatory process, but it will help to educate yourself and your employees about the regulations that you must adhere to in order to keep your company in the clear. Understand that not all businesses will require certifications or licensing for all employees―a retail chain is not going to require the salesmen to be licensed in HAZMAT procedures, but that is of the utmost importance for some members in the oil business. And, of course, all of this all ties back into knowing your industries and presiding regulatory agencies.

Discuss Regulations with the Three As―Advisors, Attorneys and Accountants

Finally, because of the inundation of rules that flow down to businesses every day, it’s best to talk with individuals who can help ensure you’re within your legal operating basis. Advisors who either work with or within the departments you report to can help you gain a clear understanding of what is specifically required of you. Attorneys can help ensure that legally you are adhering to all the local, state and federal laws required to keep your company compliant. Finally, a CPA can help you understand what financial codes you need to stick to and ensure that you are assigned to the appropriate tax bracket and all state and federal taxes are taken care of.

Need more ideas on how to keep your business up-to-date on regulations? Call us at Beaton Accounting today―we’re here to help! 631-921-6894

Have a question or topic you wish we’d cover? Email us at [email protected] and we’ll be happy to cover it!

Millennials are now the largest generation in the country and in the workplace, meaning your company will deal with them in both the consumer and the workforce sectors. As a whole, they’ve certainly received a reputation in the media as far as work ethic and spending habits―both good and bad. It’s important to acknowledge that they’re different from previous generations in many different ways and tapping into these differences could be the key to your business success in both sales and productivity.

Millennials as Consumers

Cumulatively, the Millennial generation has an annual buying power of $200 billion and represents one-fourth of the US population. This leaves room for huge financial gain if you can successfully tap into this market. To do so requires a little bit of innovative thinking and a deeper look into your company, but it can be done if you address the following:

Establish Your Brand, Ethics & Purpose

A large item to take into consideration is the sheer amount of advocacy that Millennials participate in. They tend to be very outspoken and passionate in the terms of sociopolitical, environmental and economic issues. Establishing your brand and aligning it with positive causes (such as waste elimination or foreign aid) will go a long way with the Millennial consumer and help drive business in your direction. Make sure to get with your marketing team to determine the best strategy for revamping your image in ways that demonstrate your purpose to this demographic.

Strongly Market Via Social Media & Mobile Devices―But Don’t Make it a Sales Pitch 

Millennials grew up with technology―they’ve seen the rapid progression from wall phones and VHS players to smartphones and virtual reality video games with new innovations arising on a near daily basis. This means that advertising to them in the traditional sense is a no-go―to them it’s inauthentic. Social media grants them access to other consumer opinions, videos and photos of products in use, and a plethora of other information, which they often use when determining which brands and products they prefer.

Take advantage of the fact that you can now directly reach out and interact with them. This gives you the ability to speak to the heart of their needs and wants as well as get to know what they want/need from you. So, how do you accomplish this?

• Hire a successful social media marketing team
• Ensure your website is mobile-friendly
• Establish a strong Internet/social media presence
• Develop apps for smart phones, tables & other devices
• Keep it current―immediacy is key
• Interact with your consumers

Build a Relationship & Co-Create

While this is true for all past generations, the Millennial generation is particularly receptive to companies that build relationships with their customers. Make sure that your company has a strong focus on customer service and loyalty. Also, give them the chance to co-create with you through suggestions or submissions. With a strong emphasis on progression, Millennials appreciate the opportunity for their thoughts, ideas and designs to be implemented. You can accomplish this through:

• Suggestion forums
• Social media contests or featured posts
• Online roundtable discussions
• Anonymous customer surveys

Millennials as Employees

As Millennials get older and more settled in their career paths and future goals, they simultaneously establish themselves in the workforce and work their way up the corporate ladder―in less than 10 years they’ll make up 75% of the workforce. With that in mind, Millennials tend to look for specific qualities in companies that they apply to. By adapting your company to fit some of the criteria they are looking for, you will not only increase your number of qualified applicants but your overall productivity as well.

Find the Work-Life Balance That Works

More often than not, the Millennial generation focuses on spending time with their families. The traditional 9 to 5 job with limited vacation time is less attractive and less accommodating to potential employees. Expand your company’s flexibility — allow for your younger employees to spend time with family by providing schedules that include multiple shift options, increased vacation time, remote work opportunities, half days on Friday or flexible hours. Now, please bear in mind that this does not mean you need to eliminate 8-hour work days, nor should you. But providing your employees with the opportunity to balance home and work life on a schedule that works for all goes a long way with this up and coming generation.

Increase Comforts at Work and Add Some Perks

Studies have found that Millennials focus less on salary than on the benefits offered at their companies. Having a comfortable lounge for your employees, hosting social events, increasing benefits and providing other comforts can drive up productivity and increase their motivation. Keep the company environment fun and comfortable as well as driven — this keeps positivity up and keeps Millennial employees in a productive mindset when they come to work.

Have a Strong Company Purpose/Mission

Finally, as is true with Millennial consumers, Millennial employees tend to align themselves with companies that have strong, positive values and a purpose that gives back to society. Make sure you have established a strong company culture and mission statement that is at the forefront of all that you do. Having a cause to support and work toward is a great motivator for many of your Millennial employees and increases their drive to do well within the company, thus increasing their productivity. Posting your mission somewhere in the building where it is clearly visible helps to reaffirm your commitment, which raises its importance in the eyes of your employees.

Get Ahead of the Curve―Start Adapting Now!

Now that you have a starting point to make your company more accessible for the Millennial generation, it’s time to start upgrading your marketing strategies, looking into benefits and establishing your company’s culture and brand. Start looking at your finances to determine what changes you can make immediately and what changes should go on the back burner. A skilled accountant can help you get your budget set up for the short-term and long-term, so you can focus on preparing your company for its bright and lucrative future.

Need more ideas on how to budget for your employee benefits and marketing services? Call us at Beaton Accounting today―we’re always happy to help! 631-921-6894

Have a question or topic you wish we’d cover? Email us at [email protected] and we’ll be happy to cover it!

When it comes to expanding your business, there are several risks involved, the biggest of which being sacrificing your production quality to serve your new (and larger!) clientele base. It can all become overwhelming rather quickly, and without careful planning, it can actually bring a company to its proverbial knees. That said, it’s not impossible to scale your business and continue to produce high quality products―in fact, it’s far from it! All that it requires is some select and careful planning from the top tiers of the company.

Make Sure You Want to Expand and You’ve Set Expansion Goals

While this may seem trivial, it is absolutely necessary that any business getting ready to grow their company makes sure that they are ready for it. With great power comes great responsibility. If you are not prepared to take on more responsibility, then expansion will not work. You must be mentally ready for the challenges that will arise. Once you have that out of the way, establishing goals is a must if you want to have a successful venture.

• How fast you want to grow
• Which markets you want to break into
• What new products you’d like to produce
• Where will expansion lead―franchise, incorporation, overseas ventures, etc.

All of these goals need to be set early, before expansion even begins so you have a direct line of sight to your end goal (or at least your next mile marker).

Know Your Company (Core Competence)

Again, perhaps this seems like an inconsequential step, but it makes a world of difference to understand your company from the inside out. You and your team must completely understand what it is that sets you apart from the rest of the competition before you can take on the competition. You must be able to identify without delay:

• What makes you unique
• Your brand
• Your company culture and values
• Your mission as a corporate entity
• How you want your clientele to see you

Once you have established this, you must take it a step further―you must identify how your clients see you. If you have adhered to your mission statement and established a strong set of values within your corporate culture, then they will most likely see you the way you intended; however, this is not always the case and it is imperative to find out how you are viewed in the eyes of the public before expanding. If there is any discrepancy in how you view yourself and how your audience views you, then growth will be turbulent and may collapse.

Build Broad Management Skills for Upper Management

Growth and expansion is full of unknown variables. This means that it is imperative to have a team behind you that can not only keep stability within the company but be prepared to handle the unexpected when it arises. By building a strong skill set of complimentary and broad management practices, you’ll be able to maintain firm policy during your expansion while having the leverage to overcome any obstacles that arise.

Establish Protocols and Processes That Are REPEATABLE

This is an incredibly important step―while management must be ready to take on changes head-first, your support staff must have stability in order to maintain the quality of production required during the expansion. Therefore, it is imperative to establish a standardized and repeatable process for each of your departments and your staff members to follow and keep the company grounded. Any and all changes to standardized processes must be slow to implement and must be with good reason―superfluous or unnecessary changes can slow down production and affect the quality and efficiency of production.

Understand the New Markets You Are Breaking Into

When it comes to breaking into new markets while expanding, it is of the utmost importance to learn about them backwards and forwards. Without this knowledge, you will not know how to properly market your products to them. Make sure in any new market you can answer the following questions:

• Who makes up my targeted market?
• What is/are the biggest benefit(s) I can bring to this market?
• How diversified is this market?
• How does this market perceive my company?
• Which other companies are in this market? Which of my competitors are in it?
• Is this a growing market or not?

In making sure to answer all of these questions, you can gauge what your production process will look like down the line and what your marketing strategy will be so you can more accurately estimate your potential profit margins.

Finally, Make Sure You Are Financially Informed―Hire an Accountant That Can Help You Plan for Growth!

Last but not least, remember that in order to grow, you must be financially viable and you much have the resources to do it. With an experienced accountant, you can receive detailed reports about your company’s financial standing and growth capabilities. This is essential in planning for any upgrades to buildings, staff, equipment, and marketing, as well as for understanding where you cannot make immediate changes. Once you have the financial plans all underway and an experienced accountant to offer advice and guidance throughout, you will be absolutely ready to expand without sacrificing the quality of your products and services.

Have more questions about how you can expand your business and cope with the finances that follow expansion? Call Beaton Accounting today and we’d be happy to help! 631-921-6894.

If you have other topics or questions you’d like to discuss, you can also email us at [email protected]