SOME IMPORTANT THINGS SMALL BUSINESS OWNERS MUST KEEP WATCH FOR IN 2018.
Small business owners are watchful and have many questions as they develop strategies and plans to deal with in the new year. There are still many unknowns on the horizon and in some cases only time will tell what the best way will be to deal with them. But there are some important things to be aware of now.
On the question of taxes, the news laws will change the benefits for many but not all will see the same results. Some owners will lose out on savings because they’ll end 2018 with income above thresholds specified in the law. Some business owners are still not sure how the new laws will affect them. Many are turning to professionals who can give them general ideas about how they may be impacted.
The economy is always a big concern. In 2017 the economy displayed robust expansion and if it continues, owners’ profits should grow. The question remains whether these increased profits will translate into more jobs. When surveyed, owners were mixed on whether they would increase their hiring or not. For some a significant increase in revenue might persuade them to hire. For many others it would depend on whether consumer spending remains strong.
There will be changes to healthcare that owners will have to deal with. Signing up for group insurance will now be done through a health insurance agent, broker or directly through and insurance company instead of through the Small Business Health Options program.
Sexual Harassment has become a big issue in society lately and it is something that should be high on the list for business owners. Special attention should be payed to sexual harassment policies and training.
Not to forget the minimum wage increases. Many states have passed new minimum wage laws. Small businesses such as restaurants or food service companies are most likely to now be paying their workers more under higher minimums.
2018 promises to be an exciting year with small businesses looking for strength and prosperity.
By UNIKO Media Group