There are many things small business owners need to do throughout the year, and one of them is keep close tabs on the current trends in their industries to know the directions in which they might have to move their companies next. With the final few months of the year now upon us, it might be wise for those entrepreneurs to once again take stock of where they stand, and what steps they’ll need to take before 2015 arrives.
There are a number of trends in particular in the small business sector that experts now say owners will have to focus on in the next few months, and perhaps chief among those is how they handle their employees’ health coverage, according to a report from the Associated Press. The fact of the matter is that 2015 is the year by which companies with 50 or more employees will have to start providing their workers with health insurance options under the Patient Protection and Affordable Care Act, but the federal government’s small business marketplaces are slated to open within the next few months. That could give companies far more options for cutting their health care costs going forward, and thus owners would do well to look into them.
Other emergent issues might not be so emergent
Meanwhile, experts also say that, in the wake of the massive Home Depot data breach, it might be wise for owners to keep better tabs on their security, and the ways they deal with technology overall, the report said. That, of course, is something companies should be doing on an ongoing basis, but if they needed the impetus, recent events – including the release of the new Apple Pay mobile wallet system that could revolutionize the way consumers make real-world purchases – should give them the kick start they might have needed.
Finally, it might also be smart for companies to do a little tax planning, the report said. Getting a head start on reviewing the available tax breaks that might be available to them for the 2014 tax year, while also keeping an eye on progress for Congress’s proposed “internet sales tax” legislation (which could end up having a huge impact on their bottom lines) could prove valuable.
Owners who want to position their companies for success going forward might want to start by cutting their ongoing expenses. That might include finding more affordable small business insurance – like commercial insurance – as a means of saving thousands annually.