So, it looks like the Treasury Department has nearly reached a “final” decision on BOI reporting… fingers crossed. And this latest update in the BOI reporting saga is actually good news for you.
FinCEN is now no longer issuing any penalties for failing to make the previously set deadline of March 21st. Instead, the Treasury will propose regulations that apply BOI reporting exclusively to foreign companies, which may shift focus on international accountability.
One thing you can take off your checklist for now. Thankfully…
And, of course, I’ll keep you updated if something changes there.
Now, since Spring is upon us — the time for whipping out mops and dusters to spruce things up around the house, right? Well, time to do the same for your Wilmington business’s finances, too. Especially with potential volatility coming to your supply chain and any imported goods as tariffs are set to increase.
The cobwebs can hinder you from seeing a clear picture of where your business is at, which then makes it tough to fulfill those goals you set in January.
Now, no one loves financial cleaning and fine tuning (well… I do, but I’m a numbers nerd). But it is NECESSARY. This is how you save money.
Now, I have some ideas today about one area that does take up a significant amount of your operational expenses: staffing costs. But chopping payroll isn’t the only way you can save in your business…
Compensation Strategies to Empower Your Wilmington Business’s Employees
“Change is inevitable, except from a vending machine.” – Robert C. Gallagher
It’s a classic business owner dilemma: as sales increase and revenue flows in, so do the expenses. Sometimes, it’s a subconscious way of rewarding yourself—spending more because it feels like you’ve made it. But if you want to build a profit-driven, growth-minded business, you need to take a strategic approach, especially in today’s dynamic economic landscape.
One of the biggest expenses as you well know is payroll.
But you don’t have to let those labor costs spiral out of control. You can implement the right compensation strategies that manage expenses AND inspire your team. But you have to find that sweet spot where profitability and employee motivation intersect. Consider these.
Link compensation to specific goals
Traditionally, we think of commissions for sales teams, but why stop there?
Every role in your business contributes to the bottom line, and every role can have performance-based incentives. The key is setting clear, adaptable goals – measurable targets that reflect the current economic realities.
Think about it…
– a warehouse worker’s efficiency can be measured by units shipped per hour
– a customer service rep’s impact by customer satisfaction scores
– an administrative staff member’s value by project completion rates or cost-saving initiatives.
By providing real-time performance tracking and automating compensation calculations, you create a transparent system where everyone understands how their work directly affects their earnings.
Also, consider adding variable bonuses that can adjust based on company performance and economic conditions. Then, make sure to regularly review KPIs ensuring they continue to be relevant. If not, adjust as needed.
When employees see a direct connection between their work and their compensation, they’re more likely to stay engaged and productive, especially when they know the system is fair and transparent.
Train your team for success
Continuous training and development is an often underrated and overlooked compensation strategy. Most performance issues aren’t intentional. Often, it’s simply a lack of proper training.
Don’t just assume your employees know everything. Invest in their development. Use performance reviews to pinpoint skill gaps and provide targeted training. Get their feedback on how they think they could do their own jobs better.
Also, cross-train your employees to build versatility. Even offer professional development opportunities like specialized courses and certifications. Investing in your team’s growth isn’t just a nice-to-have. It’s a strategic move to garner job satisfaction, loyalty, and improved productivity.
Go beyond the paycheck
In today’s economy, a comprehensive job package will matter. So, including incentives helps. Consider offering…
- Profit sharing to foster a sense of ownership
- Comprehensive benefits (health insurance, retirement plans)
- Flexible work arrangements
- Wellness programs
- Increased paid time off
- Equity or ownership stakes (for key employees)
And finally…
None of this works without transparency and open communication. So be sure to share your compensation policies. Empower your workers by making sure they know how pay is determined. Regularly review compensation packages with them.
And make sure you address the anxieties and needs of your team that economic uncertainty and inflation can bring.
When done right, compensation strategies help you attract and retain top talent, boost productivity, and align employee success with business success. With these compensation strategies, you can create a workforce that is not only motivated and efficient but also committed to your company’s growth.
Before you can start strategizing, though, you need to have a clear picture of where things are at in your New Hanover County business. How are your books looking? What are your financial reports saying? If you want a clearer picture so that you can start building a business you love, let’s talk:
calendly.com/hayescpapllc
Strategizing for success,
Daniel Hayes