Diversification. It’s so big and corporate-sounding. But every business owner—even the smallest of pro painters—thinks about adding lines of service at some point. It’s easier said than done, and there are plenty of pitfalls for those who look before they leap. Here are some questions to consider when the diversification conversation heats…
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Rick Murray, CEO of Arizona Small Business Association, Arizona’s largest trade organization, says that typically, small-business owners tend to be more conservative politically than the rest of the general public. “So the idea of the ACA did not make very many people in the small-business community happy,” he says, adding that while some small-business owners “feel like they’ve been dealt a bunch of lemons, what I tell them is that this is the landscape we must live in. We, as small-business owners, are known for being nimble and adapting to changing environments—and this is one of those environments we need to adapt to.”
Murray advises small-business owners to become educated, stating, “There’s been a lot of misinformation regarding the types of plans that are out there, so it’s important to get ahold of a broker to help navigate your options and possibilities. There are many different ways to comply with the ACA without necessarily increasing insurance costs.”
Murray notes that one strategy he sees trending is for employers to explore the cost differentials between individual policies and group policies. “A lot of plans are cheaper for individuals than groups, so some employers may not offer a plan, but will reimburse their employees for their individual coverage,” he says. “From a cost-savings standpoint, it makes sense, plus it’s less complicated for the business owner. It also puts the onus on the policyholder to understand the types of coverage and costs.”
Rick Murray, CEO of Arizona Small Business Association
Phoenix, Arizona
THE BOTTOM LINE?
“Businesses that have to comply with the ACA still have time to figure out whether to pay or play,” Murray says. “Small-business owners are smart; if there’s a way to figure out how to lessen costs, they’ll figure it out. It’s all about the bottom line; for some, it may be cheaper to pay the penalty than to provide services.”
—RHETT BUTTLE
MoreIt’s a sign of the times. More and more companies are choosing to stay in their current locations, upgrading fixtures and finishes rather than moving, says Richard V. Colucci, president of Distinctive Offices, a New York City-based firm specializing in office space renovations. “The ideal time for business owners to consider a…
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“They can have any color they want, so long as it’s black.” That famous quote, attributed to Henry Ford, reveals just how much times have changed when it comes to color. Today’s color choices, be it cars, iPhones or even hair, are much more subjective—but only to a point. In fact, there’s…
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