Issue #54: Mastering Employee Benefits: A Kickass Guide for Business Owners

As we continue to grow and continue to be Loud, will always appreciate you for taking 5-10min of your day to read what I have to say, thank you!

This week I encourage you to look at your current benefits and prepare for open enrollment!

Alright, fellow business owners, we're diving deep into the badass world of employee benefits today. Sure, you know the drill - benefits help retain talent, snag new recruits, and create a rock-solid company culture. But you know what? We often forget one crucial player in this game - YOU, the business owner. So, let's break this down from two angles: you as an employee and you as the big boss.

Benefits - Your Game from Two Sides

As a business owner, you've got to wear two hats: that of an employee and that of an employer. Let's peel the onion and look at both sides of the story:

1. Employee Perspective: Imagine you're one of your employees. What benefits would matter the most to you and your family? Family planning, healthcare, retirement security - these are just the beginning. Start by putting yourself in their shoes.

2. Business Perspective: Now, flip the script. What are your business goals? Are you a one-person army looking to grow? Or maybe you've been at this for a while and you're ready to amp up your benefit game. Your business stage and objectives matter big time.

3. Tax Breaks: Oh, don't forget the sweet tax benefits that employee benefits bring. They're not just fantastic for your employees; they're a tax-saving ninja move for your business and your own pocket.

Employee Benefits: Unleash the Beast

Alright, let's cut to the chase and talk about the nitty-gritty of employee benefits you can offer:

1. Health Insurance: Health coverage is the holy grail. Consider going big with high-deductible health plans (HDHPs) coupled with Health Savings Accounts (HSAs). These bad boys bring the tax perks and flexibility both you and your squad need.

2. Retirement Plans: Time to throw a 401(k) into the ring. It's like the superhero of retirement plans - flexible contributions and a powerful tool for your employees' golden years. Oh, and yes, you can stash away some serious cash as the business owner, too.

3. Disability Insurance: Disability coverage, my friends, is your safety net. Business overhead expense insurance ensures that even if you're sidelined by a curveball, your business can keep on rocking.

4. Buy-Sell Agreement: This might not sound like a benefit, but it's a game-changer. A buy-sell agreement sets the rules for your business's fate if the unexpected happens to you. It's like an insurance policy for your business.

5. Supplemental Benefits: Think critical illness and accident insurance. These are like the sidekicks to your core benefits, adding an extra layer of protection for your crew.

6. Financial Education: Now here's a killer move - financial education. Host seminars or webinars that empower your employees to conquer their financial battles. Knowledge is power, and a financially savvy team is a force to be reckoned with.

Education is the Name of the Game

One thing to remember - education is the ultimate weapon. Most employees have no clue about the full scope of their benefits or how to make them work in their favor. Hosting kickass seminars on wealth management, retirement planning, and investment strategies can arm your employees with the knowledge to kick financial ass.

A well-informed workforce is more financially stable and less stressed. And guess what? That's good for them and damn good for your business.

Plan Like a Pro

So, here's the deal - you're not just tossing money into the benefits pit; you're making an investment in your employees and the future of your business. This means you've got to plan this shindig with military precision, think about tax advantages, and keep the education flowing.

Remember, employee benefits aren't just costs; they're a bet on a better future for your business and your team. So, whether you're a scrappy startup or a seasoned pro, craft your benefits package like a boss.

Next Week’s Issue

I kept this issue short and sweet as the next 4 weeks will be a deep dive into Health Insurance, Disability AKA Maternity, Retirement Plans, Student Loans!

#NoBSWealth Benefits Episode from 2022

Cannot wait until next week or just want more, check out our podcast @nobswealth and catch us on Youtube. You can always follow me on Instagram and Twitter as well! Or just email me, [email protected].

Most importantly come check out our Website and give us some feedback. Make sure to subscribe to this newsletter and if you are wanting time to chat with me 1on1 you can schedule that here!