The MHEDA Journal - Second Quarter, 2016 - (Page 42)
What To Look Forward to in 2016
Tools, trends and topics that will affect your business this year
BY GENE MARKS AND STEVE GUGLIELMO
arly 2016 has not only been a microcosm of the last several years but it's also a pretty
good indicator of what we can expect throughout the rest of this year. There has been
volatility, as illustrated in the roller coaster-like swings in the stock market. But even as
we brace for continuing uncertainty on Wall Street this year, there is some reassuring
stability that will allow businesses who plan ahead to achieve success in 2016. For good or bad,
businesses have some legislative clarity that hasn't been available in the last several years.
"For so many years, business owners
have complained about uncertainty in
the economy and in Washington Dc.,"
says convention Speaker and Small
Business Expert Gene Marks. "Right
now, there's very little uncertainty. You
can expect there to be no significant
legislation coming out of Washington
this year. So even if you're worried
about Washington doing big things or
passing big laws that will really affect
your business, the good news is that it
isn't going to happen this year. So you
can focus in 2016 on making money and
making your ship as clean as a whistle."
We know that come January 2017,
we will have a new President. Smart
business owners know that they can't
control what Washington does and they
can't predict the future with extreme
accuracy. In 2016, business-owners
should control what they can control
during this rare stable time.
Preparing for Stability
One thing we know for certain is that
there is not going to be any new, major
legislation passed until at least 2017.
The good news is that businesses can
operate without the threat of the legislative sword hanging over their heads.
But stability doesn't necessarily mean
good news. Payroll will go up this year.
"Sometime by the end of this year,
new overtime rules will go into place
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raising the exempt level for salaries
employees to $50,440 from $24,000,"
In addition to overtime rules, minimum wage hikes are happening in cities around the country. Even if you pay
your employees more than minimum
wage, companies may start to feel pressure to increase wages at every level.
With unemployment continuing to
be low across the country, small and
medium-sized businesses find themselves competing for the top talent and
external pressures to raise all wages
could impact your ability to hire new
talent. So too could the increasing trend
of offering paid time off. While you may
not be able to do that, you will probably
need to do something to compete for
the top candidates. All of these things
spell an increase in payroll in 2016.
The cost of healthcare will continue
to rise, with no significant changes
to the Affordable care Act happening
until 2017 at the very earliest.
"The Affordable care Act and
healthcare costs remain number one
on many small and medium-sized
Table of Contents for the Digital Edition of The MHEDA Journal - Second Quarter, 2016
From the Desk of Liz Richards
Ask Your Board
MHEDA University Calendar
MHEDA Member Profile
Teamwork and Personal Accountability
Exhibitors' Showcase Product Guide and Floor Plan
Six C-Level Cyber Blunders (And Solutions)
What to Look Forward to in 2016
How to Build a sense of Community for Your Business
Women Mean Business
What's Your Exit Strategy?
Creating Great Customer Experiences: Why, How and Why Now?
Turning Near Misses into a Winning Safety Environment
Too Much of a Good Thing
Matuson's Sixteen Workplace Predictions for 2016
Spotlight on Association News
Index of Advertisers by Product Category
The Last Word
The MHEDA Journal - Second Quarter, 2016