Let’s treat them right

I started working when I hit 16 and I haven’t stopped since.?

While most people were out drinking beers and going to college I started my first technology company. I’ve put the hours in. I’ve worked my ass off.?

Have I made money? Yeah, I make a hell of a lot of money. But you know what? I’m hiring people, I’m creating jobs and I’m creating wealth for other people. That’s a big responsibility.?

It’s taught me that everything is personal. Every financial decision you make affects your employees' livelihood.?

So right now, making sure my employees are paid before I’m paid.?

Making sure they’re rewarded.

Making sure they’re happy is what’s important.

Because at the end of it all, finances are personal for them too.

Sometimes it’s not just about earning money, it’s about keeping hold of it. That’s where tax incentives come in. There are four things everyone should know about tax incentives.

1. There are credits out there if you hire from certain demographic groups or if you hire people that are on welfare or food stamps, government benefits, or felons or veterans. Those income tax credits reduce the amount of tax you owe that year.
2. There are also credits if your employees work in the same area as your business.?
3. Or if you do any research and development - essentially that means if you manufacture anything and improve a process - a restaurant improving recipes, a software developer creating new programs, you might be able to get credits for keeping the development in the US.?
4. Those are all federal tax incentives so pay attention to your local incentives. I would encourage businesses to do research, consult a CPA firm, or read some books on the tax code, because the tax code changes every year, so you’ve got to keep up with those things.?

As a business owner there are all kinds of opportunities. You have to be smart where the money is and that's part of being smart with your money. You have to understand how these tax laws work and take advantage of them. I'm not telling you to break them or circumvent them, but to be aware and to take advantage.

We’ve earned our money, we’ve kept hold of as much as we can, but now it’s time to share.?

Because our employees should be compensated for their hard work.

Trouble is, rewards are cute, plaques are great….for 10 minutes.?

But what do your employees really want? Cash. Cold, hard cash.

Staff who move companies on average get a 14.8% increase in salary.

But when they stay loyal to a company it's only 7.6%.

It costs a lot more than 7.2% to hire someone new. If you want to keep good employees, pay them what they deserve.

Then when it comes to bonuses, leave your $50 bottle of Cabernet at the store and give your employee the cash instead, so they can go and buy their own bottle with their loved ones if that’s what they want to do.?

Even if the business isn’t doing great, that small gesture is appreciated. If you can't take 50 bucks out of your own personal fucking piggy bank, and reward somebody with that, you need to figure out a different line of work, because it doesn't take much. Everybody can walk down to the ATM and get out a little bit of money.

People like it, people want it, people deserve it.

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I'm probably the best tipper in the world specifically because I remember getting screwed over for tips and the fact that for a while tips were my sole source of income.?

$7.25, that’s the federal hourly minimum wage. If you’re a server that’s cut to $2.13. How the fuck is anyone meant to survive on that??

Prices are going crazy, but we still expect people to get by on $7.25 an hour. If they work an 8-hour shift that’s still only $58.

That’s why it’s down to us to look after our employees, our people. To go beyond the minimum and be the decent people we are. It’s thanks to our employees that we have businesses in the first place. So let’s treat them right.

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If you enjoyed this newsletter, my Linkedin is a good look into what goes on in my brain:

https://www.dhirubhai.net/in/shannonscottceo/recent-activity/all/

And if you’re interested in reaching out for mentorship, advice, or you’re a young, scrappy entrepreneur who’s ready to disrupt an industry, visit my website:

https://everythingispersonal.co/

Dad joke of the month:

Why can't a leopard hide? Because he's always spotted.

Thank you, thank you. I'm here all week, folks.??