A new year means new beginnings and therefore a chance for change. For business owners that means it is the perfect opportunity to come up with new ways to run their business more efficiently, improve their marketing strategies and brain storming new ideas on how to attract more people to their business for the new year. A new year also could also mean new regulations by the government that could lead to big changes which might not be in favor of small businesses for the year of 2017. Some of them though may not be approved but here are some that might come in effect.
Overtime is one of the most talked about subjects when it comes to regulation changes. In 2016 the U.S District Court prohibited a pending change to overtime regulations that would allow 4.2 million workers to get overtime. This would force business owners to reassess the status of their employees which means changes in benefits and wages. In December 2016 employees making $47,476 or less qualified for overtime if they worked 40 hours a week. With the new regulations in place the average employees must make $23,660 to qualify.
Financial advisement/accounting standard changes
For 2017 financial advisers must now be expected to be aware of any issues between the goods and services they are wiling to sell to investors according to a report International Business Times. This intended to save billions of dollars for workers. Besides financial advice new regulations are also being put in place in regards to how companies must report their assets and other important statements between 2017 and 2018. Though many larger companies have already made those changes small businesses must expect to make the same changes in the future. One way they could do so is by making changes that comply with the FASB standards while following in the foot steps of the much larger firms.
Paid sick leave
Changes to regulations that covers sick leave have also been gaining a lot of attention. Businesses are expected to prepare for possible minimum wage hikes and increases in paid sick leave requirements that will take place this year. The U.S department of labor has in fact announced new rules that require federal contractors to be paid sick leave to their employees covering up to 56 hours. One thing that is certain for sure is that small businesses must be extra vigilant on the new labor regulations that are going to be implemented on a city, state and federal level.
Healthcare is one thing that has been debated about a lot for the past 4 years and with a party in office and plans that are being in place to scrap The Affordable Care Act there will be a guaranteed change to healthcare for this year. A “budget resolution” was voted in place to repeal some parts of the Affordable Care act which has been in place since March 23, 2010 by then President Obama and while it’s not known how much of it will be repealed the parts that will be reconstructed include medical device taxes, ACA fees for health insurers, individual mandated payments and more. This will have a big impact on the type of coverage employees are expected to get from their insurance plans.
These are some of the changes that small businesses must look out for. Although 2017 may bring changes that may not benefit you as a business owner you can use this opportunity to make the changes that will help your business thrive under these new conditions that are being implemented. Even if these changes make it harder for you to run your business setting up new goals, using new technologies and business strategies and having positive mindset can help make 2017 your best ever yet.