October 29, 2021
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(Cyber) Safety first
We look forward to the holidays for myriad reasons—from seasonal beverages to family get-togethers to sales spikes. But fraudsters also eagerly await the holidays, and this could spell trouble for your business. Jana Lech from the Gusto Risk and Security team writes:
“With the end of the year approaching fast and small businesses getting ready to pay employee bonuses before the holidays, bad actors are not sleeping and will be trying to get your hard-earned money. We are seeing more and more phishing attempts on accountants and administrators of companies, which in some instances are successful. We advise business owners to pay attention to any sensitive change requests and to strengthen the security of your accounts.”
Jana and her team compiled seven security tips that can help you keep your company and personal information secure. Read about them here.
How to create a non-compete agreement
We’ve talked plenty about the Great Resignation, so it’ll be no surprise if you’ve had some changes on your team recently. When key staff members move on, they can leave your company vulnerable by taking vital insider knowledge with them.
If you’re among the many businesses experiencing turnover, one of the ways you can protect against information leaks is with effective non-compete agreements. On our blog, we discuss not only what you need to create a non-compete agreement, but also the pros and cons of such agreements, and five key things to keep in mind when drawing yours up.
Read our full guide to non-compete agreements here.
Yes, you can collaborate too much
A good chunk of the conversation around transitioning to a hybrid work culture (outside of commutes and public health) has been centered around ensuring teams can still smoothly collaborate—capture the valuable exchanges that fly around a huddle of desks or harness the energy of brainstorming in a room that can get lost on a video call. But Inc.’s Jeff Haden argues that there can be a limit to the positive benefits of collaboration. In fact, he shares research suggesting that meetings can actually “make people dumber.”
Read more about Jeff’s take on collaboration overload, plus how to prevent it.
What to know about 401(k) hardship withdrawals
Unexpected emergencies can come up at any time, and when they do, your employees may need to take a 401(k) hardship withdrawal for any financial gaps not covered by their paycheck.
The problem is, managing hardship distributions for employees can be an administrative nightmare without the proper procedures in place. If you’re prepared for these situations beforehand, you can ensure smooth sailing for you and your employees when the need arises.
Read our employer’s guide to 401(k) hardship withdrawals.
Watchlist
NOV 4: LLC vs. S Corp—Which One Is Best for You? (NAWBO)
Under the right circumstances, switching to an S Corp can save you thousands of dollars in taxes. In this session, you’ll learn how an LLC and S Corp differ from a tax standpoint, what you need to consider when deciding between the two, and how to leverage your business setup to save money on your taxes. Register here.
NOV 9: How to Rebirth Your Brand and Marketing (NAWBO)
This presentation will equip business owners with the knowledge, insights, and tools to increase effectiveness in the marketplace through strategic branding and marketing. Register here.
Other headlines from the week
- What to Do About “Back to the Office” Jitters (Harvard Business Review)
- The Truck Stops Here: A Shipping Broker on the Supply Chain Madness (New York Times)
- Hybrid work ‘the most emotionally exhausting’ arrangement, workers report (HR Dive)
- Small Business Grant Opportunities for Women and Minority Entrepreneurs (Small Business Trends)
Find the latest relief options in our Small Business Relief Finder.
Want more news and resources? Check out past editions in our archive.
