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06.03.2017 // Spielwarenmesse 2017

27.02.2017 // How to Start a Mastermind Group

If you’re interested in sharing your knowledge or networking with other entrepreneurs or professionals in your industry, you might consider starting a mastermind group.

Gail Gardner of Growmap.com is the co-creator of the Blogger Mastermind Group on Skype. Over the years, she’s seen the positive impact that mastermind groups like this can have for businesses and entrepreneurs. And she shared some tips for others looking to start their own groups.

How to Start a Mastermind Group

Find Potential Members

The most important part of any group is the members. And that’s the case with mastermind groups as well.

For Gardner, the group started as a forum site that added members over time. When the site got hacked, she decided to switch over to Skype. And then she invited all the members who were still interested in being a part of this type of group.

She told Small Business Trends, “I invited all the original forum members and we’ve been adding people as we come across them ever since. Most of the members are full-time freelancers or serious bloggers. Some are web developers and most own their own sites.”

Welcome New Members

It’s also important that you actually engage with those new members when you find them. There are different methods of doing this. But you should at least send a quick welcome message and tell them a bit about the group.

Gardner says, “When onboarding new members, it is important to make them feel welcome and give them some idea what is acceptable and what isn’t. We have a Blogger Mastermind blog post that explains how the group operates and how to access our collective resources on Skype. When adding a new member, I invite them to share what they do and their website and most used social accounts.”

Be Clear About Expectations

Since most groups are going to have a specific purpose, that also means that there are certain activities that won’t fit into that purpose. That means you need to have some kind of rules or a code of conduct to ensure that the group remains valuable for all members.

Gardner says, “Be clear on the purpose of the group and what is expected. In our case, we make it very clear that there are no requirements and it is not necessary to try to keep up with all the messages. I tell members to think about it like a water cooler. Chat when you can, but don’t worry about reading every message.”

Stick to the Rules

From there, you need to actually come up with a way to deal with any difficult situations when they do arise.

Gardner says, “If someone does things that other members find annoying, Eren [Mckay of Mckay Social] or I will talk to them privately. Most understand that they should not spam or advertise, while sharing a special post or recommending something they find truly useful is encouraged. We have only removed people a couple of times in all the years our group has existed because they persisted in doing something they had been repeatedly asked to stop doing.”

Keep Information Organized

To make the group as valuable as possible, it’s also a good idea to have a system for organizing the information you’ve discussed. This can make it easier for people to provide quick answers or information when people bring up topics that have been discussed at some point in the past.

Gardner says, “We pool our knowledge and resources and save that information onto Trello boards for easy access anytime. As discussions happen, I capture the highlights and organize them by topic. This makes it easy to share any conclusions and tips that come out of our discussions whenever the question comes up again.”

24.02.2017 // Why tech toys are here to stay

The most exciting premise of these new technological toys is that they encourage kids to be active creators of their play experiences. By inspiring kids to embrace an active creator playstyle, instead of a passive consumer mindset, we are evolving kids into being vested in the process of building, making, creating and customizing their toys. This has developed a whole generation of kids that take more risks and are becoming more confident “Do-It-Yourself” kids. When kids start to ask “What if?”, then we have got them thinking. Encouraging experimentation and curiosity are important, active life skills.

Here is a review of the top new segments that are emerging, and some of the players that are leading the charge. Get excited, and get in on the fun.  The best way to learn new technology is to place it into the hands of kids you know, and play right alongside them.

Electronic Pets

Spin Master: Zoomer Chimp

Wowwee: CHiP

As kids become more sophisticated and adept at technology, their toy electronic pets have also become more interactive. The CogniToy Dino, is a cloud-based WiFi Connected Toy that allows kids to engage in intelligent conversations. C.H.I.P is an electronic puppy who is trained by their owner to follow a child, to learn tricks and even to play with an object that uses beacon sense smart technology (Wow-Wee).

Spin Master has created a variety of smart technology pets in multiple play iterations.  Their Meccano Meccasaur uses sensors and touch-points that are built into the creature, so that kids just need to activate the touchpoints to get reactions such as roars, speech, attack mode and other playful sounds.  Hatchimals, (Spin Master) offer a new form of nurturing play, to evolve new characters that actually hatch from their inner eggshell over time, to become unique, functioning, interactive pets. Zoomer Chimp is a playful chimpanzee that uses smart technology to sense its owner and to respond to tricks and commands.

Robot Toys

Sphero: BB-8 Star Wars Droid

So many new iterations here engage kids to teach and control their robots. Coji Emoticon Robot by Wow-Wee uses emoticons as the social and emotional intelligence programming language. Dash and Dot (Wonder Workshop) teach coding to preschoolers and older kids can create more sophisticated programs, such as devising obstacle courses, or building with accessories, to create more complicated stunts and actions. OzoBot mini one-inch robots and the Sphero BB-8 robot have both encouraged character-based play with coding sequences that surprise and delight kids as users.

RC Drones

DJI: Phantom 4

From the smallest portable Pocket Drone, by Odyssey Toys that folds as flat as a credit card to the most sophisticated DJI Phantom 4K camera flying drones, there is a wide spectrum of flying RC drones to choose from. Horizon Hobby has launched their First-Person-View (FPV) drones to experience the thrill of racing, as seen through the pilot’s eyeglasses. Other key stand-out manufacturers in this segment include SilverLit, SkyRocket Toys, Revell, Carrera, and AuldeyToys.

Virtual Play

3D Printing

3D ImagiPen

These products bring concepts to life in a very tangible way, using 3D and 4D modeling. Whether kids use a 3D printer to create their toys, or a 3D doodling pen, to build products with filaments in the air, the excitement is in building something unique in the colors and combinations of the kids choosing.

Some examples include: Mattel ThingMaker 3D printer, XYZ Printing Robot Building Systems, 3D Magic ImagiPen (Tech 4 Kids), The original 3D Doodler Pen, and their newer 3D doodler Starter Kit, SkyRocket Toys 3D Chocolate Pen, and Redwood Ventures 3D Drawing Pen.

22.02.2017 // 11 Best Executive Recruitment Lessons

When it comes to hiring, advice for recruiting recent college grads just doesn’t apply to positions like CTO and CFO. That’s why we asked 11 entrepreneurs from Young Entrepreneur Council (YEC) the following question:

“What is the best recruiting lesson you’ve learned about hiring for a senior position within your company?”

Executive Recruitment Tips

Here’s what YEC community members had to say:

1. Look for Hunger 

“I run a relatively small business that year after year recruits top performers from our much larger competitors. We do this by getting people who are frustrated with the slow pace and general bureaucracy that exists in large businesses. I want people hungry to drive growth and be responsible for results; happily, our key hires are looking for exactly this in their next job, with me.” ~ John Rood, Next Step Test Preparation

2. Sit Down for a Meal With Them 

“You spend a LOT of time with a senior hire. One of the key reasons a good hire typically works is you interact well and get along. When you have a meal with someone you can easily read if they are formal/informal, what their interests are outside of work, how they approach the business problem they need to solve, and if they share a similar worldview to your own.” ~ JT Allen, myFootpath LLC

3. Make Sure They Have Healthy Side Projects 

“My best people have always been the ones who couldn’t sit still even when they weren’t working a traditional job. Most of them were burned out by office life, and they were smart enough to get by on their own but could be convinced to join my company. These people are endlessly creative and driven, and I look for independent online projects when hiring now.” ~ Adam Steele, The Magistrate

4. Hire for Culture 

“Culture trumps strategy. If you hire a senior person who is a cultural mismatch, you will likely do some real damage to your organization. Ask for examples of when they lived some of your cultural values and norms and what the outcomes were. At the same time, determine whether they have exemplified cultural values that are NOT closely held by your company to find red flags.” ~ Eric Mathews, Start Co.

5. Trust Your Gut 

“One key lesson I’ve learned is to trust my gut when something doesn’t feel right. As a first-time entrepreneur, it’s hard to determine who the best hire is going to be. Here’s when you should lean on others to help you interview and hire. However, when your gut says “no,” regardless of what others tell you, listen to it. I’ve often regretted the times when I didn’t.” ~ Roberto Angulo, AfterCollege

6. Focus on HR From Day One 

“One of the best tips I can give novice entrepreneurs about hiring is to put a major portion of your focus on your first team members. Those who follow can be easily replaced, but the first ones will surely determine the product, the marketing and the chances of success. ” ~ Yoav Vilner, Ranky

7. Follow the Rule of Three 

“There is no shortcut to hiring someone for a senior position. We use the rule of three — interview at least three candidates, in at least three different settings and with at least three different employees or company partners whom they might be working closely with if hired. This might seem intensive, but it’s better to be thorough at the start of a crucial, potentially life-changing engagement.” ~ Peggy Shell, Creative Alignments

8. Think in Terms of Numbers 

“When I hired my first employee, I thought of this person as 50 percent of the business. The second hire was a third of our company. The fourth represented 25 percent, and so on. Evaluate a candidate’s skills, experience, drive and potential with your company through a numbers lens. You’ll know how heavily to weigh his or her value to the company, especially a senior-level hire, and avoid damage control later.” ~ Brett Farmiloe, Markitors

9. Make Sure They Can Teach You Something 

“My best hires have been people who know more than I do about their area. If they can challenge my perceptions, improve my understanding, or show me a new and better way to do something, I’ll be impressed — far more so than if they’re afraid to challenge me, spout industry-standard clichés, or haven’t engaged in any original thinking.” ~ Justin Blanchard, ServerMania Inc.

10. Spend More Time Looking for Culture Fit Than Anything Else 

“For a senior leadership position, skills are a given. There are many individuals who will be qualified. The key thing an organization must look for is cultural fit. We spend more time interviewing for culture at the leadership level than we do anything else. If you hire a leader who does not belong, no one will follow him or her and you demonstrate that your culture is not valued.” ~ Aviva Leebow Wolmer, Pacesetter

11. Spend Time Outside the Office 

“Go to dinner or breakfast and make sure you like the person outside the office. If you end up hiring them, most likely you will be spending a lot of time together. When someone comes in for interviews you may not get to know the person well enough and they may have their guard up. If you are doing something casual, they will feel more comfortable and you can get to know them on a different level.” ~ Jayna Cooke, EVENTup

15.02.2017 // 7 Qualities of Leaders Who Inspire Loyalty

10.02.2017 // Amazon Sellers, Your Packages Are Shipping More and More by Air

Amazon (NASDAQ:AMZN) sellers are set to benefit from faster and more efficient services after the global eCommerce giant announced plans to construct a major new air hub in Kentucky.

The centralized facility has been designed to support more than 2,000 new jobs, and will be based sat the Cincinnati/Northern Kentucky Airport (CVG) in Hebron, Kentucky. It will play an integral part in Amazon’s rapidly growing fleet of Prime Air cargo planes.

In 2016, Amazon hammered out deals with two carriers to lease 40 dedicated cargo planes to support its Prime members with fast and free shipping. Sixteen of those planes are currently in service, and Amazon’s Prime Air cargo hub at CVG is expected to help the company bring additional planes into service to bolster and improve Prime services.

“Amazon’s Prime Air hub promises to revolutionize the fulfillment industry worldwide, and Kentucky is excited to partner with them as they embark on this disruptive, transformative and exciting venture,” Kentucky Governor Matt Bevin said following the announcement.

The planned Amazon Air cargo hub at CVG isn’t the first major development the company has rolled out in recent years to expand the company’s logistics chain.

In 2015, Amazon launched Amazon Flex, a unique mobile app that allows individuals to register to start delivering packages on behalf of the site. The company has also increased its global network to 149 fulfillment centers and 20 sorting centers — helping Amazon to achieve its plans to create more than 100,000 jobs across the U.S. over the next 18 months.

In December, Amazon CEO Jeff Bezos also announced the company’s first trial run of drone deliveries in the United Kingdom, claiming it a resounding success.

Not only do these developments bode well for Prime consumers, but they are also expected to improve logistics and subsequent sales for the ever-increasing network of global businesses that are choosing to sell products with the help of Fulfillment by Amazon.

26.01.2017 // Forget Complexity: The Key to Profitability is to Simplify

Simplify: How the Best Businesses in the World Succeed is not your average book on simplicity. You won’t find tips on how to organize your desk space for greater efficiency or which new productivity app you should install. The concept of this book goes much deeper than that. Simplify makes the claim that simplicity is directly tied to profitability. Simply put, the book makes the claim that the best businesses (no matter how complex they may seem on the outside) are really good at competing on just two things, price or offering.

What is Simplify About?

Despite all of the complex technical innovations that businesses like Apple, Pixar or Google do, their core business function is very simple. Apple’s products help people communicate and work. Pixar tells stories digitally. Google helps people turn data into information. Yet, how many times do business owners feel pressure to do the opposite? Many businesses feel the pressure to add more features to their products or services in order to stay competitive.

Simplify argues that you shouldn’t.

Instead, Simplify breaks down competition into two main categories. In this highly competitive global environment, your business can win customers in one of two basic ways: your price (price simplifier) or value (proposition simplifier). In order to successfully compete, the authors invite readers to simplify their business operations before doing anything else. Businesses need to determine if they will beat their competitors and woo customers by offering lower prices or by doing something unique that customers are willing to pay more to get. Using the case studies in the book, you have to ask if the chief focus of your customers is price (like a $1 hamburger) or emotional value (like a $600+ iPhone).

Deciding on the chief focus (aka “pain point”) is important because it determines the entire thought process behind everything your business does. It determines the strategy that keeps a company like Apple or McDonald’s in business despite increased competition and a constantly shifting consumer base. These businesses know what they are good at and what the customers want. When companies forget this simple message, they get overly complicated and sabotage their progress in the process.

Simplify is the product of industry experts Richard Koch and Greg Lockwood.

Koch is a former management consultant and private investor turned author and founder of his own business, L.E.K. Partnership. Koch credits the power of Pareto’s 80/20 Principle to help improve his personal and professional life as well as those of his clients.

Lockwood is also the co-author “Superconnect: Harnessing the Power of Networks and the Strength of Weak Links” with Richard Kock and is founder ad partner at Piton Capital, LLP, which he set up after helping UBS get established in the European market.

What Was Best About Simplify?

Simplify is unique because it doesn’t address productivity for a “feel-good” reason. It promotes productivity because it has been a time-tested model that has worked for companies like McDonald’s, Uber, Apple and others. For businesses that are tired of dealing with complexity, this book offers a business philosophy that intuitively makes sense to both consumers and business owners.

What Could Have Been Done Differently?

While Simplify provides a bare-bones approach to profitability, it doesn’t provide enough detail on adapting the strategy. To provide an example, the book praises McDonald’s as an efficient price simplifier yet it fails to highlight companies that failed like Blockbuster, Kodak, etc.) due to innovation. Continuing with the case study of McDonald’s, further study about how McDonald’s can continue to evolve while maintaining its core low price strategy would be great for companies stuck in the same situation. And those unsure about what move to make next.

Why Read Simplify?

Simplify is best suited for those businesses with an established track record of success. Though they may be over-complicating that success with the wrong staff, policies or strategy. Many businesses in the “it’s complicated” situation might feel overwhelmed about where to start in the simplification process. Simplifyprovides a specific strategy focused around your businesses’ specific value to customers. The authors recognize that not all purchases or consumers are alike. The context of a purchase matters. Readers of Simplify are taught how to focus in on their key contribution in that context and focus on what customers value most.

24.01.2017 // Is Strengths-Based Employee Development Right for Your Business?

The traditional approach to employee development is to focus on employees’ weaknesses and how they can improve them. For example, if an employee works better alone than on a team, you’d probably tell him he needs to focus on getting better at teamwork. Recently, however, a new approach to employee development is making waves: strengths-based employee development.

As the name implies, strengths-based employee development focuses on what employees’ strengths are and builds on them, rather than trying to correct weaknesses. There are several ways a small business owner can benefit from using strengths-based employee development.

• While a weakness-focused approach seeks to bring everyone up to a basic uniform level, a strengths-based approach will develop a diverse team with a wide range of specialized strengths. This can give your business a real competitive edge.
• Because it focuses on what employees are good at, rather than what they aren’t, it motivates and energizes employees.
• It makes employees feel important and valued as individuals. That’s especially effective with Millennial employees, who make up an increasing percentage of the workforce. Millennials like to feel they are making their mark from the minute they join your business. By focusing on their strengths, you enable them to contribute right away.

How to Use Strengths-Based Employee Development

Here are five steps to using strengths-based employee development in your business.

Step 1. Identify your company’s strengths. Are you innovative, dependable or fun? Just like a person, if your business is trying to be something it’s not, you’ll work harder but achieve poor results and feel dissatisfied along the way. By knowing your business’ strengths, you can use your employees’ strengths to build on them.

Step 2. Identify your employees’ strengths. There are several ways to do this. Start by sitting down with employees one-on-one to discuss their strengths. Just asking, “what do you think your strengths are?” may not produce anything very useful. If that’s the case, try asking these questions:

• What do you look forward to doing most at work every morning?
• Is there something you do at work where the time seems to fly by?
• What do you most enjoy doing in your time off?
• What did you enjoy doing most at previous jobs?

You can also ask employees to identify each other’s strengths — kind of like a 360-degree performance review, but focused only on the positive. There are also online assessments to help you pinpoint your own and your employees’ strengths. The Clifton StrengthFinder is popular; it was developed by the Gallup Organization as part of a 30-year study of the strength-based approach to management.

Step 3. Match employees’ strengths to their tasks. You can assign employees to specific tasks based on the strengths you’ve uncovered, or you can also just explain something that needs to be done and ask who would like to do it. When employees volunteer for jobs, they’re more likely to choose tasks that play to their strengths.

This part of implementing strengths-based employee development may involve some trial and error. Chances are you’re going to have to move employees around to different positions or assign different types of tasks to see what their true strengths are.

Once you have a clear understanding of each person’s strengths, you’ll be able to better group employees in teams for projects or tasks. The ideal team involves people with a diverse range of strengths. For example, if everyone on a team is good at strategizing and planning, but no one is good at executing, you’re going to be in trouble. Diverse strength will also lead to more creative thinking and new approaches to problems.

Step 4. Provide ongoing feedback. Whether you’re praising an employee in front of the team or in a performance review, it typically goes something like this: “Steve, you did a great job planning and overseeing our customer recognition luncheon.” This type of feedback focuses on how well a task was completed. Strengths-based employee development goes a step further: “Steve, you did a great job planning and overseeing our customer recognition luncheon. It really showcased your strengths at organizing, coordinating and relationship-building.”

Step 5. Make public recognition of strengths part of your day-to-day business. For strengths-based development to really work, employees need to be aware of each other’s’ strengths as well as their own. That’s why it’s important to publicly recognize employees not only for their achievements, but also for their strengths.

You should also encourage employees to give each other feedback and recognition for strengths: “Thank you for helping with the new marketing campaign. Your creative strengths really helped us think outside the box.”

How does strengths-based employee development sound to you? Do you already use this approach?

20.01.2017 // Fun at Work — How to Google-fy Your Business Culture

When most people think about work, “fun” is rarely the first descriptive moniker. Because of this dramatic separation between enthusiasm and “I do it because I have to,”one of the big challenges facing brands and small business today is what HR experts call “employee engagement”. When a company fails to deliver the necessary means to retain top talent or recruit budding millennial up-and-comers, it is likely a symptom of a weak company culture; and this problem typically grows as a company expands.

A bold and vibrant internal culture helps to not only hang on to a brand’s biggest players and draw in new ones, it also feeds productivity, creativity and camaraderie among employees; this is exactly why corporations like Google, Zappos and Facebook are so highly sought after by workers.

In order to make your customers happy, we need to first focus on generating that same sentiment in the workplace.

Your company might not have the bankroll for some dinosaur fossils or big metal slides, but there are plenty of ways to create a positive office atmosphere and a culture of fun at work.

How to Make Work Fun

Let Personalities Shine

People spend the majority of their lives working; for many, it can feel like a big sacrifice to check their authentic personality at the door in favor of a tie and dress shoes.

At companies like Google, Facebook and other more laid-back companies, employees are encouraged to dress how they want (granted that it is work appropriate) so that they can feel comfortable and more like themselves.

Zappos.com CEO, Tony Hsieh sums this up perfectly: “A lot of people act different on the weekends versus the office. It’s like they leave a big part of themselves at home. We encourage our employees to be themselves. We want them to be the same person at home and the office.”

But comfort is more than just a dress code.

Celebrate each employee’s unique creativity by allowing them to decorate their desk and construct their own “home away from home.”

When people are more relaxed and feel that they can truly be themselves, it is much easier for them to build work relationships and genuine connections within an organization.

Dish Out Perks and Treats

Many corporate environments can be highly stressful. And stress is one of the biggest killers of health, positive moods and productivity.

Despite this, various Google employees report lower levels of anxiety.

How can this be?

Google and similar organizations offer their teams a variety of perks like on-site massages, magnanimous vacation plans, complementary fitness programs and other extras that aim to help folks unwind.

Again, your business might not have the means to fund company wide deep-tissue massages or gym memberships for the entire crew, and that’s fine. One of the quickest and easiest ways to boost company moral and office engagement comes in the form of food; and I’m not talking about comfort foods like French fries and lasagna.

By providing your team with a variety of healthy eating options, you are setting everyone up for success. Blueberries and oranges are great relievers of anxiety, but they aren’t necessarily fun.

Services like SnackNation jazz up your workplace culture by delivering boxes full of tasty and nutritious foodstuffs that can increase productivity and promote a positive work atmosphere, all while giving folks the boost they need to finish out their projects.

Let Your Employees Self-Manage

When a business does not provide employees with the tools needed to go above and beyond for customers, it creates a poor experience on both ends.

Full autonomy in customer service and other departments boosts employee engagement, creates a stellar experience for consumers, and helps to engender lifelong company advocates.

Zappos has become legendary for their customer service through this approach. By giving their customer service reps free reign to do right by their shoppers, employees are more enthused to find helpful solutions and it makes them feel like they are making an impact; which they truly are, as customers who receive the full treatment will remember their superb interaction.

Promote Playtime

This might sound like a ridiculous thing to do in a work environment, but in order for teams to stay motivated and energized, they need downtime away from their desks.

Contactzilla is another brand who caught on to this concept and installed a game room in their offices which houses a pool table, sofa, beanbag chairs and other spots for employees to kick back and clear their heads.

Something as simple as a 15 minute game of pool can help to form bonds between co-workers and gives people time to chat, smile and approach their work with a new perspective.

Socialize with Team Outings

Team building events like grabbing a couple beers or going to dinner together is a fantastic way for people to have fun and connect with their co-workers outside of the office. Simple get-togethers like these often inspire at-work collaborations that would not have occurred otherwise.

More importantly, studies have shown that, “Employees who felt they worked in a loving, caring culture reported higher levels of satisfaction and teamwork,” as well as a reduction in the number of sick days an employee takes.

Additionally, 75 percent of employees who have a “best friend” at work are more engaged than those who don’t and 72 percent are more satisfied with their jobs.

Brands like Google, Facebook, Eventbrite, Lytf and many others are all implementing innovative ways to strengthen their company culture and create a more fun and loving environment for their employees.

These tactics can have substantially positive impacts on morale, productivity and job loyalty. Give your guys something to rave about and you might just end up on the next best companies to work for list.

18.01.2017 // 10 Tax and Budgeting Moves to Start the New Year Off Right

While the prospect of comprehensive tax reform looms large, there are some actions that you can take now that will help you and your business do well under current or new tax rules. In addition, law changes and other factors may influence actions you need to take now.

Here are 10 ideas.

Business Finance Tips for 2017

Review 2016 Revenue and Expenses

How did you do last year? Were your revenues what you expected them to be? Were your expenses higher or lower than you budgeted? Understanding what happened last year should suggest you what to do now. Perhaps you should raise prices for your goods or services, rein in spending, or make other adjustments to improve profitability.

Adapt to Minimum Wage Increases

While the federal minimum wage is unchanged so far for 2017, there have been some increases at the state and local levels. For example, Washington’s rate increases to $11 per hour. A similar rate applies in New York City for employers with 11 or more employees ($10.50 for smaller employers). Check with your state labor department or view this map to make sure you are following the law.

Note the Higher Social Security Wage Base

If you have owners, managers, and other high earners, the company may have higher payroll taxes for the year. The reason: The wage base for the Social Security tax portion of FICA in 2017 is $127,200 (up from $118,500 in 2016). There is no limit on compensation subject to the Medicare tax portion of FICA.

Check for Changes in State Laws on Leave Time

States have been implementing laws on paid family leave time, sick pay, and school/parental leave time. For example, Vermont mandates paid sick leave as of January 1, 2017, although employers with five or fewer employees are not subject to the rules until 2018. Under this new law, employees earn one hour of sick time for each 52 hours worked, up to 24 hours per year in 2017 and 2018, and 40 hours beginning in 2019.

Mark Your Odometer

If you use a personal vehicle for business driving, you need to keep track of your mileage. Start doing this by noting your odometer on January 1. Use an app, such as MileIQ (PDF), or a written log to substantiate your business driving for the year so you’ll be able to deduct the cost of business driving. You need this record even if you rely on the IRS standard mileage rate (53.5 cents per mile in 2017).

Budget for Postage Hikes

Beginning January 22, some new rates go into effect. For example, the price of a first-class stamp will go from 47 cents to 49 cents.

Implement the New I-9

Starting on January 17, you must use a revised form for verifying the legality of a new employee to work in the U.S. The new Form I-9 only needs an employee’s last name (rather than all names used) and some sections have been simplified.

Decide Whether to Use Health Reimbursement Arrangements

Part of the 21st Century Cures Act, which was signed into law on December 13, 2016, allows small employers to reimburse employees for their individual health insurance premiums. As long as employers follow certain rules regarding caps on reimbursement, notice requirements, and more, employers won’t be penalized for having a health plan that does not comport with Affordable Care Act requirements, as had been feared before this law. It’s been estimated that reimbursing employees costs about 60% less than offering a company health plan, so more small employers can assist employee with their health coverage through small business HRAs.

Meet with Advisors Now

Before you go too deep into the New Year, schedule an appointment with your CPA or other to get ready to file your tax return and other information returns for 2016. Also, talk to your insurance agent if you haven’t already done so to price out your coverage needs when the anniversary of your policy (or policies) occurs.

Monitor Legislative and Regulatory Developments

With a new administration, things are going to change, and will likely impact your business. Make sure to watch developments carefully so you can take action as needed.