12 28 2015

Small Business Year end Bonuses

12 28 2015

Why Small Business Owners Should Consider Year-End Employee Bonuses

As holiday songs begin in earnest on the radio, and people begin hanging Christmas lights, now is the time for small business owners to take advantage of the many benefits provided by working capital loans. Although owners can use this capital for any number of reasons, from investing in new technology or launching a new marketing campaign, a great option for this time of year is putting the money toward year-end holiday bonuses for your employees.

Good economic environment for bonuses

A recent Bank of America Small Business Owner Report for Fall 2015 discovered owners are generally quite confident in their prospects for the upcoming holiday shopping season, with 56 percent of respondents believing the national economy will continue to get better. This marks an 11-point increase over the 45 percent of respondents who were confident in the economy last year.

While business owners are expecting promising economic head winds in the next couple months, now would be a good time to show employees their work is appreciated by offering them year-end bonuses. The practice of monetarily rewarding employees with bonuses went out of fashion following the financial crisis of 2009, as many companies were unable to find the extra resources for these presents.

However, as the economy continues to grow, many owners have rediscovered the benefits of providing bonuses. Last year, the American Express OPEN Small Business Holiday Monitor found that 42 percent of small business owners intended on rewarding their employees with year-end bonuses, nearly doubling the 27 percent of respondents who planned on doing so in 2013. Due to the strengthening economy and the improving business owner confidence, the trend toward offering bonuses  is only expected to expand.

According to a survey conducted Express Employment Professionals, 27 percent of employees cited cash bonus as the No. 1 way they wished their company showed them appreciation. Cash bonuses beat out such other options as pay raises at 13 percent, days off at 9 percent and gift cards at 5 percent. While it might seem easy enough for owners to simply dismiss this as merely employees seeking handouts, there are many reasons why keeping employees happy and providing bonuses also benefit the business.

The myriad benefits of bonuses

As companies struggle to handle the surge in customers during this busy time of the year, the team members who end up dealing with the influx are the employees. Customer-facing positions can be extremely difficult during the hectic shopping season, as mothers trying to find that perfect gift for their children become impatient, or a girlfriend seeking out the best deal for her boyfriend gets irate over an unclear advertisement. Employees will need to calm down these individuals and still attempt to close a sale.

The immediate work with clients is only one reason why employees should receive bonuses, since, after all, staff members must deal with these types of problems all year round. Rewarding employees with a year-end bonus not only puts a little something extra in their pocket, but it also demonstrates you appreciate their efforts. This sign of appreciation goes a long way toward building manager-employee relationship, improving employee performance and, ultimately, creating a more pleasant work environment. When people are thanked, they are much more willing to go the extra step to guarantee they’re working as hard as possible and to the highest possible standards. Without this kind gesture, employees can form resentment toward the company, leading to a lull in the quality of their work, or a detached mentality.

Featured


Find Out How Much Funding You Qualify For

Fields marked with an * are required
By clicking this button I agree to all terms and conditions.

Terms & Conditions

General Acceptance

Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.

 

US Patriot Act:

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person and business that seeks a business loan. What this means for you: When you apply for a loan, we will ask for your business name, address, and Tax Identification Number. We will also ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

 

For Loan/Merchant Services:

The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.

 

For Equipment Services:

I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.

 

Text Messaging:

By providing my wireless phone number to National Funding, Inc., I agree and acknowledge that National Funding, Inc. may send text and multimedia messages to my wireless phone number for any purpose. I agree that these text or multimedia messages may be regarding the products and/or services that I have previously purchased and products and/or services that National Funding, Inc. may market to me. I acknowledge that this consent may be removed at my request but that until such consent is revoked, I may receive text or multimedia messages from National Funding, Inc to my wireless phone number.

  
The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into the binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. If for any reason your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please write to National Funding Inc., 9820 Towne Centre Drive, San Diego, California 92121. Funding amount and credit approval is subject to a full credit profile review.