Written by Joslyn G Ewart, CFP®
There may be no better aspiration for small business owners, in these days of moving beyond COVID, than to aim for the improvement of their “Triple Bottom Line.” Of course, when we hear bottom line, we think of business profits. But what about the planet and what about people? Forward thinking business owners recognize the value of both as well as the potential impact of each on the “profit” side of their respective businesses.
We will discuss a vital opportunity for business owners as company leaders and rainmakers, as well as for their people—the valued employees without whom their profits could be threatened.
A good place to start
Let us begin our conversation with you, the owner. You recognize the need for retirement-preparedness and wish to build and preserve your own retirement assets. Because you value the contribution of your employees, you would like for them, too, to plan for retirement. However, despite your commitment to doing the right thing for your valued employees, you have no time to spare.
Consider this: Whether you have an established 401(k) plan at your company or need to start one, selecting the right 401(k) provider for your company may be the lynchpin to saving you time and money.
The right 401(k) provider
Following are a number of crucial time and money-saving results you may experience when you select the right 401(k) provider. Results include:
- Reduce employee turnover and serve as a recruiting magnet for new talent
- Fulfill your fiduciary responsibility while you delegate the day to day details
- Educate your employees (and yourself!) on financial and retirement-preparedness
- Align your business values with a cost-effective menu of investment choices that serve you and your employees
SECURE Act tax credit for your 401(k) plan
Small business owners with an existing 401(k) plan may be eligible for the SECURE Act $500 tax credit—if your plan includes an automatic enrollment feature (employees can choose to opt out). For owners who are procrastinating with respect to establishing a company 401(k) plan, you may be persuaded to move forward when you learn about the SECURE Act incentive of up to $5,000.
To be sure you are experiencing all that the benefits offered by the SECURE Act, as well as the benefits of working with the right plan provider, contact 401(k) provider Mckenzie Frankel or Jen Bravo at Entrust Financial. Schedule your complimentary second opinion to evaluate your current plan or schedule a consultation to learn the steps you need to take to open a 401(k) plan at your company.
Congratulations on driving the improvement of your Triple Bottom Line as you move your company beyond COVID in the months ahead!