The City Wire: Document Retention

In his article ‘Document Retention‘, published this week in The City Wire, David puts the old rule of seven years to the test as he discusses the importance of a well defined document retention system.

So now that another year has ended, many businesses have employees looking for space to move the 2014 files and records so they will have room to store  2015 information. With this process comes depletion of cognitive energy spent on deciding what old documents can be shredded or deleted from the server. Ah, if there was only an easy answer.

Read David’s article at The City Wire.

Arkansas Minimum Wage Increased January 1. Are you Compliant?

Effective January 1, 2015 the Arkansas state minimum wage increased from $6.25 to $7.50 per hour. On January 1, 2016 it will increase to $8.00 per hour and on January 1, 2017 it will increase to $8.50 per hour.

At the polls back on November 4, nearly two thirds of the Arkansas voters who turned out, voted in favor of raising the state minimum wage. This will mean a series of increases over the next several years.

Prior to this measure, Arkansas was one of many states with a minimum wage lower than the federal rate, which has been at $7.25 since July of 2009. An increase to the federal minimum wage would require a bill being passed by Congress and signed by the President. In instances where state and federal minimum wages both apply but are in conflict, the higher wage shall prevail.

It is important to understand the minimum wage and its requirements, whether as an employer or an employee. For questions about minimum wage and how it impacts you contact Potts & Company.

The City Wire: Luck, Planning and Failure

David Potts reminds small business owners that while luck may take you a ways, nothing trumps a good plan. In his article ‘Luck, Planning and Failure‘, published this week in The City Wire, David discusses the top reasons business owners neglect their business plans and reasons to get back on course.

Planning is a tool that can reduce a business’s uncertainty and risk. The activity of planning allows an owner to focus on the company’s future and to ask questions that might lead to a change in priorities that increase profitability or assist in the identification of stress points that if overlooked could lead to financial loss. It isn’t the final product, “a plan,” that is important to business success. What is important is the thinking required to create a plan.

Read David’s article at The City Wire.