Your construction business is off the ground and running. Even the Wright Brothers are impressed at how you’ve taken flight! But a company is only as strong as its workers. It is important to surround yourself with people who have faith in your business. It is also important that these people believe in your company’s virtues and philosophy. In today’s blog, we’re going to touch upon topics that are important for any small business owner:
Do you know your EIN?
To begin with, your employees will be filing taxes and claiming they work for you. In year’s past, employers sometimes used their social security number as their Tax Identification Number. This is a big no-no! You should NEVER give out your social security number! Instead, you should apply for an Employer Identification Number (EIN). You can get this from the IRS. You can do this online or through your accountant (definitely make sure you have an accountant!). In addition, any and all tax records should be kept for at least four years, for auditing purposes.
Oh, but the numbers!
Someone who you should work rather close with is your accountant. Don’t just call your accountant around tax season. Stay in touch with them with any questions or concerns you may have. After all, without money there is no business!
But, are they legal?
The next step is to verify that anyone who you employ is legally allowed to work in the United States. We have all heard the horror stories of small business who hire illegal workers to cut corners. Not only will this get you into hot water with the IRS, but it also doesn’t bode well for your reputation. Three days after you have hired someone, make sure to file an I-9 form with the federal government. Although you will not have to submit these forms annually, it is still good business practice to hold on to the Employee Eligibility Verification documentation for three years. At the state level, you must submit documentation to the state about anyone you have hired or re-hired.
Protecting your biggest asset: Your Employees
Next, we’ll walk on over to your state’s Workers’ Compensation Insurance program or commercial insurance carrier. This helps to protect your workers if they are injured on the job. Protecting your employees should be part of your business philosophy. Make sure to post forms which let your employees know their rights and applicable resources. If you treat your employees well, they will help you to grow your business. As James Sinegal, an American Businessman, said, “When employees are happy, they are your very best ambassadors.” If you want to know the truth about a business, ask the employees. After all, it’s the employees who see the ins and outs of the daily business day. If they are skeptical or wouldn’t hire you, then it may be time to take a good, long look in the mirror.
Having the best in your corner.
Another person you should work closely with is your surety bond producer. It is through a surety bond, that project owners will feel confident in hiring you for their project. A surety bond vouches that you are a reputable and upstanding construction company. By working closely with your surety bond producer, they will make sure that you get the best surety bonds possible. With the correct surety bonds, your company will stand out among others.
Educate, educate, educate!
Finally, always look to strive forward. Everyone already knows you’re ambitious since you started your own business. But don’t stop there! Continue to educate yourself, keep yourself informed and look out for your employees.
We here at Surety Bond professionals pride ourselves on our great reputation, which we have built up over the decades. We work fast and efficiently to get you the best surety bond that we can. We also guide you through the process, so that unsubstantiated claims bear no weight. Contact us today to begin assessing your surety bond needs and building a relationship which will help to grow your business.