Time to review and adjust for profit
Most business owners are reviewing and making course corrections routinely during the year and now is a good time to prepare for the remainder of 2014 and plan for next year.
Sometimes folks get so caught up in the daily grind they forget to get up to the 30,000 foot level and look for the horizon. As soon as you can, review your first half performance. What went right and why? More importantly, what went wrong and fix it. This applies to every businessperson, whether you own the company or not.
To get a better feel for mid-range and long term projections, the Chamber's Council of Economic Advisors (CEA) will meet in session next week forecasting market trends and indicators. We have been an expansion mode for some time and it will be interesting to hear from the 23 market segments what they see, feel and hear.
Expansion in all our market segments is solid -- tourism, real estate (both commercial and residential), construction, imports and exports, cruise travel, even marine are showing positive growth. Unemployment remains relatively low at 5.2 percent. Now should be the time to make hay if your P&L statement is strong.
Moving forward on key hiring decisions now could reap rewards in the fourth quarter. Think about capital expansion if your balance sheet is strong.
Don't forget to prepare for the federal health insurance mandate. Beginning in 2015, employers with 100 or more full-time employees must offer health insurance to their employees or face penalties. In 2016, employers with 50 or more full-time employees must comply. The online Small Business Health Options Marketplace or SHOP network won't be available until November 1, 2014, for large employers and a year later from smaller employers.
Your Chamber will provide information during a Health Insurance Forum with a panel of experts to make sure you are prepared and to answer your questions. We have not yet set the date for this forum.
I couldn't be more thrilled with the way our region is performing right now and look forward to seeing you soon around the Chamber at the Beach Council Candidate Forum on July 9, on the beach during our July 4 Celebration, or at one of over 40 events produced this month.
Here's to independence and the American Dream!