Felicia Harris, Principal Owner of EverythingHR and EverythingHR Financial Services, discusses financial wellness for both business owners and employees. For employers, she explains the ins and outs of financial stress and urges staying balanced and healthy. For employees, she also stresses maintaining a healthy lifestyle and
- Many businesses fail in their first few years of business. This is often because of poor financial planning.
- Female business owners have the most difficult time getting funds from lenders.
- Harris gives a brief overview of the economic cycle: contraction, recession, and the recovery phase.
- The “stress test” for financial planning
- Why you should develop a financial plan and a relationship with your bank
- Business owners should use various financial resources
- How to set the culture for financial wellness
- Small business owners are more likely to hold onto employees during economic downturns.
- Why it is important to organize intra business support systems.
- It is the responsibility of employees to manage their own finances, but employers can provide a financial wellness program and tax advice.
- Employers make contributions to employee’s retirement and wellbeing through social security and workman’s compensation
- Employers should also focus on their health and find balance.
- Life insurance is another helpful support piece
- It’s important to have a decent amount of savings set aside for emergencies.
- Employers can provide medical support programs as well