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https://www.areadevelopment.com/business-climate/Q2-2014/quality-of-life-impacts-entrepreneurial-decisions-28827151.shtml

In chapter 1, the quality of life is discussed and how businesses are part of how the quality of life is set in our society. This article teaches us how the quality of life is different in different regions of the country and how this difference impacts the business ideas that entrepreneurs have based on which region of the country they live in.

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Related Research
In the wake of the Great Recession, local policymakers are working harder than ever to differentiate their areas as friendly to small businesses and economic development. As part of these efforts, billions of public dollars are spent every year to attract companies, big and small, through the use of venture capital, tax incentives, public-private partnerships, workforce training, capital improvements, and many other tools. As economic development has become more competitive, policymakers are offering more and more to attract jobs and new opportunities for their constituencies. Though it is clear that these financial incentives are producing results in some areas, there are other environmental factors that policymakers can improve to attract more new businesses.

One of the areas most overlooked when comparing competing metro areas is a livability factor, or quality of life, that makes certain areas more attractive to individuals and thus businesses. One of the most often cited reasons for the location of a new business, especially a small business, is quality of life, yet it is one of the areas policymakers most often overlook in attracting entrepreneurs and the highly skilled people who most often work for them. 1, 2, 3 After all, in addition to the fact that an entrepreneur wants to start their business in a place where it can thrive, making economic and tax factors important, the person must also want to live there. This is especially true for high-tech and computer-related businesses that can increasingly be created and sustained virtually anywhere. Quality of life, though not always the first consideration in deciding where to start a business, can be the X factor that differentiates two competitive metro areas.

Objective Subjectivity
The primary reason that quality of life is so often overlooked in this process is that it can be difficult to measure objectively. Quality of life is a subjective, intangible thing that can mean different things to different people. People have different priorities in terms of their quality of life, and they cannot be totally controlled for. In addition, things such as geography and weather are out of policymakers' control. For example, the mayor of Lincoln, Neb., cannot simply move his city to the beach to attract more tech startups.

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This study attempts to construct as objective a measure of quality of life as possible, based on concepts that are widely accepted as contributing to a higher standard of living. More important, it also attempts to include measures that can at least nominally be influenced by local policymakers and their decisions. It is important for the purpose of this study that quality of life be a dynamic measure, susceptible to changes in public policy. Based on this research, this study then attempts to go a step further by comparing the objective Quality of Life Index, or QOL, to business formation in U.S. metropolitan statistical areas. By comparing the measures, we can see how much entrepreneurial decisions may be influenced by, or at the very least correlated to, quality of life.

To assemble an objective QOL, a variety of factors were compiled by metro area, ranging from life expectancy to the share of childhood poverty. Data limitations on some variables prevented the inclusion of a handful of metro areas and all metro divisions from being included in this study. ⁴

The most influential variables on new business startups fall under four different categories, each generally synonymous with a high quality of living: public safety, public education, child welfare and recreation. Data from 2011 were used, as it was the most recent year for which full data were available. Specific measures include:

Per capita crime rate

High school or equivalent educational attainment rate

Per capita access to recreational facilities

Percentage of children living in poverty under the age of 5

Impacts on Business Formation
Not surprisingly, the results show a high quality of life across a large concentration of relatively established Northeast and upper Midwest and West metro areas. With one notable exception, each of the metro areas in the top 10 score better than average in each of the four categories. However, particularly low rates for both crime and child poverty are the most common attribute among metro areas with the highest QOLs. This indicates higher income levels, often accompanied by higher levels of business startups. The major exception in the top 10 is Ocean City, NJ, which has an abnormally high concentration of recreational facilities relative to its population.

The 10 metro areas with the lowest QOL scores, by contrast, were across California's Central Valley and the South. Each performed generally poor across all four facets of the QOL, with no easily discernible pattern except that each is home to some of the highest levels of poverty in the country. In general, the South performed the worst of the four census regions, with only a handful of metro areas in the top quartile. Metro areas with secularly declining industries such as nondurable manufacturing and lacking a dynamic private service industry driver typically fared the worst within the region. Quality-of-life factors appear to be able to explain roughly a third of new-business formations across the country by metro area. It is important, however, not to jump to conclusions too quickly based solely on these measures. Correlation does not necessarily indicate causation. Therefore, it is possible, and likely probable, that a relatively low QOL is at least partly the result of a dearth of new-business activity, and not necessarily the total cause of it.

The results of the comparison between QOL and new-business formations show significant, but not perfect, correlation. Based solely upon the econometric results of the analysis, QOL factors appear to be able to explain roughly a third of new-business formations across the country by metro area. However, when looked at from a deeper regional perspective, QOL takes on a larger significance within new business formations. Thus, while QOL may be only a secondary factor in determining which metro areas experience the most new business growth nationwide, it becomes a much more significant driver of growth within specific regions themselves.

Looking to Policy
The results of this study demonstrate that QOL can be both a cause and an effect of higher business formation rates and economic development. More important, this study concludes that there are areas of public policy that can create a more fertile environment for business investment beyond the tax and regulatory environment.

Large discrepancies between regional competitors can be used to explain differing results in economic development efforts. Metro areas in competitive regions can use a higher QOL as a trump card in attracting more entrepreneurs and the highly skilled workers who typically work for them. Generally, the greater the differentiation in QOL, the greater the differentiation of the number of successful new businesses being started. Furthermore, QOL proved more influential on startups in areas experiencing faster in-migration and population growth. Taken in concert with efforts to create a sound business environment from a tax and regulatory perspective, a strong focus on public safety, public education, child welfare, and recreation by local policymakers is vital in attracting entrepreneurs and high-skilled workers into the local economy. Thus, local policymakers should be concerned with making their areas more profitable and more livable.

Dan White , Director, Government Consulting and Fiscal Policy Research , Moody's Analytics

Dan White is the director of Government Consulting and Fiscal Policy Research at Moody's Analytics. He oversees economic research with an emphasis on fiscal policy and municipal market impacts. His most recent research has focused on public policy responses to the Great Recession and ways to better prepare for changes in the business cycle. This has included developing new ways to incorporate the use of stress testing and alternative economic scenarios into the public budgeting process in order to better protect governments against cyclical economic risk. Dan also works directly with a number of governments and policymakers in an advisory role and teaches classes in economics and public finance as an adjunct professor at Villanova University. He regularly presents to clients, conferences, and policymakers of all levels. He has been featured in a number of print, radio and televised media ranging from Bloomberg Television to the Wall Street Journal, and also writes regular editorial pieces for a number of online and print publications. Before joining Moody's Analytics, Dan worked as a financial economist for the State of New Mexico, where he forecast revenues and analyzed a wide range of policy issues concentrated around economic development, public investment and debt management. Dan holds an MA in economics as well as undergraduate degrees in finance and international business from New Mexico State University.

Douglas Wynne , Associate Economist , Moody's Analytics

Douglas Wynne is an associate economist at Moody's Analytics. He covers national, state and metro economies. Before joining Moody's Analytics, Douglas spent two years doing economic development work for the U.S. Peace Corps in the Dominican Republic. Douglas holds his bachelor's degree in applied economics and management from Cornell University.

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The Regional Impact of Quality of Life on Entrepreneurial Decisions - Area Development

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In the wake of the Great Recession, local policymakers are working harder than ever to differentiate their areas as friendly to small businesses and economic development. As part of these efforts, billions of public dollars are spent every year to attract companies, big and small, through the use of venture capital, tax incentives, public-private partnerships, workforce training, capital improvements, and many other tools.

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https://career.uconn.edu/blog/2021/03/05/5-ways-to-identify-a-companys-social-responsibility/

During Chapter 2, we learned about the social responsibility that businesses have. During our discussion of social responsibility, we had to say whether, in our opinion, there are companies that are being socially responsible or not. This article teaches us numerous ways to identify ways a company is being socially responsible or if they are not being socially responsible.

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For many Native American and Indigenous students, understanding a company's sense of community and service is an important component in the job search. The below information from Vault provides tips for identifying and understanding a company's corporate social responsibility.

Identifying a company's social responsibility can be a difficult endeavor. Of course, you want to work for a sustainable and profitable company that contributes positively to society and the surrounding environment. But, this can be difficult to find. To that end, we've collected our top five things to look for to help you to spot a socially responsible company.
1. Cause-Related Marketing
A good indicator of a socially responsible company is cause-related marketing. This technique is used by companies to raise awareness about a specific cause that they care about. Whether it's a small business that provides free web conference software/ phone conferencing or PayPal, they can work with a charity and associate the products of their business with the cause of the non-profit.

In some cases, companies engage in cause-related marketing by donating all or some of the profits of these products to the charity. Other forms of cause-related marketing that companies often use include becoming a non-profit sponsor, buying a product to give a product scheme, or working in unison to help increase exposure to the cause.

To identify if the company is socially responsible, you must understand why companies carry out cause-related marketing:

To gain new customers. People are more socially conscious now, and a cause-related marketing campaign can help customers or job seekers choose their brand over the competition. Statistics show that 70% of customers are concerned about how brands address social causes and 64% of repeat customers say they interact with brands due to shared values.

To increase sales. An example of this was when American Express fundraised a campaign to repair the Statue of Liberty. This then spiked their commercial activity and increased the use of their credit cards.

To improve brand image and loyalty. Associating with a cause garners positive publicity. In fact, surveys show that companies that conduct cause-related marketing have a higher perceived quality of product by consumers.

To increase employee morale. Employees that work towards a goal they believe in and support are more committed and enthusiastic about their tasks.

To raise awareness for the charity. A small non-profit will have the ability to share its cause with the business's large audience. This will increase their exposure and donations.

Cause-related marketing can benefit the company in many ways, but it can also lead to companies conducting inauthentic campaigns purely for PR. So, you must identify whether the company is transparent and whether the campaign is genuine.
How do you identify an authentic cause-related marketing campaign?
Every company has a mission, but not every company has a cause. A cause is larger than a brand and may require generations of campaigns and collaboration.

A company's cause should reflect the values of its brand. A great example was the Starbucks "What's Your Name?" LGBT+ campaign, which highlighted the transition of a transgender individual and their experience testing out their new name on their coffee cup. This reflection of their values created a very evocative campaign that resonated with their audience.

An authentic campaign needs to motivate customers to participate. It should actually make you believe you can make a difference and provide you with a feeling of responsibility. A socially responsible company will also show appreciation to consumers who back their campaign.

As a job seeker wanting to identify socially responsible cause-related marketing, you need to ask yourself questions like:

Is this company constantly collaborating with the non-profit organization?

Are they creating content to promote it?

Are they pushing the campaign on their social media channels?

Finally, cause-related marketing should be more than just a monetary donation. It should genuinely provide tangible value. Another great example was the Uber "Thank You For Not Riding" campaign that encouraged users not to ride with Uber during the pandemic.
2. Philanthropy
Philanthropy is normally the first thing that comes to mind when people think about a company's social responsibility. Similar to cause-related marketing, some companies donate to charities as it's a great way to raise the profile of their brand and improve company reputation. Statistics show that 70% of millennials are more likely to purchase products from brands that support charitable causes. Supporting a charity is also a great way to elicit more audience engagement.

So, you need to ensure that the company is not simply participating in a "hot topic" cause for publicity. An example of this is a concept called "pinkwashing", when companies take advantage of LGBT marketing potential, such as the Burger King Pride Whopper, without providing genuine, sufficient support to the community.

Corporate philanthropy doesn't just have to mean donations. It represents the company's commitment to causes and can come in various forms, including:

Volunteering. A great way for a company to showcase social responsibility is by investing both money and time. This could mean offering a volunteering time-off policy and encouraging community improvement. What's more, volunteering can also be used as a team bonding or empathy exercise with employees or clients. This will help build positive client relationships and improve team unity. Companies can also offer volunteering grants by donating a specific amount of money to a cause once an employee has completed a certain number of volunteering hours. Walmart gives $250 for every 25 hours of employee volunteering.

Donation Matching. A charitable employee should be encouraged, supported, and celebrated. Many socially responsible companies match, double, or even triple the amount of money their employees donate to charity. Microsoft will match up to $15,000 per employee. This strategy empowers employees and promotes employee engagement. Statistics show that engaged employees are over 200% more productive than employees who are not.

Nonmonetary Donation. Companies tend to have a wealth of resources that are surplus. After accounting for inventory, they may realize that their company has a plethora of excess socks or older computers. Instead of disposing of them, a socially responsible company will donate them to organizations that will find them a new home.

3. Ethics
Ethical conduct is one of the most important attributes a company should have. Portraying this image of philanthropy and showing solidarity with various causes is all well and good, but carrying out ethical practices is what truly distinguishes a socially responsible company.

Studies have proven that not only are ethical principles the right thing to do morally but that companies committed to ethical conduct outperform businesses that don't prioritize it.

Ethics sometimes change from person to person and business to business. This is why it is important to define an ethical organization. Ethical companies aim to provide a sustainable business that contributes positively to society without harming people or the surrounding environment.

A company's ethical duties should be self-regulated - they should want to carry them out, rather than just being required to. Good ethical conduct means that fairer treatment is not only given to their direct employees and stakeholders but that the company should also provide this treatment to every employee on the supply chain. This can include farmers, factory workers, delivery drivers, etc.

When trying to identify an ethically responsible company, look for:

Ethical Products. Ethical products or services shouldn't negatively impact people, animals, or humans. But an ethical product should also be the result of standardizing and ensuring high quality and consistency. Production is also important to consider. Ask yourself:

Are they choosing non-toxic, biodegradable materials?

Are they ensuring that they have reduced the amount of plastic that they're packaging the products with?

Are their employees in a safe, fair, and comfortable working environment? Let's say a company has created the best operator-assisted conference call software; however, they outsource the front-end development of the service. Are the employees abroad being paid a fair wage?

Are the company's products ethically distributed, following Fairtrade policies, reducing transport distances, and reducing their overall company waste?

Transparency. Developing and maintaining an honest, trustworthy channel of communication is vital to corporate social responsibility.

Doing what they say. A corporate mission should be more than just words, it should be carried out at every level of the company.

Making it public. Does the company make its performance numbers, reviews, and diversity meetings available for the public to see?

4. Community Involvement
Companies shouldn't limit support to well-known, national non-profit organizations. They should also give back on a local and community level. Even if you're seeking employment at a smaller business and you're asking yourself " should small businesses work with charities?" the answer is still yes.

Aside from supporting local charities and businesses, there are a variety of creative things a socially responsible business can do to help their community. Here are a few you can look out for:

Transporting equipment, food, and diapers can be a good use of a business's transportation capability.

Free training or teaching for individual community members such as work experience that provides young adults with transferable skills.

Providing gifts to local children during the holidays or any other special event.

Many businesses often petition to allow vacant city-owned spaces to be converted into local parks and playgrounds.

Visiting the elderly, planting trees, and general fundraising.

Even bigger companies that are spread among many locations should provide for the community. For example, Google has been supporting a variety of lower-income communities around the world by providing them with educational materials for virtual learning.
5. Company Culture
A company needs to have ethical practices when they are dealing with external factors such as products and media perception. But it is also important to focus on internal practices. Unethical company culture is one where there is a contradiction between words and actions within the business.

A socially responsible company should respect their employees as much as they respect their customers. This means giving them their rights, vacation, benefits, and all necessary accommodations (and when they're working from home, the best online meeting software and home office equipment the company can provide).

Statistics show that:

88% of employees believe that company culture is important.

35% of American job seekers would pass on a role if the company culture wasn't a suitable fit.

Employees who dislike their company culture are almost 25% more likely to leave their job.

Here are a few characteristics of a good company culture that is socially responsible:

Standardized practices. As an employee, you have worked in various companies and environments where different principles and practices were both accepted and prohibited. This is why a socially responsible company will standardize its company culture ethics. This is usually done via a code of conduct or an ethical practice manual that all employees read, understand, and sign.

Trained employees. A company shouldn't just create an ethical code of conduct - they also need to develop a way for employees to discuss and report unethical actions. Employees can sometimes be intimated and fearful of senior employees, so creating a consequence-free environment is crucial. It is the company's responsibility to provide employees with sufficient training to give both senior and junior employees a clear, reprimand-free line of communication to raise concerns with and about each other.

Enforce and praise. During the training process, you will have covered the potential consequences of breaking ethical practices. It is then vital for the company to follow this protocol. Upholding these rules prevents an escalation of unethical practices and general team conflict. In the same way that they should diligently prevent unethical conduct, they should also reward ethical practices. Even just acknowledging good behavior reinforces company values.

Corporate social responsibility is not a PR stunt; it is consciously fostered within a company and encompasses a variety of different aspects all as vital as each other. When keeping these values at the center of your job search, it's important to ensure that the company's cause-related marketing campaigns actually align with their company values and doesn't just hop on a topical bandwagon. Remember: identifying social responsibility is more than just reading an italicized motto underneath a company logo on LinkedIn.
Richard Conn is the Senior Director, Search Marketing for RingCentral, a global leader in unified communications and virtual phone systems. He is passionate about connecting businesses and customers and has experience working with Fortune 500 companies such as Google, Experian, Target, Nordstrom, Kayak, Hilton, and Kia. Richard has written for sites such as VoilaNorbert and Cincopa.
https://www.vault.com/blogs/workplace-issues/5-ways-to-identify-a-companys-social-responsibility

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5 Ways to Identify a Company's Social Responsibility

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For many Native American and Indigenous students, understanding a company's sense of community and service is an important component in the job search. The below information from Vault provides tips for identifying and understanding a company's corporate social responsibility. Identifying a company's social responsibility can be a difficult endeavor.

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https://wits.worldbank.org/CountryProfile/en/Country/WLD/Year/2016/TradeFlow/Import/Partner/all/Product/UNCTAD-SoP1

Chapter 3 taught us about global trade. More specifically, what imports and exports are. Imports are goods and services that are bought from other countries. On worldbank.org, a list of imported materials or items is shown. Along with that, charts are used to teach us what items or materials are imported the most in different countries and regions around the globe.

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Merchandise trade and tariff data for Raw materials imports by country including Trade Value, Product Share, MFN and Effectively applied tariffs, count of duty free and dutiable products for 2016

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https://wits.worldbank.org/CountryProfile/en/Country/WLD/Year/2016/TradeFlow/Export/Partner/all/Product/UNCTAD-SoP1

Also in Chapter 3, exports are defined as goods and services that are made in one country and sold to another. On worldbank.org, a list of exports in each region of the globe is used to teach us where items we use in our lives are made from originally and what country they are sold by.

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Merchandise trade data for Raw materials exports by country including Trade Value, Product Share, Country Growth, World Growth, Revealed Comparative Advantage (RCA) for 2016

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https://www.indeed.com/career-advice/finding-a-job/what-is-side-hustle#:~:text=A%20side%20hustle%20is%20a,side%20hustle%20a%20growing%20business.

Chapter 4 teaches us about different types of business ownership such as a Corporation, a Limited Liability Corporation, Franchising, Partnerships, and Sole Proprietorships. The discussion topic for this chapter was creating a "side hustles" that we could think of to become entrepreneurs. Indeed.com teaches you the things that you will learn and the benefits of having a side hustle that can help greatly in your entrepreneurship.

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If you're interested in making extra money outside of your full-time job or want to explore a new career, you might consider starting a side hustle. To successfully start a side hustle, it can be helpful to first discover what yours should be and how you can keep it going. Learning more about side hustles may allow you to earn money doing something that interests you and to have better control over your schedule. In this article, we discuss what a side hustle is, describe its benefits, provide examples of side hustles and share tips for maintaining yours.

What is a side hustle?

A side hustle is additional employment outside of a person's full-time job that provides supplemental income. Unlike a part-time job, a side hustle commonly has more freedom and more control over what a person does, when they do it and how much they do it. Often, a person can involve their passions in their side hustle, and some may eventually make their side hustle their primary career.

What are the benefits of having a side hustle?

There are many benefits of having a side hustle, such as:

Gaining flexibility

Commonly, a side hustle is something that an individual controls, which means they have management over the schedule of their side hustle. By controlling your schedule, you can make your side hustle accommodate your full-time job and any other events or commitments you have. This might help you gain flexibility and maintain employment at your full-time job.

Improving your finances

A side hustle is a way to earn extra income in addition to a full-time job. With the extra money, it might be easier to pay bills, contribute to savings or assist with other expenses. The additional income could also help make your side hustle a growing business.

Exploring your passions

Many people involve their passions in their side hustles. Pursuing your passions as part of a side hustle might give you the opportunity to develop your side hustle into a career. You can also develop specific skills that may help make your side hustle successful.

Examples of side hustles

Below is a list of examples of potential side hustles for those looking for supplemental income:

Tutor

Many children in school seek extra help with their schoolwork. Offering tutoring services online or in-person may be a successful side hustle, and helping students can be rewarding. This side hustle may accommodate a full-time job since many tutors only work before or after school hours.

Dog walker

Many pet owners need someone to help take care of their pets. By being a dog walker, you can assist those people by walking their dog at specific times, such as while a pet owner is at work. This may be a suitable job for those who are passionate about animals.

Music teacher

If you have music knowledge or play an instrument, teaching music could be a side hustle for you. You could teach from your home or from a music establishment with a schedule that you decide. Commonly, music teachers work after school, after standard business hours or on weekends to accommodate students. Students for a music teacher can range from children to adults at varying levels.

Ride-share driver

With one of the most flexible potential schedules, ride-share drivers operate similar to a taxi service. They provide transportation by picking up customers and taking them to their desired destinations. Many ride-share drivers also receive tips over the flat rate they receive, so there's potential for more financial gain.

Food delivery driver

A food delivery driver takes food orders from restaurants to the homes and businesses of the people who place the orders. Though profitable hours for food delivery drivers are often common mealtimes, this side hustle may offer you the freedom to deliver anytime food establishments are open. This side hustle may also accommodate many full-time jobs.

Caregiver

This side hustle involves providing caregiving services to children, senior citizens or people with illnesses or injuries. Caregivers may offer their services in a care facility or take care of clients in their own homes. With the ability to take as many clients as you wish, you can control your schedule and how often you care for people.

Tax preparer

During tax season, many people may want help with preparing their taxes, making tax preparation a potentially engaging side hustle. As a tax preparer, you can assist people by collecting their work and tax-related information and helping them file the appropriate taxes. There's also potential for year-round work for clients who may need more help.

Cleaner

This side hustle has a wide range of options, including cleaning residential homes, businesses and cars. Other service options could include cleaning the inside, outside or both aspects of buildings or cars. You may offer as many or as few of the services as you wish, and you could charge different prices depending on the service.

Technology repairer

If you have an affinity for technology, a potentially side hustle may be fixing technology. This could include fixing computers, laptops, smartphones or tablets. These devices are a big part of many people's lives for work and leisure, and some pay for repairs on these devices. You may have the option to control how these repairs come to you, such as having them sent through the mail, having clients bring them to you or picking them up yourself.

Lawn worker

Another potential side hustle is doing lawn work. Many homeowners have a lawn that requires maintenance, so there may be many potential clients. You can offer services in your local neighborhood or in a wider area. This may include doing the lawns of business or apartment complexes.

Public notary

Many governmental or official documents that the public needs require a witness to sign and stamp. A public notary is a person who provides that service. Examples of common documents that may need a notary include court documents, wills, power of attorneys, financial documents and marriage licenses.

Wedding officiant

Being a wedding officiant is another potential side hustle. This job gives you the opportunity to officially marry couples. With many people getting married every day, you may have a potentially large supply of clients. It could also be rewarding to experience and be part of what many consider a happy and important day in their lives.

Rental properties manager

If you own a residential or business space, renting it could be a successful side hustle. Whether you rent it out short or long term and for businesses or vacations, there are many options and potential clients. You can either advertise on your own or use realty sites or companies that can help you reach potential renters.

Personal trainer

Helping others reach their fitness goals can be a very rewarding side hustle. You can maintain a schedule of clients around your availability, and you could work at a public gym, park or your own facilities, if you have them. There are certifications and licenses you may be interested in earning as you enter this job field.

Tailor

If you have experience with tailoring and sewing, another side hustle could be making alterations. This is when a customer comes to a tailor to have their garments altered to fit their bodies. A common example is wedding dresses, as many brides order dresses and have tailors alter the dresses to their exact measurements. With different kinds of garments for different kinds of events, there's a large potential client pool with many opportunities.

Tips for maintaining your side hustle

Below is a list of tips for maintaining your own side hustle:

Be realistic: When making the choice to pursue a side hustle, it's useful to have realistic expectations about what you can manage. Having a balance between your full-time job, side hustle and personal life may be vital to your success.

Check with your employer: A side hustle typically accompanies a full-time job. It may be beneficial to check with your employer to ensure that your full-time job can allow you time to pursue your side hustle.

Maintain good records: It may be useful to document and record all your transactions and other events for your side hustle so that you may better input the relevant information for taxes and other important documents.

Have multiple side hustles: When running a side hustle, you might have the opportunity to manage more than one of them. Having multiple side hustles may allow you to more supplemental income, which might help increase your financial stability and give you the chance to explore multiple passions.

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What Is a Side Hustle? (With Benefits, Examples and Tips)

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Learn what a side hustle is, what benefits they provide, examples of side hustles and tips on how to maintain your own successful side hustle.

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https://www.paychex.com/articles/employee-benefits/employee-benefits-a-company-must-provide

In Chapter 8 that explains the management of human resources and labor relations, the compensation benefits that employees receive is part of management of human resources and labor relations. Now, while employee compensation packages from companies can differ based on the type of business you are employed at and your poistion within the company, there are mandatory benefits that businesses are required by law to give their employees. Knowing what the benefits that are required by law as explained by this article can help you understand the human resources management and labor relations section better during this chapter.

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Vacation, health insurance, long-term disability coverage, tuition reimbursement, and retirement savings plans are just a few of the many benefits employers may offer employees. But which benefits required by law must a company provide its full-time workers? Understanding mandatory benefits laws will help you evaluate the most appropriate policy that satisfies both employees and your bottom line.

This article addresses benefits legally required under federal law, as well as select state-mandated benefits. Employers should review their obligations under state and local laws, which may provide additional mandated benefits.

What Are Mandatory Employee Benefits?

Employee benefits fall into two categories: those required by law and those an employer chooses to offer voluntarily. The U.S. Bureau of Labor Statistics states that "[l]egally required benefits provide workers and their families with retirement income and medical care, mitigate economic hardship resulting from the loss of work and disability, and cover liabilities resulting from workplace injuries and illnesses." Federal mandatory employee benefits include:

Social Security and Medicare

Unemployment insurance

Workers' compensation insurance

Family and Medical Leave Act (FMLA) protections

Social Security, Medicare, and FICA

Social Security and Medicare are considered statutory benefits. The Federal Insurance Contributions Act (FICA) is a federal payroll (employment) tax used to fund Social Security and Medicare programs, both of which provide benefits for retirees, disabled individuals, and children. The law states that both employees and employers are required to contribute to these funds. Employers are required to withhold Social Security tax at 6.2% of gross compensation, up to the Social Security wage base.

Employers must withhold Medicare tax at 1.45% of gross compensation, and an additional 0.9% of compensation in excess of a threshold amount based on the employee's filing status if an employee's compensation exceeds $200,000 (there is no wage base for Medicare). Employers must also match 6.2% for Social Security up to the wage base and 1.45% for Medicare. Employers do not have to match the additional 0.9%.

Unemployment Insurance

Employers are required to contribute to unemployment insurance through payroll taxes at both the state and the federal level, to assist workers who lose their jobs. Unemployment insurance protects both part-time and full-time employees who meet certain criteria and are separated from a company by providing some income for a limited period of time. Employees who are let go due to mergers, layoffs, or without substantial proof of cause may file an unemployment claim with the state workforce agency to receive benefits temporarily while they are looking for a new job.

Since unemployment insurance is administered by individual states, the cost of this insurance and amount required for each employer varies from state to state. However, all states in the U.S. have some minimum requirements for unemployment insurance, and all employers must participate in their state's program and carry at least the minimum required amount of coverage.

Workers' Compensation Insurance

Workers' compensation insurance provides financial support to people unable to work as a result of a workplace injury or illness. If an employee experiences an injury or illness as the result of their regular on-the-job duties, states mandate that the employer should be responsible for covering medical bills and a limited amount of income for the employee during the recovery period. While there are limitations, waiting periods, and varying amounts and types of coverage based for employers in different states, most U.S. states agree that employers should protect the health and well-being of their employees while on the job. Employers looking to obtain workers' compensation insurance can typically meet the state requirements in one of two ways:

Self-insurance: The employer opts to pay directly for any medical bills and ongoing income for any employees who incur extended injuries or illnesses on the job, and the employer can demonstrate the financial resources to do so if a workplace injury or illness occurs.

State-run insurance: the employer purchases an insurance policy from the state-run program that covers all of their employees in the event of a work-related illness or injury.

Health Insurance

Under the Affordable Care Act, applicable large employers (ALEs) risk a potential assessment if they do not offer adequate and affordable coverage to their full-time employees and their dependents and at least one full-time employee receives a premium tax credit. ALEs are companies with an average of 50 or more full-time employees, including full-time equivalents, during the prior calendar year. The threshold for "affordable" coverage is adjusted annually for inflation, but the employee's portion of premiums for individual health coverage should not exceed 9.83% of their income for 2021. To meet the "adequate" standard of coverage, also known as the minimum value standard, the policy should provide access to a reasonable network of providers and specialists, and should be designed to pay at least 60% of the total cost of medical services that a plan will cover. The coverage should also meet minimum essential coverage requirements and minimum value.

Family and Medical Leave Act Protections

The Family and Medical Leave Act (FMLA) entitles eligible employees of covered employers to take unpaid, job-protected leave for specified family and medical reasons. A covered employer is a private-sector employer with 50 or more employees, and all public employers. The FMLA provides eligible employees with up to 12 weeks of job-protected, unpaid leave during a 12-month period for qualifying family and medical reasons, and to handle qualifying exigencies, as well as up to 26 workweeks of unpaid, job-protected leave in a single 12-month period under the Military Caregiver Leave. Qualifying reasons would include the birth of a child, dealing with a serious or chronic personal illness, or caring for an immediate family member with a serious or chronic illness.

Note: In addition to benefits under the FMLA, some states and local jurisdictions require paid/unpaid family leave and/or paid/unpaid sick and safe leave. Employers must review their obligations under applicable state and local laws.

Disability insurance

Disability insurance provides partial wage replacement for employees experiencing an illness or injury that requires them to miss more than one week of work. While disability insurance is not a mandatory federal benefit, it is one of the legally required benefits for employers in the following states, as well as Puerto Rico:

Disability insurance is structured similarly to medical coverage. Employers can choose to cover some or all of the cost of the policy for their employees, or they can choose to pass the entire cost of the coverage along to the employee through payroll deduction. Once the coverage is in force, employees who experience a qualifying illness or injury must fulfill a mandatory waiting period before they start to receive benefits from the policy. Employers with employees in a state that requires disability coverage should review their obligations under existing state law.

Employee benefits not required by law

Non-mandated employee benefits are at the discretion of the employer. These can include benefits such as paid vacation time, contributions to retirement savings plans, education assistance, wellness programs, and childcare assistance. Since today's employees increasingly report that company-provided benefits are a major consideration when evaluating job offers, many employers are including these as a part of their basic benefits package to gain a competitive edge in recruiting and retaining a high-caliber workforce.

Are you required to offer part-time employee benefits?

There is some federal labor legislation that outlines benefits requirements for part-time employees:

Affordable Care Act (ACA): While most employers don't consider an employee "full-time" for benefits qualification unless they work at least 40 hours per week, under the ACA, applicable large employers must offer affordable and adequate health insurance to any employees who average at least 30 hours per week, or at least 130 hours per month to avoid a potential assessment if at least one full-time employee receives a premium tax credit.

Employee Retirement Income Security Act (ERISA) - "1,000 Hour Rule:" Even if part-time employees are not eligible for other benefits offerings, this provision of ERISA requires employers to allow any employees who complete 1,000 hours of service within a 12-month period to participate in any retirement plan offered to other employees.

Executive Order 13706, Establishing Paid Sick Leave for Federal Contractors: If an employer accepts work as a federal contractor, that employer must provide paid sick leave to all employees, even those who are considered part-time.

When state and local laws enact higher minimum requirements than federal labor statutes, the higher state and local standards take precedence, so it is important to always check your state and local jurisdictions for any additional requirements that may apply to part-time employees.

Conclusion

While benefits such as paid time off, health insurance, and 401(k) plans are highly sought-after, basic benefits can also be invaluable for employees. Ensure that your business its meeting its obligations to provide assistance and compensation by way of Social Security, Medicare, unemployment, and workers' compensation insurance.

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Mandatory Benefits a Company Must Legally Provide Full-time Employees

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Vacation, health insurance, long-term disability coverage, tuition reimbursement, and retirement savings plans are just a few of the many benefits employers may offer employees. But which benefits required by law must a company provide its full-time workers? Understanding mandatory benefits laws will help you evaluate the most appropriate policy that satisfies both employees and your bottom line.

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https://businessdegrees.uab.edu/blog/how-to-determine-whether-a-management-role-fits-your-aspirations/

In Chapter 6, management roles are discussed in detail and the different types of management roles that there are within the business world. One type of management role that is discussed in the chapter is "Information Technology Management" which is a well known type of management. If you have the idea to work as an IT Manager, this article will teach you, in depth, about what IT Management really is and what it takes to be a successful IT Manager.

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As technology continues to transform modern workflows, the relationship between IT and business has become increasingly symbiotic. High-level decision-makers rely on IT professionals' development efforts to improve productivity and drive profitable growth, but overseeing these processes requires both technical expertise and management skills. This accounts for why IT manager positions are projected to grow by 12% from 2016 to 2026, per the U.S. Bureau of Labor Statistics, and this opens a range of career opportunities for aspiring technology experts and seasoned professionals alike. However, it's important to consider the unique responsibilities that come with supervisory roles before you apply, as there is a chance they may not align with your career aspirations. If you're wondering how to become a manager, it's crucial to understand what is unique about overseeing IT systems and technical staff.

What is IT management?

Unlike hands-on technology roles, IT managers spend most of their time overseeing general operations and resources that contribute to a business's overall success. They are often responsible for ensuring the consistent performance of technology assets and the employees who maintain them, while also working to add strategic value to their organization through tech-based innovation. Effective IT management allows companies to optimize their internal processes, integrate cutting-edge technologies, and maximize their return on investment. These goals are achieved through careful planning and collaboration with technical and non-technical personnel alike, which demonstrates the importance of strong communication, interpersonal skills and knowing when to manage staff members. Some common duties IT managers perform include:

Assessing an organization's computer needs and recommending upgrades

Overseeing the installation and maintenance of hardware and software

Maintaining proper cybersecurity for all networks and data stores

Weighing the costs and benefits of new IT projects

Managing IT staff and evaluating their long-term needs

Generally speaking, IT management is all about problem-solving. As organizations grow, they often encounter new operational and strategic challenges that can be alleviated by integrating improved technologies or revamping inefficient processes. When problems arise, IT managers must quickly identify creative solutions that conform to their department's budgetary constraints, requiring both technical experience and business savvy. They are also responsible for coordinating software upgrades, network optimization, and all other computer-related activities their organization may require.

While IT management is quite different from supervisory positions in other fields, there is some overlap in their day-to-day responsibilities. For example, managers in every professional space must balance the needs of their workers with the performance expectations of high-level executives. This typically requires supervisors to establish consistent and compassionate relationships with each member of their staff, as maintaining employee morale is essential for building a sustainable workforce.

Traits of a good manager in IT environments

Although extensive technical knowledge is crucial for an IT management career, there are a lot of other qualifications to keep in mind. According to a recent poll from employment website Monster.com, around 76% of U.S.-based employees have worked under a "toxic" manager. When asked to elaborate, respondents identified four primary characteristics that define poor management: Power-hungry behaviors (26%), micromanaging (18%), incompetence (17%), and absenteeism (15%). The prevalence of these issues helps illustrate why strong interpersonal skills and consistent communication are so essential to a supervisor's success. Managers are often held accountable for their team's overall performance, which may suffer if the right relational frameworks are not in place.

In an interview with Harvard Business Review, Dr. Jim Mitchell, former vice president of Oracle Laboratories, commented that people skills are the most important attributes for transitioning from an IT-oriented position to a management role. Mitchell pointed to empathy and self-knowledge in particular, believing that supervisors must be able to manage themselves before overseeing others. Other key traits of successful managers include:

Leadership experience

Delegation skills

Respect for employees

Organization

Resiliency

IT professionals who enjoy empowering others to reach their full potential are usually well suited to a management position, as are those who want to help organizations surpass their operational goals. Companies around the world rely on IT managers to coordinate large-scale technology projects and communicate business objectives to a range of non-technical audiences, which may be difficult for some job seekers. The best way to transition to a management career path is to reflect on your specific strengths and practice utilizing the interpersonal skills that will help you stand out from other applicants.

How an MS in MIS can help you succeed in IT management

While many important managerial characteristics tend to be rooted in a candidate's core personality, there are a variety of learning opportunities that can prepare you for supervisory responsibilities. The master's degree in management information systems online program from the University of Alabama at Birmingham offers a unique curriculum that blends technical expertise and business acumen into a single professional track, teaching you how to become a manager of tech-focused workplaces.

Whether you're just starting out or in the midst of your career, an MS in MIS can help you obtain the knowledge and skills you need to excel in a leadership role, including project management, IT governance, and business intelligence. The program's concentration in IT Management is specially designed for students interested in high-level supervisor positions, from department heads to CIOs. Some of the key courses include:

IT Governance & Management: Gain firsthand experience with real-world IT governance strategies and frameworks to learn how you can effectively supervise technology deployments, IT staff, and the managerial challenges involved in different governance structures.

Technology Planning & Capital Budgeting: Learn about the essential IT management techniques that allow companies to secure consistent growth, including how to define and measure operational benefits, manage IT investment portfolios and budgets, and evaluate return on investment.

Leadership in IT: Prepare for a leadership role by studying the foundational knowledge and skills that allow IT managers to excel in organizational settings, including people skills, effective communication strategies, and relationship building techniques.

If you're interested in pursuing a career in IT management, reach out to an enrollment advisor for more information.
Recommended Reading: What are the different types of web analytics and their uses? Computer information systems vs. management information systems Understanding disaster recovery and business continuity Sources: Computer and Information Systems Managers Are you manager material? Are You Ready to Manage? 8 Questions to Ask Yourself How to Know If Someone Is Ready to Be a Manager Five Signs You're Ready For A Management Role - And Five Signs You Aren't Manager Material? How to Know if You're Ready

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How to determine whether a management role fits your aspirations

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As technology continues to transform modern workflows, the relationship between IT and business has become increasingly symbiotic. High-level decision-makers rely on IT professionals' development efforts to improve productivity and drive profitable growth, but overseeing these processes requires both technical expertise and management skills.

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For Chapter 11, predicting future trends felt like a crucial part of a business being able to survive in our ever changing world. It would be a good way to stay a step ahead. I also thought the article's point about looking to the past to predict the future was a good idea. Analyzing what is currently going on in our world is good, but looking to the past can help you see patterns that have popped up continuously over the years and can help you account for parts of what future trends might be.

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Who doesn't want a crystal ball to predict the future? Knowing the future of the market can help you make the right moves and become a millionaire overnight. But let's be real, no fortune teller can predict the future 100%.

However, that doesn't mean that predicting the future of business is impossible. It all comes down to your analytical skills and having the right tools to prepare for what's to come. As we said, this won't always be 100% accurate, but it will give you a good idea of where things are headed.

There's a risk of making mistakes when it comes to predicting future trends, but playing on the safe side will never bring growth to your company.

Ways to predict future trends and keep your business ahead

As a business owner or manager, you should train your mind as well as your team to detect changes that could open a door to major opportunities. Small businesses rise to large corporations only because they know how to predict future trends and turn them to their advantage.

So let's see how predicting the future of business is done in real life.

Study the trends of yesterday

If you want to know what the trends of tomorrow will look like, then you should study up on the trends of yesterday. Trends work as a chain reaction in a way.

For example, TikTok. Look back at the famous app Vine and its success. Vine was extremely popular, but like many great things, it died. However, after the death of the app, all other social media apps continued to gain popularity. Now, you could predict that all tech platforms would grow, but now years after the death of Vine, TikTok took the same formula and has become a hit.

When popular things randomly disappear, you cannot expect them to stay gone forever. Nostalgia is a strong tool that everyone should keep their eyes on. If you notice something fading away, remember that people once loved it, and over time that love can come back again.

Melissa South, SVP of Swingtie

Due to the law of inertia, things will stay the same unless acted upon by an outside force. This means that trends will only occur when one of two things happens:

A law forces people to change routines or

An influential force releases a concept into the world that gains favor

By keeping informed (but not obsessed) with daily news/pop culture and asking how will this impact the people around me, I'm able to capitalize on up-and-coming trends as they start to grow.

Eric Bechtel, Managing Director at Gameplan Digital Marketing

Research, analytics, and tech

Research, analytics, and tech have proven to be very helpful in my quest of identifying and preparing for future trends. In order to make sure that my team and I are prepared for any change that might affect our industry, I make sure to keep track of important events, data, and studies and do my best to analyze them. Having the right tech or application has helped me make my analysis more accurate and my strategies stronger.

Making the most out of the information and the tools that you have will help you predict future trends and ensure your business's growth.

Simon Elkjær, Chief Marketing Officer at avXperten

Use the power of the Internet

There are 3 ways that I've used to predict future trends.

The first technique I used to predict trends is to use Google trends. What you want to do is look for a rising line graph for a one year span. The line graph can't be gradually going up either, it has to be hockey stick growth.

Another technique is to use Ahrefs which is an SEO tool. I use this tool to look for websites trying to write and monetize about the topic. The more websites that try to monetize off of it, the more likely I believe the trend will be mainstream.

The final way is to look on forums like Reddit. What you want to look for is enthusiasm from the people. The more the people act cult-like, the higher chances the trend will keep going.

Alex Cortez, Founder of Roborefuge

Being in the field of marketing, it is really important to understand the current trends of the market and also predict the trends of the future. Based on my experience, here are the top tips for predicting future trends in business:

In order to predict future trends, it is always a good idea to conduct surveys every once in a while and try to understand the problems of the customers and bring solutions for it because if you don't make a solution, somebody will and that will become a trend. So it is one of the many ways through which future trends can be predicted.

With each passing day, there is some engineer out there inventing or making new machines that can tackle a problem much more efficiently. With this in mind, it is recommended to keep yourself up-to-date with the latest inventions and technology as these machines and technology will create a trend in the future.

Competing in the market is one way of staying with the current trends and also getting an insight about what the future may hold and where the trends may go.

Igor Avidon, Founder of Avidon Marketing Group

Success in business comes easier for those who know how to predict future trends. After all, business growth is all about adapting and pivoting to stay relevant in the market. If the needs of the consumers change, and your products don't, you can't expect to stay in business.

Everything seems to change at rapid speed, however, if you look at history you'll discover patterns that could help you stay ahead of the curve. The important thing is to keep an open mind and don't for a second believe that things won't change.

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How to predict future trends and transform your business

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Who doesn't want a crystal ball to predict the future? Knowing the future of the market can help you make the right moves and become a millionaire overnight. But let's be real, no fortune teller can predict the future 100%. However, that doesn't mean that predicting the future of business is impossible.

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https://growthlab.cid.harvard.edu/podcasts
In Chapter 5, small businesses are shown to have the biggest benefits of business ownership despite their small stature. The podcast "The Growth Lab" has tips and insider information about how to start and operate a successful small business in their daily episodes.

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In each episode of the Growth Lab Podcast Series, we take a deep dive into our cutting-edge research at the frontlines of economic diversity and international development. Hear directly from our faculty, fellows, and affiliated researchers as they discuss their findings.

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For Chapter 16, that talks about what a Finance Manager is, I wanted to find a way to test whether someone would be a god fit for the role in the business world. To do that, I found an article written by Indeed.com that explains traits that, if possessed by you, could give you a promising career as a Finance Manager when paired with the right college education.

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Finance managers are accounting professionals who are responsible for the financial wellbeing of a company or organization. Finance managers may advise upper management or corporate officers to determine how and where the company's assets are acquired and allocated. Finance managers create detailed financial reports and statements using a wide array of skills.

In this article, we explain the variety of skills needed to be a successful finance manager.

What are finance manager skills?

Finance manager skills are those that help individuals in this role oversee all aspects of a company's financial transactions, including budget analysis and calculation of return on investment (ROI) as well as purchasing and staffing decisions. Finance managers provide accurate data analysis and strategic propositions to create profit and reduce loss. A finance manager's skills are built from a wide array of roles and responsibilities.

Finance managers:

Understand and evaluate cash flow scenarios

Analyze financial data

Forecast future earnings and expenses

Understand and apply contract provisions

Oversee vendor or government contracts

Implement contract compliance policy

Secure financial management systems

Apply advanced mathematics

Use and understand statistical modeling software and spreadsheets

Examples of finance manager skills

Finance managers amass many skills throughout their education, experience and day-to-day responsibilities. Successful finance managers are adept at several of the following skills.

Leadership

Finance managers work with individuals or as part of a team and generally bring a strong foundation of leading finance teams. Managers know how to enhance efficiency and productivity while maintaining confidence in their ability to move the company forward. Effective leaders demonstrate the ability to direct others and delegate tasks. Good financial managers take charge of situations and form effective solutions to encourage trust in their leadership skills.

Problem solving

Whether it is analyzing a budget or calculating the risks of an investment, finance managers are adept at taking action and finding solutions. Managers have a deep understanding of the company's financial goals and find effective ways to meet those goals without jeopardizing the business.

Communication

Since not every person in a company understands complex financial data or documents, effective finance managers must have strong written and verbal communication skills. Finance managers are able to explain complicated formulas or analysis to present information in an accessible manner. Finance managers may work with many departments, and the ability to alter their communication style to easily convey information is a vital skill for successful managers.

Analysis

As part of the decision-making process, finance managers demonstrate logical thinking. Effective managers are able to look at all options in order to present a comprehensive, understandable analysis. Finance managers use analytical skills when writing contracts, creating budgets and forecasting profit and loss.

Interpersonal skills

Finance managers work with many other individuals or teams to resolve financial problems. They may oversee activities or tasks and their ability to work seamlessly with other departments and people. Successful finance managers relate well to individuals and motivate teams to complete calculations and analysis with efficiency and accuracy.

Mathematical proficiency

Finance managers work with large sums of money and rely on advanced mathematical abilities to compile and analyze data. Proficient finance managers are well versed in algebraic mathematics and have the ability to understand and create formulas. Effective finance managers are knowledgeable of international finance and can decipher a large variety of financial documents.

Attention to detail

Finance managers must maintain accuracy when dealing with numbers. Since they oversee how and where a company spends its money, as well as how and where it accumulates profit, finance managers must divide their attention to many financial functions of a business. When writing or analyzing contracts, finance managers require an understanding of domestic and international laws and regulations.

Organization

Finance managers work with many different financial documents including spreadsheets, contracts, calculations and projections. The ability to organize information is essential for success as a finance manager as they may need to find and retrieve information as needed.

Technological skills

As advancements in technology and automation enter the workplace, finance managers may find themselves working with more than spreadsheets and ledgers. Effective finance managers are comfortable with technology and can easily use various programs and applications to their advantage.

Ability to work independently

Successful finance managers don't need a lot of supervision because they understand what needs to be accomplished and how to meet the company's goals. Good finance managers are not only self-starters who can prioritize tasks but their leadership skills enable them to motivate others to work independently as well.

How to improve finance manager skills

Finance managers have opportunities to advance their training and education to create better job roles or command a higher salary. Here are a few ways finance managers can improve their job prospects.

1. Increase technology know-how

Technology is already a large part of workplaces and continues to show steady growth. Finance managers can improve their resumes by taking information technology courses such as learning Structured Query Language (SQL) or planning tools such as Jira or Azure DevOps.

2. Earn an advanced degree

Finance managers usually hold a bachelor's degree but may consider an advanced degree in economics, finance or business administration. An advanced degree may open opportunities in global economics or international finance.

3. Earn a certificate or license

Earning either a certificate or license not only lends credibility to your qualifications, it also signifies your commitment to your profession. Options include the Chartered Financial Analyst (CFA), Certified Treasury Professional, Certified Management Accountant or Certified Public Accountant (CPA).

4. Focus on a specialty

Finance managers may choose to narrow their focus into a niche category such as risk management, treasury, insurance or superforecasting.

How to highlight finance manager skills

Your resume and cover letter ideally include real-world examples of your qualifications and accomplishments. Whether it's written communication or a face-to-face job interview, aim to provide evidence of how your skills benefit the employer and make you the best candidate for the job.

Finance manager skills on your resume

Your resume is a snapshot of how your skills have improved profits, secured contracts or balanced budgets. Revisit the skills list and try to include examples that apply to one or more skill sets.

Managed and developed a team of 15 analysts to perform financial modeling, reporting and data analysis. (Leadership, communication, organization)

Created detailed forecasts of salary and benefit plans that resulted in an annual savings of $20,000. (Attention to detail, mathematical expertise, problem-solving)

Analyzed risk, identified investment opportunities and secured loans for expansion. (Analysis, independency)

Finance manager skills in your cover letter

The cover letter is an opportunity to not only highlight your strengths ,but to ensure employers of your passion for finance. Cover letters demonstrate your qualifications while pointing out your skills. Use your analytical ability to research the company and offer ideas or solutions that improve profits or reduce losses in your cover letter.

Example: "In my previous financial manager role, I led my team through the implementation of a new investment strategy. My strong communication and organizational skills ensured my team completed their duties in a timely fashion and emerged from the process with a better understanding of our organization's goals."

Finance manager skills in the job interview

During a job interview, you may be asked to present certain information that provides evidence of your knowledge of financial tools and techniques. Consider preparing a case study or scenario such as a time you saved the company money by avoiding a risky investment or how you increased profit margins after analyzing the supply chain.

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Finance Manager Skills: Definition and Examples

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Finance managers use a wide range of skills to balance budgets and recommend investments. This article defines the skills needed to be a successful finance manager.

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Finally, in Chapter 17, I gravitated more to the important of planning ahead. It seemed to be an important part of the business world whether starting a business or in the middle of your business' operation. I wanted to share this article about why planning ahead is important, but the main reason why I chose this was one was because it put an example that shows someone who was able to make planning ahead easier. Tiffany Wong created a website that would help small business owners plan for the future when it comes to their finances. Now, if planning ahead would be something that would intimate you, that is no longer is a problem. So, if you ever need help navigating this crucial part of your business ownership, give Tiffany a call.

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One of the most important activities you can do for your business to ensure you reap financial success is to plan. Planning gives your company a clear direction when mapping out your goals. You plan on the direction you would like the business to go, and the plan maps out how you will achieve those goals. This plan is known as a budget, and often business owners do not like to budget because it can feel like a constriction.

But have you considered how much a budget can offer you?

Budgeting and financial planning offers an opportunity to construct scenarios with various factors playing in, such as planned sales increases, payroll increases, cost per unit increases, and the list goes on. Depending on the business size and how many moving parts there are in the planning process, the organization and scenario building for this information, can get complicated.

Young woman with straight, long, brown hair wearing glasses smiling. Wearing business jacket.
Sarah Deragon

After searching for an affordable financial planning software for many years but to no avail, Tiffany Wong, a co-founder of the startup company Pry.co, founded this new platform to move small business owners and startup companies away from error-prone and inefficient softwares towards an affordable software solution that easily streamlines the planning process. This tool is designed to make it easier for the user to manage their financial data while having access to actual accounting data from previous periods and planning future years - all in one platform.

Pry.co makes it simple for businesses to manage their financial budget, map out a hiring plan to include salary increases, financial models, and cash runway forecasts, all without having to manage other software programs or hire a CFO.

The top benefits of budgeting:

1. Offers a plan and clear direction for your business goals

In a budget, you can break down the cost drivers to smaller detail, so much so that if it is essential to understand the cost of screws when building your revenue model, you can do that.

2. Offers the ability to incorporate cost increases in your plan to ensure you can keep your profit margins healthy

As costs increase over time due to inflation and variable cost increases, these can efficiently be planned for during the budget and planning phase. Having a reliable budgeting system in place makes the process more efficient and saves time for you.

3. Gives you a basis for monitoring your progress towards these goals

Budgets are typically broken down into monthly increments, which allows the user to monitor their actual progress against their budgeted performance monthly. This process allows the opportunity for the business owner to react quickly to deviations and correct them before the problems turn into more significant issues.

4. Allows you to understand your business on a much deeper level

When you break down your costs, it allows you to take a deep dive into your business and understand what drives your costs up and how the business decisions you make daily affect your bottom line. Knowing your numbers is the best way you can increase the profitability of your business.

5. Offers a clear understanding of where you either met, fell short, or exceeded the planned goals

As you monitor your results against your planned numbers, you will see clearly where goals fell short and where you stand financially in your business. If you have a money leak, you will quickly plug it, and that could be a potentially considerable cost-saving as if it went undetected, it could force the business to lose large amounts of money.

The bottom line is that is in your best interest as a business owner to ensure you plan for your business's future. Knowing your numbers is the best way to keep your business dollars, thereby making it more profitable. Having tools that simplify the process goes a long way in saving time and money.

Follow me on Twitter or LinkedIn. Check out my website or some of my other work here.

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The Top 5 Advantages Of Planning Ahead In Your Business

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One of the most important activities you can do for your business to ensure you reap financial success is to plan. Planning gives your company a clear direction when mapping out your goals. You plan on the direction you would like the business to go, and map out how you will achieve those goals.

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For Chapter 14 that talked about Financial Statements and Bookkeeping, a bookkeeping service would be a perfect resource. I am not good with numbers just like we talked about in the class discussion for chapter 14. I would like to have someone who is an expert do it for me. That way I would know it would be done by a professional who can inform of issues within my books and help me resolve them with ease. I figured my classmates could benefit from that as well.

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Back Office will provide you with

A team of U.S. experts

Your live bookkeeping team will make sure your books are done right.

Support you can trust

Our in-house team is just a quick call away. We respond to any request within one business day.

Clean books

Our team will take care of your books on a weekly or monthly basis.

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Online Bookkeeping Services for Small Business - Back Office

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Dedicated team of professional bookkeepers who do your bookkeeping, so you can focus on growing your business. Learn more with your free trial today.

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In Chapter 10, the biggest takeaway that I had was the locations in which to build factories. Considering that is part of the job of an Operations Manager's job, I figured to give anyone who would need it, a leg up of knowing where the best locations for building factories would be a great idea.

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Manufacturing has served an important role in the U.S. economy, and the industry continues to play a critical role today. From industrial products to consumer goods, and from automobiles to aircraft, the U.S. manufacturing sector is diverse and continues to develop and evolve. While not without significant risks, from product liability to employee injuries, manufacturing is truly a high-risk, high-reward industry, with those that are able to operate with exacting precision, efficiency, and innovation, seeing the fruits of their labor.

In this deep dive into manufacturing-centric areas in the U.S., we examined the question: where are the top cities in the United States where manufacturing is thriving?

AdvisorSmith conducted a study on 294 U.S. cities to determine the top cities where U.S. manufacturing is thriving. We based our rankings on four key economic factors: manufacturing output growth rate, manufacturing output per capita, manufacturing location quotient, and manufacturing employment growth rate.

In 2019, there were 12.8 million manufacturing jobs in the United States, up from 12.3 million in 2015. Manufacturing jobs accounted for 8.2% of total employment, and manufacturing output was $2.4 trillion in 2019. Manufacturing accounted for approximately 11% of GDP. Nationwide, we found that manufacturing output per capita was approximately $7,221, while the manufacturing output growth rate on a compounded annual growth rate basis was 2.9% during the study period. Manufacturing employment grew by a compounded annual growth rate of 0.9% during the study period.

Geographically, the Midwest accounted for 26 out of the top 50 cities, while the South accounted for 13. Western cities accounted for 9 of the top 50, while only 2 Northeastern cities only accounted for 2 of the top 50, with both in Pennsylvania. Regional patterns emerged with the Midwestern cities primarily focused on automotive, agricultural, and raw materials manufacturing while the South maintained strong oil and gas, chemical, and furniture industries.

Top Cities Where Manufacturing Is Thriving by City Size

The majority of the top cities for manufacturing in our study-43 in the top 50, and 9 in the top 10-were small and midsize cities. Small cities with a powerful hold on significant manufacturing industries dominated our list, and Indiana, with 3 out of the top 10 spots, had a particularly strong showing at the top of our ranking.

We segmented cities by metropolitan statistical area population, with small (<150,000 population), midsize (population between 150,000 and 500,000), and large (over 500,000 population) cities. Below are the top 10 small, midsize, and large cities where manufacturing is booming.

Top Cities Where Manufacturing is Thriving

1. Elkhart, IN

Elkhart, Indiana, was the top manufacturing city in our study, and one of two midsize cities in the top five. Elkhart is a city in northern Indiana just fifteen miles east of South Bend, the economic and cultural center of Northern Indiana. Elkhart and the surrounding cities in Elkhart County are referred to as the "RV capital of the world." Fifty-two percent of all RVs produced in the United States are produced in Elkhart County.

In 2019, the city produced 584% more jobs for manufacturing, on a per-capita basis, than the average U.S. city and had a manufacturing output of $9.1 billion. During the study period, manufacturing output grew by a compounded annual growth rate of 6.1%, while manufacturing employment grew by 2.1%. Manufacturing output per capita in Elkhart was $44,137 at the end of the study period.

2. Columbus, IN

Columbus is a small city in central Indiana located approximately 40 miles south of the state capital, Indianapolis. Columbus is one of the biggest manufacturing cities in the nation, as 38% of the people who work in Columbus work in the manufacturing industry. Columbus is particularly well known as a producer of automotive engines, and this is, in no small part, due to the city serving as the headquarters of Cummins, a Fortune 500 corporation that designs, manufactures, and distributes engines. Columbus is also home to Toyota Material Handling, U.S.A., Inc., which is the world's largest manufacturer of forklifts.

Columbus had a manufacturing output of $3.9 billion in 2019, which was $45,901 per capita. The city has 459% more manufacturing jobs than the national average on a per-capita basis and had a manufacturing output growth rate of 1.1% during the study period. Manufacturing employment also grew 0.8% over the same period.

3. Reno, NV

Reno is a city in the northwestern part of Nevada, located near the California border. The city is best known for casinos and tourism, serving both the gaming industry and the nearby ski resorts of Lake Tahoe. Recently, the Reno economy has attracted major investments from technology companies based in California and Washington, such as Amazon and Google. Most importantly for the manufacturing industry is the location of the Tesla gigafactory in Reno. This electric vehicle battery manufacturing plant has led to rapid growth in manufacturing output and manufacturing jobs in Reno.

The manufacturing output of Reno was $3.4 billion in 2019, which was $7,054 on a per-capita basis. Manufacturing output grew by 15.3% annualized over the study period. The city also has 124% more manufacturing jobs than the national average.

Top 50 Cities With Strong Manufacturing Economies

In this study, we ranked the top 50 cities with the strongest manufacturing economies, based upon four primary factors: the growth rate of manufacturing output, manufacturing output per capita, the location quotient for manufacturing workers, and the growth rate in manufacturing jobs. We assigned a score of 0-100 to each city based on these factors, with higher scores being ranked more highly.

Rank

City

City Size

Manufacturing Output Growth Rate 2015-2019 (CAGR)

2019 Manufacturing Output Per Capita

2019 Manufacturing Employment Location Quotient

Manufacturing Employment Growth Rate 2015-2019 (CAGR)

Total Score

Manufacturing Output Growth Rate 2015-2019 (CAGR)

Our study measured the growth rate of manufacturing output over a five-year period, from 2015-2019 on a compound annual growth rate percentage basis. This metric shows the change in manufacturing output for a given city. Bellingham, Washington, led the nation on this metric. This coastal city near the Canadian border manufactures items such as aircraft interiors and industrial equipment.

Manufacturing Output Per Capita (2019)

Manufacturing output per capita measures the dollar value of the manufactured goods produced by a city divided by the city's population. It provides a measure of the manufacturing production per city resident. The highest-ranking city on this metric was Columbus, Indiana, which also placed #2 overall. Columbus is home to Cummins, an engine and power generation equipment manufacturer, as well as Toyota Industrial Equipment Manufacturing.

Manufacturing Location Quotient (2019)

The location quotient for manufacturing jobs measures the proportion of manufacturing jobs to total jobs in a city compared with the national average. The higher the location quotient, the more likely it is that a randomly selected job will be a manufacturing job. Elkhart, Indiana, which was also the #1 place where manufacturing is thriving in the U.S., had the highest concentration of manufacturing jobs on a per capita basis.

Manufacturing Employment Growth Rate 2015-2019 (CAGR)

In the table below, we list the top cities where manufacturing jobs have grown the most on a compound annual growth rate percentage basis between 2015 and 2019. The #1 city, Reno, Nevada, is home to the Tesla Gigafactory 1, which accounted for substantial job growth in the city during the past five years.

Methodology

Our study considered four primary factors to determine the top cities where manufacturing is thriving in the U.S. The factors included the growth rate of manufacturing output based on the compounded annual growth rate between 2015-2019, the manufacturing output per capita in 2019, the employment location quotient of the manufacturing sector, and the compound annual growth rate of manufacturing jobs between 2015-2019.

Data was compared at the Metropolitan Statistical Area (MSA) level for 294 US cities. Each city was assigned a score from 0 to 100 for each of the four factors based upon its relative rank on the factors. The four scores for each city were averaged to create a composite score, and the 294 cities were ranked based upon the composite score.

To determine the growth rate of manufacturing output for each MSA, we used data from the December 2020 release of the U.S. Bureau of Economic Analysis Local Area Gross Domestic Product dataset. We calculated the compound annual growth rate between 2015 through 2019. For this dataset, data for specified cities and years was withheld to avoid the disclosure of confidential information. Where possible, we interpolated data in order to estimate the manufacturing output for cities and years where the data was withheld. MSAs in which data could not be successfully interpolated were excluded from the study.

The manufacturing output per capita was calculated based on manufacturing output for each MSA in 2019 from the Local Area Gross Domestic Product, divided by each MSA's population, which was provided by data from the U.S. Census Bureau Population Estimates Program.

In order to calculate the manufacturing employment location quotient for this study, we calculated the percentage of manufacturing jobs divided by total jobs in the United States, which was 8.2% at the end of 2019. We then calculated this same percentage for each MSA, using data from the US Bureau of Labor Statistics Current Employment Statistics and Current Population Survey. To calculate the location quotient, we took a ratio of each city's percentage divided by the national percentage.

To measure the growth rate in manufacturing employment across the cities, we compared the level of manufacturing employment at December 2015 to the level at December 2019, calculating the compound annual growth rate using non-seasonally adjusted numbers. This data was provided by the U.S. Bureau of Labor Statistics Current Employment Statistics.

Sources

1. U.S. Bureau of Economic Analysis Local Area Gross Domestic Product

2. U.S. Census Bureau Population Estimates Program

3. U.S. Bureau of Labor Statistics Current Employment Statistics

4. U.S. Bureau of Labor Statistics Current Population Survey

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Top Cities Where U.S. Manufacturing is Thriving

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Manufacturing has served an important role in the U.S. economy, and the industry continues to play a critical role today. From industrial products to consumer goods, and from automobiles to aircraft, the U.S. manufacturing sector is diverse and continues to develop and evolve.

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