Salary Requirement Changes for Exempt Employees – Need to Know Information Featuring Bill Smoak!

Small business owners face a variety of challenges in their business. The task of creating a successful sales funnel to effectively market and sale the product or service is challenging enough. The typical business owner goes into business to help others with their product or service only to be met with a variety of obstacles designed to hinder this simple mission. Our guest today was William (Bill) Smoak who is an Attorney with the law firm of Smoak, Chistolini, and Barnett where they specialize in assisting business owners with regulatory and legal challenges that arise in the daily course of their business.

The entrepreneurial spirit of the American culture coupled with the lack of business training in our public educational system has created a Catch 22 in our economy. America has been built on the backs of small business owners and many strive to run their own business, but our culture has provided a playing field devoid of basic training at the youth level and those who invest in training are oftentimes left riddled with debt that encumbers their ability to launch a business. Add to this mix regulatory issues that are constantly being added, changed and evolved and you have a culture of determined entrepreneurs set up to fail.

On this segment of That Business Show, Bill shared with our audience information on one of the regulatory issues that is working against the small business owner’s ability to succeed. The Fair Labor Standards Act works to protect the rights of the employee but leaves open opportunity for abuse of the system. Lawyers are able to file suits without an administrative filter such as the Equal Employment Opportunity Commission.

From the Department of Labor’s Website:

The Overtime Rule

In 2014, President Obama directed the Secretary of Labor to update the overtime regulations to reflect the original intent of the Fair Labor Standards Act, and to simplify and modernize the rules so they’re easier for workers and businesses to understand and apply. The department has issued a final rule that will put more money in the pockets of middle class workers – or give them more free time.

The final rule will:

  • Raise the salary threshold indicating eligibility from $455/week to $913 ($47,476 per year), ensuring protections to 4.2 million workers.
  • Automatically update the salary threshold every three years, based on wage growth over time, increasing predictability.
  • Strengthen overtime protections for salaried workers already entitled to overtime.
  • Provide greater clarity for workers and employers.Fortunately for business owners at this time, the law is on hold due to a successful lawsuit that has provided a preliminary injunction enjoining the Department of Labor from implementing and enforcing the Final Rule which was set to go into effect December 1st 2016.

While this ruling works to raise the salaries of the white collar administrative worker, it creates a tremendous burden on the small business owner who now is having an expense doubled! That is per employee too so the impact is magnified by the number of exempt workers a business has. In short, exempt workers are not entitled to overtime and non-exempt employees are entitled to overtime pay. There are strict tests to apply to accurately determine the proper category of a worker too and this gray area creates opportunity for litigation in business employment matters.

Fortunately for business owners at this time, the law is on hold due to a successful lawsuit that has provided a preliminary injunction enjoining the Department of Labor from implementing and enforcing the Final Rule which was set to go into effect December 1st 2016. As Bill explains in this segment though, the issue remains unresolved and could end up at the Supreme Court Level. In the meantime, small business owners are left with uncertainty and will be slower to hire new staff until this law is ironed out.

Bill and his firm work to protect business owners from issues that arise in this area and other areas involving the Fair Labor Standards Act and also touches on issues relating to Title VII which deals with discrimination in the workplace. They also work on issues relating to abuse of the regulation of the Americans with Disabilities Act. This is another law that was issued with good intentions but is easily abused by attorneys who shake down business owners on every minute detail and by using disabled individuals they hire to bring these lawsuits out.

 

To counteract these challenges that business owners face, Bill and their firm offers to business owners an HR wellness checkup. It is a questionnaire found at www.flatrialcounsel.com that will gauge your exposure to issues surrounding the FLSA, Title VII, the ADA and other issues and is used as a tool to help protect you and your business by their firm should you choose to engage their services. With Florida being ground zero for business litigation, it is imperative that you educate and protect yourself as a business owner. You are in business for much more than just producing a product or service and today must have knowledge in regulatory issues to stay afloat. Find this complete interview at www.thatyoutubechannel.com or www.thatbusinessshow.com and please subscribe to us on YouTube to help grow the channel and show!

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6 STEPPS to Gaining Word Of Mouth Influence Over Your Competition Featuring Jonah Berger!

All entrepreneurs are in the business of influencing people. They work hard day in and day out to get you, the consumer, to be influenced enough by their product or service to use it over other similar products. How do you as an entrepreneur gain an advantage over your competition and how do you get to the point of being a true influencer in your industry? “It all comes down to word of mouth” states our guest Jonah Berger. Jonah is a Marketing Professor at the Wharton School at the University of Pennsylvania and a world-renowned expert on word of mouth, social influence, consumer behavior, and how products, ideas, and behaviors catch on. He has published dozens of articles in top‐tier academic journals, teaches Wharton’s highest rated online course, and popular accounts of his work often appear in places like The New York Times, Wall Street Journal, and Harvard Business Review.

In this discussion, Jonah shares with us the 6 points you as an entrepreneur need to focus on to be an effective influencer of others – that is to get word of mouth to carry about your product. These include social currency, triggers, emotion, public, practical values and stories. He outlines these in great detail in his book Contagious which can be found here and they can easily be remembered by the acronym STEPPS. Jonah shares with us an example of social currency in which he explains that the better something looks, the more likely they are to share it. Citing an example of a bar that does no advertising in New York City but receives tremendous business, we learn that they are even hidden inside a Hot Dog restaurant and is named Please Don’t Tell. This “secret” aspect of the bar gives it an appeal that others do not have and results in more business to the establishment. Jonah shares with us another example of a blender that destroys / blends a cell phone in it to demonstrate the power of the blender but to which leaves us with the question, can other blenders do that too? It’s irrelevant because no other company showed us their power so we assume it is the best.

Social influence is all around us and impacts us whether we are leaders or followers. Jonah talks about how lawyers climb the ranks of law and then all buy BMWs, sub-consciously being affected by the influence of their peers that all drive BMWs. We are impacted by social influence but are mostly unaware of it on us directly because it is all acting on us sub-consciously. Jonah states that the only place we do not see social influence is in ourselves.

In the closing segment, Jonah talks about an interesting experiment that showed how cockroaches are influenced by social factors. A scientist devised a cockroach stadium and tasked the roaches with running different routes, some straight and others curved. The scientist also had others watching and not watching the roach at times and that factor was also key in the outcome of how well the roach performed on the task. What it showed was that the roach performs well on tasks that are easy and normal when being watched by others but if you add something unexpected or harder to the equation, the impact of others watching greatly impacted the roach’s ability to perform the task well. It all boils down to we are influenced by others if we know are being watched. Jonah then relates this to how a workplace functions and how we as entrepreneurs can use this lesson to heighten the impact of our staff.

This is a great discussion of entrepreneurism from an academic standpoint by a leader in this field. In addition to his best-selling book, Contagious: Why Things Catch On (hundreds of thousands of copies are in print in over 30 languages), he also recently wrote, Invisible Influence: The Hidden Forces that Shape Behavior. Berger is a popular speaker at major conferences and events and often consults for companies like Apple, Google, GE, Coca‐Cola, Vanguard, 3M, Kaiser Permanente, Unilever, and The Gates Foundation. You can catch this full interview at www.thatyoutubechannel.com and on iTunes found here and please subscribe to That Business Show to hear many more great entrepreneurial discussions daily from Tampa Bay and across the Nation!

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Unique Developments in Tampa Featuring Cory Ellison!

Tampa Bay is a true gem amongst many city environments. It has a small town feel to it but is large, spacious and today BOOMING! Developments are popping up all over, the College Football National Championship was held here this year and home prices are 5% higher on average than other cities and leaped 10% year over year. Add in the excitement around the Channelside re-development and you know why so many so #TampaHasSwagger! Our guest today is helping to add that swagger to Tampa Bay too, he is Cory Ellison. Cory is the Director of Operations with EWI Construction, who along with his brother Casey, are working on some notable developments in the Tampa Bay area. A graduate of Florida State University’s Real Estate program, Ellison has more than 15 years in the construction and development industry. Prior to EWI Construction, Ellison worked as a field & project engineer for the Beck Group. Here, he was first introduced to construction at age 15, working under his father, Sam Ellison.

Known for their involvement in building the Oxford Exchange and the unique product they produced, their brand is now sought after by many clients across Tampa Bay. Starting in 2007 with a custom home job, they have grown into one of the premier developers in Tampa Bay and are today involved with the Tampa Armature Works building which will open in this spring and the Pearl Housing Development. The Tampa Armature Works building will be home to 16 different shops and restaurants and will feature a roof top bar, market hall and shared workspace too. Situated on 43 acres along the River, this is a historic Tampa gem whose revitalization will greatly add value to the Tampa Heights area. Find out more about this development at www.armatureworks.com!

For people not familiar with their work at the Oxford Exchange, you are missing out on one of Tampa’s finest restaurants and storefronts. This development has one of the best breakfast offerings in the downtown Tampa area and is frequented by many University of Tampa students as a place to meet and study. The floors and many of the decorations are imported and they spared no attention to detail at the Oxford Exchange. Located at 420 W Kennedy Blvd, check out more about this development at www.oxfordexchange.com!

EWI Construction is a master of creativity in both their developments and their website. Check out their website for more about their company, developments and direction at www.ewiconstruction.com and see why they say that creativity can defy gravity! Catch this show and many more entrepreneurial discussions on iTunes here or on YouTube at www.thatyoutubechannel.com and all shows available On Demand too at http://www.thatbusinessshow.com!

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Build Your Dream or Another’s Dream, the Choice is Yours Featuring Luz Rivas!

The entrepreneurial spirit knows no boundaries or limitations. It can strike anywhere at any time and once it takes hold of you, it’s hard to go back to working for someone else. As many entrepreneurs will say, if you are not working to build your dreams, you are working to help someone else build their dreams. Our guest today was Luz Rivas, Medical Esthetician and Owner of Skin by Luz and some of the many takeaways from her discussion was that when life calls you to action, you will know it. In this discussion, it pertained to her call to build her own business.

Growing up in Medellin, Colombia, Luz was inspired by her mother to lead and be independent of others in the professional world. At the age of 25, she came to the United States without knowing English and quickly married and fell into the traditional family lifestyle role as wife and mother. As the years past, she learned English by watching soap operas on television and then began studying the field of skin care. Her passion of always looking and feeling your best is core to her inner self and she was drawn into the business of skin care to help herself and other retain their youthful look. She opened Skin by Luz in the fall of 2016 and today is a proud and happy business owner that took the entrepreneurial journey which began in Colombia and ended in Tampa, Florida.

Luz spends the hour with Jamie and Kelly on That Business Show and discuss some of the basics of skin care in addition to her entrepreneurial journey. She advises against the use of all tanning products, not just the beds and traditional methods, but also against self-tanners and lotions to enhance your skin tone. “You must drink plenty of water” is key to having and keeping youthful and radiant skin and she explains how when we age, we lose collagen and elastin in our skin which results in the traditional aged look. From hydrafacials and dermaplanning to hydradermabrasion and anti-aging facials Luz offers a wide range of products in her store which is located at 8412 N Habana Ave in Tampa. Stop by for a service, both men and women, and learn from her why skin care is so important and enjoy a lively conversation too! Learn more at www.skinbyluz.com or call at 813-421-3205.

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Fly Higher in Business With Pilot Bank Featuring Hanisha Patel and Wesley Joyner!

Tampa is referred to by many as a small big City. While large in its reach and population, many communities are localized and it seems that all of us are no more than 1 or 2 degrees from separation. I have been fortunate in that I have been able to meet so many of Tampa’s business professionals and can attest to the fact that we are all inter-connected on close levels. Every day I meet someone who tells me that they knew this person or that person who appeared on my radio show and I am thankful for the recognition that the Tampa business community has given to That Business Show and myself.

Being that Tampa is a small big City, it becomes natural then to want to support our local community interests. One of those being our community banks. Our guests today were Hanisha Patel and Wesley Joyner of Pilot Bank. Pilot Bank is a community bank based in Tampa and was founded in 1987. Focusing on customer service and relationships, Pilot Bank has grown into a local powerhouse institution with over $200 Million in assets.

As noted at www.pilotbank.com

The bank’s leadership has always believed in strong, long-term relationships, and that approach has helped us to grow.  Our people take the time to engage with customers.  They listen and understand both immediate and long term needs, and they work as a team to go above and beyond in helping customers achieve success.

The bank’s holding company, Pilot Bancshares, Inc. was established in October 1995.  The holding company soon acquired a specialized lending organization called National Aircraft Finance Company (NAFCO).  This partnership added financial strength, diversification, and resilience to the corporation.  NAFCO serves clients across the country by providing specialized and customized financing of general aviation (non-commercial) aircraft, from helicopters to corporate planes.  NAFCO has an affinity relationship with the Aircraft Owners and Pilots Association and is a well-known brand throughout the aviation industry.

Pilot Bank’s full suite of financial products and services is designed to help customers manage both personal and business matters as conveniently as possible.  We offer retail and commercial deposit accounts and extensive commercial lending capabilities (including Small Business Administration Loans), as well as access to professional investment services.  Our four financial centers in Tampa are strategically located in South Tampa, New Tampa, Temple Terrace, and Upper Tampa Bay.  A fifth financial center is located in the Lakeland business district.

Wesley shares with the audience his expertise on small business lending and his outlook for 2017. He discusses some of the basics of preparing for a loan application and how the SBA is instrumental in many of the applications. Hanisha elaborates on the bank’s involvement in the community and how they are the bank to go to for aircraft lending, hence the name Pilot Bank! Learn more about them at www.pilotbank.com and consider them a resource for small business loans for your business today!

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Growing Up Ziglar on #FocusFriday Featuring Julie Ziglar Norman!

Childhood memories are filled with images of theme parks and ball games with the occasional bruised elbow or twisted ankle. For many, youth is a time of unparalleled innocence and imaginative adventures that make for great stories as we age. One childhood memory I recall is my father’s collection of motivational cassettes and business how-to books that apparently influenced my personality. A name I never forgot was that of Zig Ziglar. He is a well-known author and motivational speaker and his name was on many of those books and cassettes I remember as a child. Fast forward 25 years later and I find myself interviewing his daughter who was the guest on That Business Show for this edition of #FocusFriday.

Julie Ziglar Norman is the daughter of Zig Ziglar and worked for twenty years as his personal editor. With a background in the service industry, sales and business management, she has become a respected international inspirational speaker and as her famous father once did, Julie has shared the platform with greats like General Colin Powell, Rudy Giuliani, President George W. Bush, Laura Bush, Howard Putnam, Joe Montana, Lou Holtz, Steve Forbes, Sarah Palin, Goldie Hawn, and many others. She will also be sharing the stage with Michael Gerber as the 2nd keynote speaker of the upcoming Focus on Entrepreneurs Conference being held April 27th and 28th and the new Wyndham Grand Hotel in Clearwater. This event is currently on sale and to attend, visit this link and take advantage of early bird pricing before January 31st, 2017.

Julie shared with us some of her memories of her relationship with her father and how he never promoted or spoke at an event that he did not believe in himself. Citing oftentimes, he would sign himself or herself up for the product or event he was helping to promote. “My father was very regimented in his daily routine” states Julie as she discusses how his routine was centerpiece to his success. Awaking each day at the same time and eating breakfast with his wife as well as incorporating daily exercise into this routine were just some of the many reasons Zig enjoyed success both in life and in his business. She also touched on how you must believe in yourself and your product/service to enjoy success too and goes back to highlight how her father never spoke or promoted an event or product that he too was not 100% committed to for himself.

Julie also talks with us about her first entrepreneurial experience selling helium balloons at the age of 14 and then passing through many other professions including spending 20 years as her father’s editor. Today she is continuing her father’s legacy of encouragement which is an honor and a privilege that Julie never expected or sought, but her willingness to accept the challenge has inspired audiences in America and abroad. Her vibrant style of delivery, her honest and transparent assessment of life, and her willingness to share intimate details of personal failures as well as personal triumphs have made her a popular crowd favorite. Today Julie is an International Keynote speaker and the author of Growing Up Ziglar: A Daughter’s Broken Journey from Heartache to Hope. She also offers Ziglar Principle Based Life Coaching and helps men and women build financial security through commercial, multi-family and single family real estate investment.

Come out to the 1st Annual Focus on Entrepreneurs Conference on April 27th and 28th to meet and hear her entire keynote speech. Tickets now on sale at www.foeconference.com and Juliann extended a special pricing opportunity to TBBO members so be sure to check your inbox for that offer and enjoy 50% off the price of admission! Learn more about Julie at www.julieziglarnorman.com and more about #FocusFriday in our Facebook group found here!

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