September 23, 2015 Expenses en_US By custom-tailoring benefits to employees, Luxelab goes beyond health insurance and retirement. Learn how employee benefits help his business thrive. VIDEO: Offer Your Employees Truly Beneficial Benefits

VIDEO: Offer Your Employees Truly Beneficial Benefits

By QuickBooks September 23, 2015

Perhaps more than most, small business owners appreciate the importance and value of teamwork when it comes to achieving their business’ goals. After all, businesses are only as good as the employees who keep them running. As the owner, it’s your responsibility to make sure that your team is well taken care of so they can do their jobs to the best of their abilities. Good pay and a great company culture go a long way in doing so, but another area where you can surpass expectations is through the type of employee benefits you offer.

As Luxelab and Chroma Color Bar co-founder David Abrams explains, none of his LA-based specialty hair salons would exist if it weren’t for his talented and hard-working team of stylists. In addition to a team of talented stylists, he also employs office managers, a controller and a tax accountant, each of which assist with bookkeeping and financial management. When it comes to providing benefits, David and his co-founder, Jason Lara, offer their teams individualized perks, many of which are educational programs aimed at helping employees better their lives. This is in addition to the conventional health insurance and the 401(k). The prevailing belief is that these programs empower employees to realize their individual dreams, whether they’re learning how to buy a house or set up the most efficient retirement fund. In the course of doing so, David and Jason are empowering their business’ success.

As David explains, customer satisfaction starts with employee satisfaction, which is why Luxelab offers a great benefit package to its teams at all of their Los Angeles locations. If you feel that your business is ready to reward its employees, choose those benefits that your employees will appreciate. Once you do, a qualified CPA or proper bookkeeping software can help you with making payments and claiming deductions during tax season. Remember that offering benefits is optional, and will depend on what you can afford. Nonetheless, relevant benefits can make a world of difference in your employees’ well-being, as well as your business’ success. Your team is worth it, and so is the future of your business.