BHAG: My big tip when creating this MUST HAVE ...

Interesting fact … 

On May 25, 1961, before a joint session of Congress,President John F. Kennedy addressed the nation on Urgent National Needs. In this speech, JFK stated that the United States will set a goal of landing a man on the moon and returning him safely to the earth by the end of the decade.  

Not knowing exactly HOW this would happen, just making the statement that WE WILL do something audacious created an additional sense of purpose. It drove us all toward a common visionary outcome ... 

Which as you know, came to fruition on July 16, 1969. 

 Little did anyone know, this statement would become one of the most famous “BHAG” statements in history.  

The term “BHAG” was actually coined by Jim Collins and Jerry Porras in their book Built to Last many years later. 

In 1999, that book was recommended to me ...

And yes, I actually recall the year I read it because I remember presenting my very first BHAG (after being inspired by the book) to the company I was working for at the time. 

I stated that we would create a brand new division within the company, and it would reach 45 million within 5 years. 

Needless to say, that did not go over well. After my presentation, my boss was irate (and almost fired me right there on the spot). He asked how I could ever state such an unattainable goal; that I flat out embarrassed the entire department. 

He believed it was sure to fail, and held me 100% accountable to reaching it (linking my future with the company to the outcome).  

Fast forward 5 years later … 

That brand new division was created. 

And we took it from $0 to $45 million annually within 5 years, making it the biggest, fastest-growing, and most profitable division within the company.

If you aren’t familiar with the term, BHAG stands for Big, Hairy, Audacious Goal. 

Simply put, a BHAG is a long-term, 10 to 25-year goal aligned with your culture, overall strategy, and embraced by all. 

But it’s not just any goal. 

It’s a challenge.  A challenge so outside-the-box, it may seem “unrealistic” to everyone else that you’d actually achieve it. 

You’ll hear me mention BHAG quite often because I believe it’s a vital piece to a company’s growth, and an extraordinary and embraced part of a company’s overall culture.  

A BHAG represents “True North” to every team member in your company.  It's the one clear purpose that everyone is on board with. 

A compass for anyone who is ever unclear which direction to move towards in the company. If there is ever a question whether a certain move or decision is beneficial for the company, simply asking this one question: “Is this getting us closer to our BHAG?” will provide the correct answer.  

A BHAG can also influence and qualify current and future hires within your company.  

You only want to recruit the best team members to help you achieve your goals, right?  

Your BHAG will attract the right candidates who want to be a part of actualizing your goal/mission. 

“A true BHAG is clear and compelling, serves as a unifying focal point of effort, and acts as a catalyst for team spirit. It has a clear finish line, so the organization can know when it has achieved the goal; people like to shoot for finish lines. A BHAG engages people—it reaches out and grabs them. It is tangible, energizing, highly focused. People get it right away; it takes little or no explanation.” -Jim Collins

When we started designing our culture framework at Business Nitrogen, I did something a tad bit different. 

I mention this because I think it might make a difference for you when embarking on this exercise. 

I decided to focus on creating our BHAG before we created any of the other culture components (against what is recommended). 

I did this because it was easier to keep the end in mind.  Then simply work backwards to design the foundational elements that would directly and intentionally support it.

Here’s what we came up with: 

By Dec 31, 2030, Business Nitrogen positively impacts 1 billion people worldwide through clients implementing our ethical marketing and sales strategic solutions.

One more quick tip … 

Keep this checklist top of mind when creating your BHAG: 

• It feels as if it’s 70% achievable
• It is clear and compelling
• It expands your company’s current capabilities
• It is measurable
• It is aligned with your company’s overall strategy
• It is long-term (within 10 to 25 years) 
• It scares you… just a bit!

If you’d like some feedback after you’ve created your first draft, send it over to us by simply replying to this email. 

As always, feel free to reply back if you’d like to brainstorm on how we can help you grow and scale your business to the next level.  We have a new program in the works that might be great for you if you already have a killer team behind you that can help you execute exactly what it will take to break through that invisible ceiling in your business. 

To your success, 

David

Active Campaign Certified

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The Employee Retention Credit

 It's a credit associated with employment taxes, but it's based on wages you paid to your employees, so it's essentially rewarding you as an employer for keeping your people paid throughout the pandemic.  Established by the CARES Act, the ERC is a refundable tax credit – a grant, not a loan – that a business can claim even if they had to shut down business permanently. The employee retention credit Tax is readily available to both small and mid-sized businesses and is based on qualified incomes and healthcare paid to employees.

  Qualifying businesses can make the most of the following offerings:

- Approximately $26,000 per employee

- Available for 2020 and the very first 3 quarters of 2021

- Qualify with decreased profits or COVID event

- No limit on funding

- Employee Retention Credit (ERC) is a refundable tax credit

  The ERC has actually gone through a number of changes and has many technical details, consisting of how to determine qualified wages, which employees can qualify and more.

  “The employer retention credit tax is an extremely valuable and exceptionally under-utilized monetary aid opportunity for small business owners to receive from the federal government, describes Business Warrior CEO, Rhett Doolittle".

  After recognizing this opportunity to help more small companies, developing a partnership with Bottom Line Savings was a no-brainer. Since 2008, they've recuperated over $2.2 billion dollars for more than 7,000 customers including American Express, Uber, and Rolex.  To qualify as a business, business owners must meet the following:

  Experience modifications to your operations due to an Executive Order during 2020 or 2021; or your gross receipts for 2020 fell below 50% for the very same quarter in 2019 and fell below 80% for 2021.

  Another reason why the employee retention credit is more attractive now than it was last year, and that is that it's easier to qualify for the employer retention credit in 2021. I didn't qualify for the 2020 employee retention credit initially, because I got first round of PPP cash and second due to the fact that my business didn't suffer that big 50% decline needed to qualify for the employer retention credit last year. But for 2021, at least for Q1, yeah, my service qualifies. Not only are more services qualified for the employee retention credit thanks to these brand-new laws, making PPP recipients eligible for the employer retention credit though not on the exact same wages and making more services eligible through the 20% decrease threshold rather than the 50% decline limit, however the 2021 credit is likewise more profitable than the 2020 credit. If you received PPP funds you are still able to get the employee retention credit, you aren't able to double dip wages with ERC, but that does not mean that you can't use both programs to make the most of both credits. For instance if somebody makes twenty thousand dollars per quarter or eighty thousand dollars a year for that quarter, you can use ten thousand dollars of salaries toward the ERC credit and 10 thousand dollars toward PPP forgiveness plan. The program started on March 13th, 2020 and also finishes on September 30, 2021, for eligible companies.

 Not bad, however that's nothing compared to the 2021 credit due to the fact that for 2021, the credit is equivalent to 70% of certified incomes per employee paid from January 1, 2021 through December 31, 2021, limited to $10,000 in salaries per employee ... for that entire time period?

The program started on March 13th, 2020 and also finishes on September 30, 2021, for eligible companies. You can look for refunds for 2020 as well as 2021 after December 31st of this year, right into 2022 and 2023. And possibly past then as well.

Many organizations have received refunds, and others, along with reimbursements, likewise certified to proceed receiving ERC in every pay-roll they refine to December 31, 2021, at about 30% of their payroll expense.  Some businesses have received reimbursements from $100,000 to $6 million.

It underwent a number of modifications as well as numerous technical changes to the program, including just how to determine professional earnings, which workers are qualified, as examples. Your business specific case might require even more intensive requirements and analysis. The program is complicated and and time consuming potentially leaving you with unanswered questions.

For more information related to your business click the link provided and schedule an appointment at your convenience before the opportunity is no longer available.  

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Employee retention credit 2022: How To Apply

Employers may be eligible for the Employee Retention Credit (ERC), established by the Coronavirus Aid, Relief and Economic Security (CARES) Act. The ERC provides up to $5,000 in credits for each employee retained during a specified period of time.

To qualify for the credit, employers must meet two criteria:

1. Employers must have been in business prior to February 15, 2020, and either have full or partial operations suspended due to governmental orders related to COVID-19 or experience a significant decline in gross receipts during a calendar quarter compared with the same quarter in 2019.

2. Employers must retain employees through December 31, 2022 and not reduce payroll costs below 90% of what was paid from March 13, 2020 to June 30, 2020.

Employers who meet the qualifications for the ERC can apply during 2021 and 2022 for a credit worth up to 80% of qualified wages paid in each quarter, with a maximum credit of $10,000 per employee per year. The credit is available no matter how many employees are retained, but it cannot exceed the total wages paid in a calendar quarter or $10,000 per employee over the two-year period.

To apply for the credit, employers must complete Form 941-X (Adjusted Employer's Quarterly Federal Tax Return) and attach it to their regular quarterly federal tax return. They will also need to provide documentation such as payroll records, copies of required governmental orders, and gross receipts records to the Internal Revenue Service (IRS).

The IRS has also established a portal for employers who may qualify for the ERC. The portal will allow eligible employers to apply online and receive their credits quickly without paperwork. Employers should consult with a tax advisor or visit IRS.gov for more information on how to apply.

Employee retention credit 2022 can help businesses offset the cost of salaries and wages for employees during this uncertain time. Employers should take advantage of this opportunity if possible in order to keep their employees employed and ensure business continuity during the pandemic.  By taking the necessary steps to apply for the credit, businesses can continue to maintain operations while protecting their most important asset—their employees.

Good luck!  We hope this guide has helped you understand the employee retention credit 2022 and how to apply for it. Please feel free to contact us at EERTC Wizard with any questions or for more information. 

Apply for employee retention credit ERTC: Easy Online Rebate Calculator

The employee retention credit (ERC) helps employers retain their employees and offset the cost of providing health care benefits during these difficult economic times. The ERC is a refundable tax credit against certain employment taxes equal to 50% of qualified wages paid from March 13, 2020 through December 31, 2020. Qualified wages are limited to $10,000 for each employee for all calendar quarters.

Eligible employers can claim the ERC on Form 941 when filing their quarterly employment tax returns. Employers must have experienced either:

 

• A full or partial suspension of operations due to an order from an appropriate governmental authority limiting commerce, travel or group meetings due to COVID-19; or

• A significant decline in gross receipts compared to the same quarter in the prior year.

To be eligible for the ERC, employers must claim an employer portion of Social Security tax on wages paid after March 12, 2020 and before January 1, 2021. The credit is available for both for-profit organizations and certain non-profit organizations.

To apply for the ERC benefit, employers should consult a qualified tax advisor or CPA. Employers can also visit the ERTC Wizard website for more information on how to qualify and apply for this important tax benefit.  With the ERC providing much needed support to businesses that have been affected by COVID-19, employers should take full advantage of this valuable credit when filing their employment taxes. 

Taking advantage of the employee retention credit is a great way for employers to ensure that workers remain with their company during these difficult times. It can also help employers offset some of the costs associated with providing health care benefits to employees and keep them safe and healthy. Employers should speak to a qualified tax advisor or CPA if they are unsure about how to go about applying for this important tax benefit.

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