@ Mark – I really love the word frugal, and actually being frugal. Its something that I was somehow blessed with from birth. Im a lot more frugal than my parents which you wouldn’t expect, right?

@ Kent – Once again I am inclined to agree with your devil’s advocate position. I strongly believe that feeling included and valued is worth a lot more than higher pay. It’s why I have left quite a few previous jobs. I like making my own way.
And I like your business philosophies. You are the type of guy I would gladly work for.

Cheers,
Jeremy

It forces everyone to work the same hours for less pay, and denies them the opportunity to seek another position while receiving temporary unemployment benefits.

There are no easy answers here. If the business goes under by failing to maintain fiscal discipline, then everyone loses their job immediately and irrevocably.

Chris | Martial Development’s last blog post..What are Karate Kata?

Too many businesses are too lavish when they’re enjoying a boom, hence failing to save enough to deal with the unexpected turn of events. If they’ve enforced a tight control on expenses ALL the time, many cost cutting measures are unnecessary when things are going bad. The impact of the downturn will be minimised.

Cheers~

Mark

Mark Foo | TheBigDreamer.com’s last blog post..6 Personal Finance Lessons I Wish I Had Learnt Earlier In Life

To play “devil’s advocate,” I would argue that group health benefits, especially for the vast majority of us who are relatively healthy, are more expensive than a high deductible individual plan.

When I started my own business, I obviously had to shop for my own family health coverage. To my surprise, my overall cost is lower than with my former employer’s group health plan. Premiums are lower. My deductible is high but I can make up for the cost by managing my own risk with emergency funds and an HSA. I get more tax deductions and I get discounts at many doctor’s offices for paying up front rather than making them “chase the money” through a maze of insurer red tape.

As my company continues to grow and I hire employees, I will not pay for health benefits — I will teach my employees to serve their own best interests by helping them find health coverage. I will teach the entrepreneurial spirit — that working for yourself is ultimately a lower risk than working for someone else.

I will also offer a generous profit-sharing plan, include employees on company decisions, and offer the ultimate opportunity to become a partner of the firm. Most employees would say that they want to feel included and valued, rather than receive higher wages.

Part of the problem with our society is that we are trained to expect others to provide for our welfare, which paradoxically leads to higher monetary costs. Most employees (and employers) look for what they can receive, rather than what they can give. This creates and perpetuates the problem we face today.

In my view, “giving” is not showing someone the easy path — it’s showing someone how to provide for them self by enabling them with knowledge and confidence — not giving them “benefits” that promote dependency.

“You give but little when you give of your possessions. It is when you give of yourself that you truly give.” ~ Kahlil Gibran

“The value of a man resides in what he gives and not in what he is capable of receiving.” ~ Albert Einstein

Kent @ The Financial Philosopher’s last blog post..Financial Health: ‘Personal’ Comes Before ‘Finance’

It inspires the employees.

Cheers

The sooner we realize that to some extent everything affects all of us, the better. Adding value to one’s business does not mean just adding a free e-book.

Cheers

George

Tumblemoose’s last blog post..Harriet Tubman keeps my writing going