Nexus Square

Are you a Small Business Owner and need help understanding your business finances? Read our Blog Post on how to prepare and understand the 3 main types of monthly financial statements for any small business.

A Small Business Guide to Financial Statements How to maintain read and understand your business's financial statements

Firing an employee is never an ideal choice.

You always hope that you never have to be in this predicament as a business owner, but sometimes it happens. If it does, you should be prepared legally for that action, to cover you and your business.

5 legal considerations:
1. DOCUMENT the employee's violations in writing, as well as the performance improvement plans you made to get things on track.
(Make sure the employee has acknowledged reading said documentation too.)
2. REVIEW your employee handbook. Make sure the firing policies in there are up to date and that you follow them precisely.
3. COLLECT interviews, documents, and evidence to back up your decision.
4. STICK TO THE FACTS when the talk comes and keep things to the point. No debating, sugar-coating, bullying, or belittling.
5. GIVE INFORMATION about remaining benefits, last paycheck, PTO compensation, unemployment options, etc.