Small businesses are undergoing a major shift in the business landscape, which is prompting them to reassess their future. Getting ready for retirement involves thorough planning, assessing available retirement options, and taking ownership of your finances. A recently passed law, known as Secure 2.0, is providing a number of changes that could help strengthen the retirement system for small businesses and their employees in the United States. 

The COVID-19 pandemic has brought on numerous challenges for small employers, from supply chain disruptions to increased cyberattacks, which has forced them to rethink their marketing strategies to grow their online presence. This is why employee retention has become top of mind for small employers, who are also increasingly competing with larger companies for a highly-skilled workforce. We compiled find five key strategies to navigate the ongoing workforce shortage in order to help retain your workforce.

Many California small businesses would like to offer retirement options to their employees—to help attract a talented workforce and boost employee morale—but can’t afford the overhead and administrative costs. The state now requires that all businesses with five or more employees facilitate employee participation in CalSavers if they don’t already have a retirement plan in place.

While it might take you several years of operation to feel like you’re making a comfortable profit, it’s never too early to think about how you can use your business to build long-term wealth.