The CFA Voice

November 27, 2024

The CFA Voice™ is the e-newsletter for Coalition of Franchisee Associations™ and is strictly for informational purposes. CFA™ does not endorse or support any of the views expressed in this digest.

Some stories highlighted in the CFA Voice™ are contributed by CFA members. If you would like to share with fellow members the achievements, milestones, anniversaries, special events or more within your organization, please send your content to Rachel Jackson at rachelj@elevanta.com

POLITICAL & GOVERNMENT NEWS

SBA Initiates ‘Seismic Shift’ in Small Business Contracting

Nearly four years after the Court of Federal Claims issued its landmark Tolliver decision around the use of the small business “rule of two” for all contracting actions, including almost all task order type contracts, the Small Business Administration took the first step into putting this ruling into regulations. SBA’s proposed rule, released on Oct. 25, would mandate agencies consider whether there are at least two qualified small businesses able to bid on a task or delivery order before issuing the procurement, and if there are, they would have to set it aside. While there are some exceptions to this proposed rule, including not having to apply the “rule of two” to schedule contracts run by the General Services Administration, federal procurement experts say the change would usher in a dramatic shift to small business contracting.

Read more: Entrepreneur

COLLABORATOR'S CORNER: CFA'S PARTNER MEMBER SPOTLIGHT

Queenvest: Do you have a complete strategy to meet your wealth goals and live your best life? Do you have ample cash resources to invest in your next venture? Is your family’s livelihood properly protected? Will you be able to step away when you’re ready? You need a partner who understands your unique challenges as an entrepreneur and can advise you on your most important financial decisions. Queenvest will help you grow and protect your wealth by expertly guiding you through the complexities of your financial life.

Avoid 401(k) Pitfalls That Could Jeopardize Your Financial Future — Schedule an Audit Today!

As a business owner, navigating the complexities of a 401(k) plan is no small task. Many providers promise low fees and hassle-free management, luring you with phrases like "set it and forget it." But what if the ease and savings they tout come at the cost of your financial future? A poorly designed 401(k) plan can expose you to compliance risks, jeopardize your retirement goals, and frustrate your employees. It’s a gamble you shouldn’t take.

Let’s break down the common mistakes that can derail your plans and why a 401(k) Plan Audit could save you time, money, and peace of mind.

The 5 Most Common 401(k) Mistakes — and How They Hurt Your Retirement

Failing To Maximize Contributions To Your Own Retirement. Without a financial plan, you end up not saving enough for your retirement.
Risky or Inappropriate Investment Portfolios. Cookie-cutter portfolios may not align with long-term goals or risk tolerance and be too volatile as you approach retirement.
Missing Out on Advanced Plans Like Cash Balance Accounts. A cash balance plan could allow you to save up to $409,000 annually while enjoying tax advantages. However, a poorly designed 401(k) plan may preclude you from accessing this powerful retirement tool.
Low Participation Due To Poor Support. Employees who don’t understand their options often give up on contributing and you may end up paying fees for inactive accounts while failing to help your team save for retirement.
Unexpected Fees and Compliance Issues. Low-cost plans often come with hidden fees for routine transactions, eroding trust and satisfaction. Worse, you may get audited.

Why a 401(k) Plan Audit is Essential for Your Business?

A 401(k) Plan Audit ensures your retirement plan is tailored to your unique needs and goals. Here’s what you gain:

Clarity on Contributions
Optimal Design
Cost Transparency
Enhanced Employee Satisfaction

Your Business Is Unique — Shouldn’t Your 401(k) Plan Be?

Book your 401(k) Plan Audit now and take the first step toward a stronger financial future.

LETTER FROM THE CHAIRMAN

Dear CFA Members,

As we move through this pivotal election season, we recognize that significant changes are on the horizon for our industry. With new leadership comes evolving policies, legislation and regulatory shifts that could impact your businesses, workforce and operations. These transitions highlight the importance of staying informed and prepared to adapt.

At Coalition of Franchisee Associations (CFA), we are committed to ensuring you remain at the forefront of these developments. Our team is diligently monitoring legislative actions, regulatory updates and key policy shifts to provide you with timely and actionable insights. From labor standards to franchisee rights, our focus is on advocating for your interests and equipping you with the knowledge to navigate these changes effectively.

In the coming weeks, you can expect:

In-Depth Analysis: Detailed breakdowns of how specific legislative updates could affect franchisees.
Engaging Content: Updates across our social media platforms to keep you informed in real-time.
Advocacy Updates: Progress on CFA’s ongoing efforts to influence fair franchising laws.

As always, our mission is to be the Voice of Franchisees! Stay tuned for more updates, and please don’t hesitate to reach out with questions or concerns.

Together, we will continue to strengthen the franchisee community and prepare for the opportunities and challenges ahead.

As the Holiday Season approaches us, I want to wish you and your families and Happy Holiday Season!

Sincerely,

John Motta Chairman

Coalition of Franchisee Associations

THANK YOU TO OUR PARTNER MEMBERS!

Support the vendors who support your association. Click here for a full list of the CFA's partner members.

CFA Mission Statement:

"To leverage the collective strengths of franchisee associations for the benefit of the franchisee community."

Coalition of Franchisee Associations

The Voice of Franchisees