When studying to become an accountant, it never occurred to me to take psychology classes; but in fact, much of the work we do involves areas of clients’ lives that are deeply personal. Yet no one ever trains us in divorce consulting, human resources, vehicle purchasing, credit counseling, health insurance brokerage, or, in the case of this recent interesting article I’d like to share: prescription drug coverage.

The author, James Sullivan, is a financial planner who specializes in working with clients suffering from chronic illnesses (and their families). He recently published a piece on how to assist clients when choosing a Medicare Part D prescription coverage plan, and related tips on saving money at the pharmacy. He offers a simple follow-along example that illustrates the main points:

Clients need to consider more than cost when choosing a Part D plan. Before selecting one, they should think about several questions:

Is your prescription drug(s) on the plan’s formulary?

Is your favorite local pharmacy in-network, a preferred pharmacy, or out-of-network?

What is your out-of-pocket cost if you use the local pharmacy versus using mail order?

Are you comfortable using mail order?

Once these questions are answered, the client should consider the plan’s annual deductible, the co-payments and co-insurance, its drug tiers, and any drug restrictions.

I encourage you to read the full article in Journal of Accountancy here, especially for the real-life illustration that offers some great tips.

Source: Help clients save money on prescription drugs

I’ve had the privilege to work with many wonderful clients through the years, among them, Honey Butter Fried Chicken and Sunday Dinner Club, both brainchildren of talented chefs Christine Cikowski and Josh Kulp.

Recently, Christine’s writing was featured in the James Beard Foundation’s op-ed series, where luminaries from the culinary world get a chance to share their unique perspectives. Here, she:

explores the structures and cultural assumptions of the industry that disincentivize taking time off, and why she and her co-owner Josh Kulp decided to make the benefit of paid leave a top priority.

These chef-owners have always made fair wages, benefits and PTO a priority in their business, but in this article, she lays out why this commitment has resulted in a return on investment (ROI) — not just an ethical responsibility. Christine breaks it down into three main areas:

1) What started simply as a pledge to take care of our people has gifted our small business back with big benefits. Staff are happier and healthier when they have the resources to care for themselves. They come to work with higher energy, and give better service. They stay with us longer, which yields less turnover.

2) We view this as a benefit not just to staff, but to the restaurant itself. It’s smart business for our team to experience what it is like when their co-workers are out: how to cover positions and how to run lean… Our team has embraced a culture that supports time off. We all pitch in and work a little more when people are out, because at some point it will be our turn.

3) It’s good business for [owners] to take time off, too. It allows me to rest and reset… all of which have made me a much better business partner, leader, and human. It’s beneficial for all of us: not just in terms of my own health as an owner… but for my staff as well. It gives them the opportunity to run the business, to troubleshoot and fix things. It allows them to grow into their roles and shine on their own. If we owners and chefs never take a day (or even an hour) off, our teams won’t gain these experiences.

Her closing paragraph sums it up perfectly, in my opinion, and echoes some of the key teachings of thought-leaders throughout the business world:

It takes a village to run a restaurant—so we let them run it. I don’t believe we are, nor should be, crucial to the daily survival of our kitchens and businesses. Especially if we want to be in business for five, 10, or 20-plus years. And if we want our amazing staff to stick around and come on that journey with us, we need to make sure they’re taken care of. We must provide them the means to take time off when they need to—so that they can be strong and healthy along the way.

Read the full article here: Why Vacation Time Is the Key to a Better Restaurant | James Beard Foundation