Treat Retirement Plans Like a Business Unit, Not a Burden Startup employees need 401(k)s, too.

By Scott Wylie Edited by Dan Bova

Opinions expressed by Entrepreneur contributors are their own.

Founders know that when you run a small business or a startup, cash is tight. You try to maximize margins whenever and wherever you can. You count paper clips, copies printed, the time it takes for receivables to arrive. That's all to be expected.

But I bet I know one area that doesn't get that kind of attention: the retirement plan for your employees.

I know -- the rules can be baffling and often seem to change with every new Congress. And what about those fiduciary rule changes you've heard about?

Do you really know what's going on? Or are you just starting to think about 401(k) plans for your employees?

Or maybe you have one already. If so, how often do you review or audit the plan? Are you paying too much? How much of the process do you do? Do you go it alone? If not, how do you choose your vendors? Do they specialize in businesses your size? The fees? The returns?

Lots of questions, I know. In this video, Paula Hendrickson, director of retirement consulting services at First Western Trust, explains how you can get some answers.
Scott Wylie

Chairman and CEO, First Western

Scott Wylie co-founded First Western in 2002 after recognizing the need for an integrated approach for delivering financial services to the growing affluent market. As chairman and CEO of First Western, Wylie provides leadership for the holding company, as well as management of the bank and trust services. Most recently, he served as chairman and CEO of Northern Trust Bank of Colorado after having sold his prior institution, Trust Bank of Colorado, to Northern in 1998.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

'I Was Called Crazy': This 27-Year-Old's Side Hustle Hit $30,000 a Month in Under a Year — Now It's Worth Millions

Changing regulations forced Angel Rodriguez's jet ski rental company to shut down, and the young entrepreneur had to figure out his next move — fast.

Side Hustle

This 30-Year-Old's $6,000-a-Month Side Hustle Started Making Money 'Immediately' — But He's Not Quitting His Day Job

Derrick Mathy works in orthopedic surgical device sales and is on a mission to bring people together in real life.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Business News

'Unprecedented in Our 53-Year History': Southwest Airlines Announces Its First Mass Layoffs Ever

The airline is eliminating 15% of its corporate workforce, including many in senior leadership positions.

Business News

Elon Musk's xAI Claims Its New Grok 3 AI Is Better Than ChatGPT and DeepSeek: 'Seeing the Beginnings of Creativity'

xAI debuted the new AI on Monday, claiming it has 10 times the computational power of Grok 2.

Growing a Business

Entrepreneurs Should Invest in Service, Not Just Sales — Here's How to Build a Customer-First Business

A customer-first business strategy that prioritizes exceptional service, empowers employees and leverages feedback can transform satisfied customers into loyal advocates, driving sustainable, long-term growth.