So what's holding small companies back? Many companies have misperceptions about 401(k) plans. We'll debunk some of these popular myths:

401(k) plans are too expensive for small businesses

One of the biggest hurdles that small businesses face is cost. Many 401(k) plans are built for larger companies, with bigger price tags.

However, with technological advances, more providers are offering efficient, online 401(k) plans that can help small businesses cut costs and meet their individual needs. Depending on the provider, the cost of a 401(k) plan can be as little as $100 a month.

We don't want to provide an employer match

Some businesses believe that all retirement plans require an employer match. Not 401(k) plans. Employers are not required to provide an employer match, but can add one at any time.

Our employees won't participate because they don't make enough money

This is where selecting a good 401(k) provider is crucial. The 401(k) plan you ultimately select will offer participant education programs and resources that will help educate your employees on the importance of savings. And with a 401(k), there's no minimum - your employees can contribute as much as they want to.

It's too complicated

Putting a 401(k) plan into place shouldn't be complicated. Depending on your 401(k) provider, getting a new plan up and running should only require a few hours of your time. And the 401(k) provider you select should make it easy for you to administer your plan: Easy-to-use tools and reports should be at your fingertips.

So now that these fears are put to rest, it's time that you get out there and start looking at establishing a 401(k) plan. Your company and its employees deserve it.