Two key focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. A key aspect of any business is marketing and there are several ways to market. Marketing need not be high-tech with a lot of bells and whistles and can sometimes be simple. The following contributed post is entitled, How Does EDDM Work?
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If you’re looking to put your small business on the map, have you thought about embracing the tried and tested marketing concept of EDDM, or every door direct mail? If you’re keen to increase customer numbers, target a local audience or get your name out there, this could be an excellent way to attract more attention. If you’re not familiar with EDDM, here’s a handy infographic to tell you more.
EDDM is different to conventional direct mail marketing, and it is ideally suited to businesses that want to reach out to clients in the local area. Using a service offered by the United States Postal Service, you can use EDDM to advertise your business to local residents.
The process involves a series of steps, the first of which is to create a USPS account. Once you’ve done this, use the map to select a route and choose areas to cover. The next stage is to design your flyers, postcards or leaflets. For the best outcomes, keep things simple, and make sure you get your brand message across in addition to the services you offer, your contact details and information about any promotions. Next, print your mailpieces at home or via a printing company and select a drop-off date. Arrange your mailpieces in tidy stacks of 50-100 sheets that are no higher than 6 inches. Fill out your processing forms, attach a facing slip to each order and then pay for the shipping online via your USPS account. Finally, take your bundles to the post office on the drop-off date selected and your customers will receive them shortly after.
If you’re searching for a local marketing method that will drive your business forward, why not consider EDDM?
Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Depending on the type of business you’re running, a key to success is recruiting the right talent mix. Recruitment companies can valuable tools in these instances. It’s important to understand how to get the most out of your partnerships with them. The following contributed post is therefore entitled, How to Get the Most from a Recruitment Company.
When you need to find the best talent but don’t have time to sift through 100s of average applications to find “The One”, you should definitely consider hiring a recruitment company. Recruiters spend all their time matchmaking talented executives with their ideal roles. This means that while you have to start from scratch every time, they already have a great talent pool to choose from.
However, when you hire a recruitment company, you can’t just pick the first one you happen to stumble across. You need to look for certain qualities that suggest that you will work well together, and though a brilliant executive recruiting portfolio is a good place to start, it’s not the be all and end all of partnerships. You have to put some work in too.
Knowing Who You Are as a Business
When you are working on your branding, you are most concerned with how your customers see you. But when you are looking for new talent, you also need to think about how your company reputation will be seen on the job market.
Communicating your company ethos to your recruiter is vital as they will be able to use this information to refine the candidates they present. It’s important to remember that when candidates approach recruiters, they are also looking for something specific. By showing off your company’s personality, you are much more likely to attract someone who will fit in.
Employees aren’t just looking for a steady paycheck anymore, they want a healthy culture and greater prospects too. When you are looking for new talent, don’t forget that the interview goes two ways. They will be looking for the qualities they want too.
Knowing What You Are Looking For
Writing a job description is much more than a list of responsibilities, it should also clarify the type of person you are looking for and how they will fit in with the rest of the team. It’s at this point that you really need to be certain about what you want. The job description is also a good chance to put across a bit of your company’s personality so please don’t hide behind buzzwords!
Though you might be determined to get an experienced candidate in, the reality is that most people who use recruiters are looking for roles that will challenge them and build their skill sets. This is important to remember because it’s pretty rare for someone to make a sideways move. Instead of looking for experience, you should be looking for potential.
Look for the Best in Every Applicant
When you have a list of requirements, it’s pretty easy to work through applications and simply discard those that don’t immediately tick every box. Instead of doing this, you should give every applicant a fair chance to show you their best – and this goes for the interview too.
Recruiters are bound to send you a few curve balls now and then so take the time to see how these applicants might fit in. You never know when you might hire the person who makes a real difference to your company.
Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Career Discussions. Arguably the most critical aspect of your experience in the business world or any career is your start. There are advantages to breaking in on the ground level versus ascending right away. The following contributed post is entitled, The Benefits Of Starting On The First Rung Of Any Business Ladder.
When it comes to starting in any career, most of us are loathe to start at the bottom. It’s no wonder when you consider that such jobs tend to involve long hours for little pay. Not to mention that, if you have your eyes on the prize, low-rung jobs may not be anything like the positions you imagine yourself in. Instead, then, we ignore those starting jobs and reach for the skies.
The trouble is that, while vision is crucial, it’s not always the best way to get a job. Often, aiming for high positions when entering an industry will set you back. There’s no way, after all, that you’ll be able to stand out against someone who’s worked their way up. Even if you do manage to get a high role from the off, you may find everything a struggle. You won’t know what you’re doing, after all, and that will be plain to everyone around you.
While reaching high is essential, then, you could see the following benefits by sucking it up and starting at the bottom.
It’s the easiest way into any industry
Breaking into a new industry is never easy. Even qualifications aren’t a sure bet into a decent job anymore. Now, employers love to see experience. And, that’s not something you’ll have if you’re starting. As such, you may find that you don’t even get interviews when applying for those higher roles. By comparison, the first rungs of most ladders are entry positions. They don’t require experience or even qualifications in many cases. Yet, they could provide your resume with the boost you need to get to the top.
You’ll be able to learn from the bottom up
When you gain a high position, it’s always beneficial to know every area of the business you’re in. All the better for running things smoothly and keeping on top. The trouble is that there’s no way you can do this if you enter at the top. You’ll have no clue about those bottom rungs you bypassed, and that can be problematic. By comparison, starting at the bottom and working your way up is a sure way to success when you reach the top. Consider professionals like Anton Kalafati of B Side Construction, who managed to work his way to up to be a majority owner in a leading company. His beginnings as an on-call repairman are part of the reason why he’s able to keep things afloat. Follow in his footsteps by accepting that lower position and learning everything you can from the bottom up.
It’s no surprise that, if you enter a field from the top, you’re going to struggle to gain respect. Employee engagement is near enough impossible when you’re attempting to manage a team who know more than you do. That’s a fact. If, however, you’ve worked in their positions before, you’re pretty much guaranteed more respect. You’ll undoubtedly be able to manage everyone better as a result.
Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. For those who get into it, the trucking industry can be very lucrative if run the correctly. A major component is managing your fleet so that it runs as efficiently as possible. The following contributed post is entitled, 5 Ways To Make A Fleet of Vehicles More Affordable.
Owning and maintaining a fleet of vehicles can be very expensive. If you’re looking to trim costs for your company, here are five ways in which you can make owning a fleet more affordable.
Weigh up the costs of leasing vs buying
There are two ways to acquire a fleet of vehicles – lease them or buy them. Both options can have their financial perks which are worth considering.
Leasing involves paying a monthly fee to effectively rent out the vehicle. This saves on initial costs. Whilst maintenance is still your responsibility, leased vehicles tend to be brand new and so are generally more reliable, saving you money in repairs.
Buying vehicles could be more expensive initially, but it can be cheaper in the long run. That said, the most affordable vehicles to buy are likely to be used vehicles, which may require more frequent repairs.
In either case, always buy through an official vehicle dealer. By shopping around and negotiating you may be able to lower costs.
Shop around for fleet insurance deals
Insuring every vehicle in your fleet can also be a big cost. Fleet insurance can save you a lot of money compared to insuring each vehicle individually. Make sure to shop around thoroughly to find the best deal at comparison sites such as this one.
You should also consider some of the factors that affect fleet insurance such as the quality of your drivers, the quality of your vehicles and your claim history. Adding surveillance cameras to all your vehicles could also save you huge amounts (this provides insurers with footage of any accident that occurs and can make drivers take more care behind the wheel).
Track your vehicle’s running costs
It could also be a good idea to track the running costs of each vehicle. When it comes to fuel, consider getting your drivers to log their fuel or to use a card as found at this website. This could help to ensure that drivers aren’t spending too much on fuel.
As for vehicle maintenance, keep a record of this too so that you know how much you’re spending in repairs on each vehicle. Try to shop around to beat repair quotes (just make sure to read reviews of repair centres so that you know you’re likely to get good quality service).
Tracking these expenses could be useful simply for tax purposes as they’re likely to be tax deductible. Make sure that you’re deducting all the expenses that you’re entitled to.
Prioritise energy efficiency
Encouraging energy-efficiency is important for saving you money on fuel. This should start by choosing the right type of vehicle – ideally you want something with a high MPG. Modern vehicles tend to be greener than older ones, so factor this in when choosing a vehicle.
Taking steps to encourage energy-efficient driving can also make an impact too. This could include rewarding drivers that drive more smoothly and conserve more fuel. This guide offers just a few incentives that could help you to encourage drivers to watch their fuel consumption. You may also be able to recommend routes to save time and fuel. Be careful however of laying down too many rules regarding how to drive and this may negatively affect the morale of your drivers.
Know when to replace vehicles to save costs
It’s important to know when to replace vehicles too so that you can save costs. Many companies overextend the life cycle of their vehicles to the point that parts start deteriorating. This results in more frequent repairs and more costs.
By keeping a record of repair expenses for each vehicle you can tell when a vehicle is starting to cost too much in maintenance – at this stage it’s best to cut your losses and buy a new vehicle.
Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Seasonal businesses are in a class all their own. They have their own unique considerations and rules to think about if you’re getting involved in one. The following contributed post is thus entitled, Seasonal Business and Your Company: Things You Can’t Afford To Forget.
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Everyone in business knows that success levels tend to fluctuate with the seasons. Of course, to make the most out of this as possible it’s crucial that you know what to expect at the different times of the year. Luckily, that is something you can find out by reading the post below.
Spring
For many businesses, spring can be partially busy. After all, it’s past the winter lull brought on by Christmas the New Year and trade should be steadily picking back up again. Of course, there is the end of the tax year to think about as well, which can make the month of April particularly challenging.
Although it’s worth noting that if you get your accounts up to date for all months apart from this beforehand, you can save yourself the April tax rush and make it much easier on everyone too.
Additionally, spring is the right time of year to start thinking about any possible issues you may encounter some summer. That means not only getting in an air conditioning contractor to service your current units, but also get extra ones installed if you are expecting it to be a hot year.
Additionally, taking some time to check who is off when during the summer vacation is a smart move, as then you can start filling any absences early to be sure that things keep on running as usual.
Summer
For some business, especially hospitality ones, and retail that focus on vacation items, simmer is their busiest time. This means that while many companies are slowing down for the summer vacation, they need to keep their focus on fulfilling orders and keeping things ticking over.
Additionally, any business whose busiest time is Christmas will need to begin thinking about new lines around this time. After all, they will have to be developed and produced ready for the beginning of December, so the sooner that you start, the better.
Autumn
Autumn tends to be reasonably constant for most business news whether they are B2B or retail. In fact, you can often expect a short lull once the kids have gone back to school in September. However, due to all the celebrations in autumn such as Halloween and harvest festival, many businesses can expect custom to rise this season steadily.
Of course, that means that your business needs to keep up, so be sure that you have the staff and resources to cover any increased demand!
Winter
Depending on the type of business you have, winter can be your most hectic, or slowest time. Companies that sell to other companies tend to slow down around Christmas because of the break that most people take.
Although those in or supplying the hospitality industry will still be busy. To that end it’s important to know your business well, so you are able to predict if you will need to increase or reduce resources and staff.
Additionally, if you are in a location where weather can cause issues with deliveries and people getting into work, then it’s pretty crucial that you come up with a plan B For when the snow starts to fall. Otherwise, even if it’s your burst time customer wise, you may not have anyone to work which can be devastating to your business!
One of the key focuses of my blog is Financial Literacy/Money. One of the largest investments any of us will ever make is our primary residence. There can be a lot of fear associated with purchasing one’s first home. The following contributed post is entitled, Settling Your Fears When Considering Your First Home.
Your first home is often one of the largest milestones of our life. Of course, we enjoyed living in our childhood place, but there’s something much more prominent, and something that signifies the next chapter of our lives when we decide to purchase a home. But, like anything exciting and anything signifying wonderful change, it might be that this progression scares you a little. That’s good. It shows that you care.
But too much fear and you’ll neglect making a move at all. Sometimes a nice middle-ground can be found, and might give you more to think about while still helping you structure your cautioned approach. Settling your fears when considering your first home is not an easy task, but it can be achieved if you consider the underlying foundations of why this decision is being made in the first place.
With the following advice, we hope you can move forward, or pause this approach, with a little more surety.
Square Yourself Away Financially
It’s essential for you to have an ideal idea of what your financial limits are when considering a home. If you have slightly less than that you might need to set yourself up ideally? It might be worth waiting just to grow your savings a little more. If now is a fantastic time to invest in a certain area and you can stretch to the cost relatively comfortably? It’s worth considering. This is where SBA loans can come in very handy, as with an excellent arrangement you may not need to worry about staying within too-difficult limits, and instead give yourself that room to breathe.
Longevity
It might be that the idea of signing yourself away to a financial commitment that could last decades is worrying. Well, that’s true. Thinking so far ahead in the future could be a strange prospect to even consider, especially if you’re only just married or have only just brought a baby into the world, and are having to deal with those responsibilities too. This is where considering the current progression of your life is important. Remember, you won’t experience all that time in one fell swoop. You’ll take it one day at a time. If your relationship has been incredibly stable, if you have the support structure in place, if you have job security or alternate transferable skills, it might be that the future is something you know you can deal with. Plus, it will only get easier as you progress.
Jumping In Blind
It can be hard to know if you’re making the right decision. What if the home has hidden damage and rot you miss when inspecting it? What if this area isn’t as nice as it might have been advertised? What if you might not be guaranteed a spot in the best local school when your child grows? This is why it’s best to conduct research as you grow, to prevent jumping in blind yes, but also to give you a competent means of understanding the finer deals. With hired professionals to help you inspect or conducting online research, you will tick off those variables well.
With these tips, you’re sure to settle your fears well when the prospect of finding home ownership comes up.
Two key focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Relocating a business is a big deal and in some instances a major undertaking. If you’re careful and map out the steps, it can help make the transition more seamless. The following contributed post discusses this and is entitled, A Guide To Overcoming Business Relocation Concerns.
When a business first moves into new premises, there is an inevitable period of mild chaos during the adjustment phase. It takes a while to ensure everything is up and running as it should be, with plenty of hiccups and discombobulation along the way. By the time you and your staff have settled into the new location, you’ve likely promised one another that you won’t ever undertake a move again – it’s too stressful, too disruptive, too complicated.
However, time passes. Your business continues to flourish; you continue to innovate; your staff continue to work at their very best – and your business grows as a result. Yet even as you embrace this new phase of your business, the memory of how troublesome your last move was remains; and besides, your premises – that once felt so alien and unusual – now feel like home, and there’s no pressing need to move.
Until… there is
As your business continues to grow, there will inevitably be a moment when you cannot avoid acknowledging the reality of the situation: if your business’ growth is to continue – which, of course, you very much want to happen – you’re going to need more space. Perhaps you need to hire more staff, or want to start to use a different type of machinery, or your existing location is proving restrictive – whatever the reason, it’s clear that you need to move on.
Yet the memories linger
For many entrepreneurs, the moment they realize they can forestall the inevitable no longer is unwelcome – especially if they have previously relocated a business, and know first-hand how very stressful and all-consuming the process will be.
There’s no denying the reality that moving can be crucial, but there’s also no denying that it’s entirely natural to feel a creeping sense of trepidation when contemplating moving your business to new premises. In fact, it could be argued that not feeling a sense of alarm is problematic, and could lead to a sense of over-confidence. Acknowledging the simple reality that moving a business is akin to moving house, only roughly one thousand times more complicated, isn’t weakness: it’s necessary.
The realization that a business needs to move can often be simply the first in a sequence of events: the realization, the decision to move, the process of looking for new properties, and then the move itself. A simple, linear progression that occurs in a timely manner.
However, it’s entirely natural if you – like many of your fellow business owners – do not see the realization that you need to move as a fait accompli. Instead, you may hesitate, perhaps even wonder if your judgment is sound, and if moving really is necessary.
It’s important to remember two things at this point of the process: first and foremost, no one is starting a clock. If you need to take time to prepare both the business and yourself for a move, then that’s okay; there’s absolutely no rush. However, the second point you need to keep in mind is that there’s a reason you realized your business needed to move; acknowledge this as fact, and then work on coming to terms with the process rather than seeking to convince yourself that relocation is unnecessary.
How long should you give yourself to accept that moving is an inevitability and move on to the next stage? That depends entirely on your situation. If your business is managing just fine as it is, then there’s no immediate need to push yourself into starting to look for new premises. However, if your business is beginning to show signs of struggling under a lack of capacity – perhaps you’re having to miss out on lucrative contracts, or can’t hire the staff you need to meet demand – then the situation is more time pressured. It’s still important to let yourself come to terms with the need to move, but try to avoid letting yourself put the matter on the back burner.
Addressing the practicalities
When you’re ready to begin planning the move, it’s important to first reflect on your previous experience of relocating a business – even before you begin browsing for new premises.
The reason past reflections should come first is simple: prevention. By learning from the mistakes that you may have made during the last move, you can address these and put plans in place to ensure the same issues do not reoccur. Perhaps you previously struggled to get your machinery up and running; this time around, you’ll want to contact rigging contractors to ensure all goes smoothly this time; or maybe you struggled to establish the right layout for your office, a problem that can be overcome by working with office fit-out specialists who can create a custom plan that will suit your business perfectly from day one in your new location. Whatever issues you experienced the last time you moved, understanding these problems and then seeking solutions is the best way to avoid a rerun of past unpleasant events.
Anticipating new issues
It is incredibly important to learn from the mistakes of your last business move, but it’s also essential to ensure you don’t rely too much on the past. You have to think about the new problems you may experience, and especially those that could not have occurred the last time you moved; maybe you’ve introduced a new service since you last moved, are using a new piece of equipment, or simply have far more members of staff.
Given the above, it’s helpful to list the ways your business has changed since its last move, and then brainstorm the problems you may experience as a result of these new developments. By doing so, you create a complete picture; a blend of past and present that can help to prevent problems occurring as you step into your business’ future.
It’s entirely natural to be nervous about the idea of relocating your business, but the key to overcoming these anxieties is proper planning. By examining your past experiences, and then including considerations related to recent changes, you can create a roadmap that forms the blueprint for a swift, smooth relocation process. From there, you can begin to look for premises, think about notifying the right people and companies, and start working on the practical side of the move itself.
“I saw many retirement commercials during my young adult life. They were usually run during sporting events. I wasn’t thinking about my older years at the time, which seemed too far away to imagine.”
Note. Like my Net Worth piece, the subject matter of this blog post is not new. It has been known for years by those who’ve learned about it in their families, learned about its concepts in business school, or have discovered it on their own. It’s a discussion from my personal perspective which I think is worth visiting. Also, while this is a ‘money’ topic, I’m discussing it from a ‘scholarly’ perspective. I’m not rendering financial advice where I’m telling readers what they should do. In the spirit of the first principle of my blog, Creating Ecosystems of Success, I’m simply introducing a concept and discussing why it’s important for the lay person, so they can make their own life choices.
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A Savings Crisis
At the beginning of this week, a mentor emailed me telling me that April is “Financial Literacy Month”. He asked me if I was writing anything on this subject. I shared with him that I already had something coming out of the pipeline regarding a topic we’d coincidentally discussed at length. He also shared an article with me entitled, There is a savings crisis and many Americans don’t know how to fix it. Here’s how. It serves as the perfect jumping off point for my financial offering for the month of April 2019.
Thinking About Retiring
I saw many retirement commercials during my young adult life. They were usually run during sporting events. I wasn’t thinking about my older years at the time, which seemed too far away to imagine. The commercials I remember the most are those by Dean Witter where, in the black and white film, he states, “We measure success one investor at a time!”
My next thoughts of saving for retirement came courtesy of Robert T. Kiyosaki, author of Rich Dad Poor Dad. I believe it was in his book, Conspiracy of the Rich. In the book he described the “Employee Retirement Income Security Act” (ERISA) enacted by President Richard Nixon. The new law made employees responsible for their own retirement savings, converting most everyone over from ‘Defined Benefit’ (DB) plans (pensions), to ‘Defined Contribution’ (DC) plans. That was during my postdoctoral fellowship and I think I set up a ‘Roth IRA’ at my bank, shortly after reading the book.
Saving in My TSP
It wasn’t until I started working in the federal government that I seriously started thinking about retirement, but it wasn’t due to my own volition. It was due to a friend I was dating at the time. I’ll facetiously say that the relationship didn’t last, but her asking me about whether I started saving in my government “Thrift Savings Plan” (TSP) was a major contribution on her part. She caused me to think about retirement in the relationship context.
I realized that I might be a liability as a partner if I didn’t have my own retirement ‘nest egg’ which in some respects is true. (See my Mother’s Day 2017 blog post to get a feel for the potential dangers of two people settling down when only one has savings and the other one doesn’t.) In terms of relationships, are money and resources everything? No, but they count for a lot and are worth pondering and discussing ahead of time!
Whose Responsibility is Retirement Savings?
At this point I’m going to transition and point out that in the financial world, there are different rules for different people. I first learned this after reading the above-mentioned Robert Kiyosaki’s second book, Cash Flow Quadrant, which discussed the differences between: Employees, Self-Employed Individuals, Business Owners, and finally, Investors. To make a long story short, in addition to having their own unique ‘tax laws’, employees by nature have a ‘working life’, and they must figure out how they’re going to survive once their working life is over. That’s if they’ve thought about it.
Some of my relatives are beneficiaries of the DB plans described above, but they’re “Baby Boomers”. My father is a retired educator who started teaching in the late 1980s. My uncle, a retired firefighter, started his career around that time as well. I could be wrong, but I think that most municipal workers such as the police officers and firefighters receive Defined Benefit pensions. Most teachers now must contribute to a Defined Contribution plan. If I’m wrong, please leave a comment below. What if you’re responsible for your own retirement savings? Read on.
Saving Less Thank Five Percent
“If you’re not saving the maximum amount so that you’re getting the government’s five percent ‘Matching Contribution’, you’re leaving money on the table!” The first person to point this out to me was a counselor at work who was helping me with relationship issues with the above-mentioned lady friend. By the way, this anonymous friend inspired me to write my piece entitled, The difference between being Cheap and Frugal, so she deserves a lot of credit in terms of inspiring some of my content.
I’d told the counselor that she’d called me ‘cheap’ on multiple occasions, a label which hurt me at the time. One of his immediate questions was about whether I was saving into my retirement account to get my government match. When I told him that I was saving less than the five percent, he responded that I wasn’t taking full advantage of what the government was offering me. Also getting the match should’ve been first and foremost in my mind.
Matching Contributions
So, what is a Matching Contribution and why is it important? I’m glad you asked. A Matching Contribution is a dollar amount that your employer matches in relation to what you’re saving in your retirement account. For the federal government, it’s five percent, and it differs from employer to employer. Some don’t match at all. The point is that if you’re not contributing anything, you’re not going to get anything, or maybe the bare minimum. If your employer matches what you’re put in, you’re effectively getting free money.
Your employer match makes it easier to get to the holy annual retirement threshold of 15% and beyond. If you’re consistently saving five percent, and your employer is matching that with their five percent, you’re already at ten percent for the year. At that point you must come up with another five percent or more to get to 15%. If you don’t know where you’ll get that extra five percent, look at your personal budget. I wrote a piece on that recently.
If your employer doesn’t match your contribution, should you still save for your retirement? Absolutely. First, if you’re going to work until your 60 years old or more, you do want something for yourself, or else you’ll have to keep working, or someone will have to take care of you.
Other Benefits
Second, from experience, your retirement savings contributes to your ‘Net Worth’ and this translates into other areas such as qualifying for mortgages. Most lenders want to see that you can save money and something they consider qualifying you for a mortgage is your Net Worth – the difference between your assets and liabilities. I wrote a piece on that as well.
When refinancing my mortgage two years ago, I realized that that my lender actually had a form entitled, ‘Net Worth’. Calculating it quarterly was routine for me by then. I’d already built up an ‘Emergency Fund’ and I’d started methodically saving into my retirement account, so I knew I was in good shape. This was in stark contrast to when I barely qualified for my first mortgage due to being too ‘overleveraged’ (carrying too much debt) ten years earlier. See my post on Dave Ramsey’s ‘Debt Snowball’, to see how I dug out of my own debt-hole.
Other Keys to Retiring
Speaking of debt, as an employee living off one paycheck, budgeting, controlling costs, and minimizing debt are all keys to being able to build a retirement nest egg. You want to be able to create enough ‘Cash Flow’ so that you don’t miss the amount going into your retirement account every pay period. Furthermore, you don’t want to be in position to have to raid or borrow against your retirement savings should an emergency arise – both of which could hurt you.
Speaking of Dave Ramsey’s group, a good book to read is Retire Inspired by Chris Hogan. It gives a nice discussion about what retirement is and why it’s important, which brings me to my closing point. If we all know we’re going to age, why doesn’t everyone save for their retirement? I think the answer is a lack of awareness and a lack of understanding of why it’s important.
Where Do You Learn?
“You should’ve learned about this when you were 18 years old!” My mentor scowled at me after we finished talking about my retirement savings and why I hadn’t maximized it a couple of years ago. It stung for a moment, but I laughed about it inside afterwards. It would’ve been nice to have been educated on the subject 20 years earlier, but honestly those in my ecosystem back in Buffalo just weren’t talking about investments or retirement savings.
One could argue that the change from DB-pension plans and DC plans needs to be better explained in the school system so that all kids get exposure to these concepts early. I do agree with that, but the reality is that if these things aren’t discussed in your family circle, you must figure them out on your own somehow.
I don’t want to make this racial, but over the years I’ve heard stories of Jewish families regularly and openly talking about money and investments at family gatherings. It’s not race-specific as my mentor’s family which is black, regularly engages in these types of discussions. What does your family talk about at gatherings?
Financial Vocabulary Words
The financial world has a language all its own. When you’re entering your first job fresh out of school, being told to start your retirement benefits and then hearing all the esoteric terms can literally sound like ‘gibberish’. It can be daunting like talking to your surgeon or your auto mechanic. Unless you understand why it’s important to start saving for your later years, you’ll likely neglect it and use your precious resources on other things, but hopefully not for too long, as it’s difficult to catch up beyond a certain age.
Why is it hard to catch up? This brings us to the “Law of Compounding Interest” of which time is a major component. I wrote a piece on that as well which I’m sure you’d enjoy, but the quick version is that the earlier you start your retirement savings, the more time they have to grow and multiply. Furthermore, depending on the nature of your plan, you could be missing out on significant annual tax savings which add up over the years.
The last important piece is figuring out what your retirement savings should be ‘allocated’ in. This is a completely different but related subject. The point is though, that you must have something to allocate first and foremost.
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For the next phase of my writing journey, I’m starting a monthly newsletter for my writing and video content creation company, the Big Words LLC. In it, I plan to share inspirational words, pieces from this blog and my first blog, and select videos from my four YouTube channels. Finally, I will share updates for my book project The Engineers: A Western New York Basketball Story. Your personal information and privacy will be protected. Click this link and register using the sign-up button at the bottom of the announcement. If there is some issue signing up using the link provided, you can also email me at bwllcnl@gmail.com . Best Regards.
Three of the key focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. A key to running any business/organization today is having the proper technology in place. Doing so will have improve your staffs productivity and your overall efficiency. The following contributed post discusses this and is entitled, Office Technology that Will Improve Your Staff Productivity.
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If you would like to stay competitive in your marketplace without having to invest a lot of money in new processes and procedures, you can rely on technology to help you improve the productivity of your staff while making their life in the office easier. Companies are looking for new ways of providing more value to their customers at a lower cost, and some smaller IT improvements can do just that. Find out more below.
It is important that you answer customers’ queries as soon as possible. Today’s consumers’ attention span is much shorter than the previous generation’s and they are looking for immediate answers. You can find a system that will gather all the feedback and pop up on one of your employees’ computers, so they don’t have to stay logged into various systems and get distracted just to provide excellent customer service.
If collaboration is something that is necessary in your business, you will need to allow your staff to work on projects together and collaborate. You can create a virtual workplace where they can share and update projects. While a Google Suite system might do the job in the beginning, you might want to talk to an expert at inc-systems.com/services/managed-it-services/ to find out whether or not your business could benefit from a custom calendar and a CMS system.
Cloud Computing
It is crucial that you encourage the use of cloud computing. You will not only be able to automatically back up your files and take notes, share insights, update your team on the go, but also share information with your customers faster. You will have to install advanced security, though, so you can prevent the accidental disclosure of sensitive information.
Social Media Tools for Scheduling
If you are involved in digital marketing, you might have a member of staff updating your social media accounts and posts regularly. If they have other jobs as well, they will find managing everything very challenging. Instead of giving them half an hour a day, every day, you can allocate a few hours every month when they can schedule the jobs ahead. You can use an advanced scheduling and posting service and a social media calendar to make the most out of your reach and engagement.
Digital Learning Platform and Knowledge Base
It is also important that you empower your staff and help them become more efficient. This is why improving your office technology is necessary. If you have a knowledge base available for staff, they will find the answers without having to speak to a manager, and deal with customer queries faster and more professionally. You might also deliver your regular training or updates using your internal systems accessible any time, so they can complete the tasks when they are not compromising customer service or their own productivity.
Upgrading your office IT system can help you manage the different tasks in your company and improve your staff productivity at the same time.
Three of the key focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. The internet has changed the game in terms business and commerce. The Hospitality Industry is no different, and hotels that aren’t properly marketing online stand to lose business. The following contributed post is entitled, Online Improvements For Hotels.
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The Internet is a very useful tool for businesses to communicate with their target market. Almost everyone has access to the Internet these days, and people use it to compare prices and make travel arrangements. Hotels can get a lot of business from their website. However, if your business isn’t employing the correct hotel web marketing techniques, then few visitors will end up converting into customers.
There is a lot of competition in the hotel industry, so it’s important to do everything you can to attract the right customers. The best hotel website design won’t only attract lots of people to your site, but it will also encourage them to spend longer on there, and potentially make a booking. If someone finds your website online and it’s of poor quality or looks amateurish, then they will often click off and visit somewhere else. If your website takes too long to load, isn’t organized correctly or is difficult to navigate, then people will look elsewhere, as no one wants this sort of hassle. After all, the Internet is all about convenience.
Effective hotel marketing will give your hotel the right image. All hotels, even small bed and breakfasts need to have a professional website that shows off their brand well. When it comes to getting people to visit your site, there are a few different options. Since most people will find websites using a search engine, hotels will benefit from using SEO strategies. SEO or Search Engine Optimization is the process of making your site more attractive to search engines. When done properly your site will appear higher up in the results listings and stand a greater chance of getting clicked on. The best hotel website will also load quickly, contain lots of useful information and be very easy to navigate.
Is Your Hotel Suffering From A Lack Of Repeat Business? Repeat business is imperative in the hotel sector, and while you may deliver a fantastic stay to your guests, this doesn’t mean they are automatically going to book again. Therefore, if you are suffering from a lack of repeat business, read on for some advice on hotel marketing online that can help to rectify this problem.
The first thing you need to do is get to the bottom of why customers are only booking one stay at your hotel and then not returning. Nine times out of ten this is because you are failing to follow up on their experience to build a loyal connection with your customers. You need to build an authentic relationship if you are to generate the loyalty that encourages customers to come back to your hotel again and again.
This is where hotel Internet marketing comes in. There are three keys aspects of hotel marketing that can help to ensure you benefit from repeat business – social media marketing, your online booking system, and email marketing. How easy is to for customers to book again? What appointment booking software do you use? Do you provide discounts for loyal customers online? Is their information remembered?
Email marketing is imperative for keeping your customers up to date with your hotel and everything that is going on. One of the best ways to increase your chances of repeat business is to offer voucher codes and special offers via email to your customers.
Aside from this, social media provides the perfect platform for customer engagement, as it allows your customers to get as close to your brand as possible. You need to post regularly on your social media accounts, and you need to ensure you are communicating with your customers, rather than merely posting a string of in-your-face advertising messages.
