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6 Renovations to Consider for Your Rental Property

StrategyDriven Entrepreneurship Article | 6 Renovations to Consider for Your Rental Property

There is perhaps no bigger problem for a landlord than a vacant rental property. The loss of stable income, even for a few months, can create tough financial situations, especially if you live in an expensive state like New Jersey. The cost of living in New Jersey is 12% higher than the country’s average, according to RentCafe.

So, if property rent is your major source of income, a vacant property can give you considerable stress. In this situation, you must ensure your rental property stands out among its competitors.

Your rental house should be comfortable to live in, functional, and aesthetically appealing to attract the tenants but still provide enough options for them to design their own lives.

Certain renovations can make your rental property more competitive, enabling you to lure in more tenants.

Pro Tip

Remember, tenants will not always look after your property as you will. So, don’t consider renovations that you would for your own house. Make your rental home modern and functional without much effort and time.

Below is a list of home renovations that you can consider for your rental property.

Upgrade the Bathroom

The bathroom is often the focal point when prospective tenants visit a property, so bathroom renovation is a strategic idea. Inspect all the bathrooms in your rental property and determine what can be done to make them better. You can change the fixtures if they are leaking, lost the shine and appeal, or are outdated. Similarly, you can renovate the shower area or apply a fresh coat of paint.

However, your project’s cost should remain within your budget. For instance, in New Jersey, a typical bathroom remodel costs $6,500-$25,500 or more, depending on the materials you use and the scope of your renovations. While you can get a handsome discount on your renovations by hiring a reliable New Jersey bathroom remodeling company, you still need to consider the cost of the entire project and how it will translate into increasing the prospective rent.

Improve the Kitchen

Renovating the kitchen in your rental property is a surefire way to attract better-paying tenants and receive a great return on your investment. When it comes to kitchen renovations, it could be anything—better appliances, improved cabinetry, better countertops, etc.

A kitchen packed with mismatched appliances will instantaneously put off prospective tenants’ interest. Therefore, upgrading them is a great idea, though it does not have to be extravagant. There is no need to buy the most recent models and versions of kitchen appliances; just make sure they all look the same, give a coordinated look, and are fully functional.

The next option is improving the cabinetry. However, before spending extensively on replacing the cabinets, see if fresh paint can do the job—eliminate imperfections and give a renewed look. If the surface of the cabinet doors doesn’t look smooth, simply sand it before repainting and adding new and modern hardware.

Furthermore, consider replacing the existing countertop with a new granite countertop if your budget allows. A shiny countertop has such an impact that it can transform the look of your kitchen and even the whole house.

At the very minimum, choose a durable countertop material that can withstand the working environment in the kitchen, including scratches, heat exposure, and stains.

Improve the Curb Appeal

The exterior of your house is the first thing greeting your prospective tenants; therefore, it automatically comes under their focus. Given this, landscaping the front of the house, such as the lawn and entrance, can be a profitable home renovation project. The good news is that enhancing the curb appeal is an economical home renovation unless you decide to completely overhaul the exterior space.

To improve the curb appeal, plant new trees, repaint the front in a fresh color that goes with the color palette of the exterior, or add new lights. You can also plant new grass, trim shrubs and trees, or install new pavers.

Renovate the lawn, but keep it easy to maintain and inexpensive. Prospective tenants appreciate a well-maintained exterior, but not all might be excited to spend money on its maintenance after settling in.

Repaint the Interior

Repainting the walls is the easiest way to make your rental property look clean, fresh, and inviting. A repainted house makes it easier for prospective renters to imagine their life within its walls.

A house with faded and flaking-off paint looks tired and overlooked. Potential renters won’t want to pay for an unkempt and unattractive property. So, to ensure your rental house always looks clean and fresh, repaint its interior after a tenant has moved out.

When repainting, choosing neutral colors such as beiges, nudes, whites and off-whites, greys, and light blues is always safe. These colors blend with most house décors by offering a clean and spacious backdrop.

In contrast, bold colors make a place look cramped and restricted, giving fewer options for furnishings and décor. Also, make sure professionals paint your house to avoid uneven lines and avoid patches on the walls.

Add New Furniture

Furniture with broken edges, scratches, and faded polish does more harm than good. Instead of impressing your potential renters, it conveys that the homeowner has not maintained the property and has cut corners when providing a comfortable living environment. Plus, it signals that prospective renters might need to spend extra money to buy new furniture in addition to rent and the security deposit. This added burden might discourage them from renting your house.

On the contrary, introducing new furniture in your rental property can enhance its attractiveness and overall appeal. Beyond just providing functional utility, properly arranged furniture provides a readymade living space layout for the renters, enabling them to move in and start living immediately.

When selecting furniture, aim for a blend of contemporary trends, style, and functionality. The new furniture you incorporate into your rental property should make your house modern and cater to the practical needs of your potential occupants.

Think about adding a comfortable sofa, a sturdy dining table, ergonomic chairs, and ample storage solutions to transform a mere real estate into a functional and attractive living area.

Replace the Floor

If you can afford it, installing new floors in your rental property is a profitable home renovation project, increasing its rental appeal.

Hardwood is often the number one material when installing new floors in a property; it looks premium, modern, and easy to clean. Carpet, on the other hand, is the least liked option due to its ability to absorb smell, dust, and allergen, though it is more economical.

A tip: Keep the floors at the last option when renovating your rental property; it is an extensive and costly project. Other projects that can be completed quickly and require less investment can take priority unless the floors are in very bad shape.

Conclusion

Renovating your rental property can enhance its rental appeal. It differentiates your property from other options in the market, improves functionality, and improves tenant satisfaction. Strategically incorporated changes such as repainting the exterior and the front door, landscaping, adding new appliances, etc., can also increase the overall worth of your property.

5 Leadership Lessons for Every Entrepreneur

StrategyDriven Entrepreneurship Article | 5 Leadership Lessons for Every Entrepreneur

The decision to become an entrepreneur comes with many responsibilities, challenges, and positive or negative financial consequences, depending on how well your planning and execution did. From analyzing the regulatory environment and building the right team to deciding which risks to take and managing and mitigating these risks by devising effective strategies, an entrepreneur is responsible for playing many roles all at once.

However, the most important duty associated with entrepreneurship is leadership. Entrepreneurs need to be able to lead their teams and motivate their employees. They also need to be able to make tough decisions and take responsibility for their actions.

While different scenarios demand different leadership styles, leaders can use the following tried-and-tested leadership lessons to lead effectively.

1. Learn to Influence by Storytelling

One of the most fundamental tasks of a leader is to influence people within the organization to accomplish the company’s goals. One approach to influence people, and unarguably the best in the view of many leadership experts, is by making them believe that what you want them to do is the right thing to do. This strategy can be implemented by storytelling. Jerome Seymour Bruner, a cognitive psychologist, maintains that people’s likelihood of retaining a fact is 22 times higher when told within a story.

Steve Jobs, founder of the multi-million company Apple, was great at using stories to inspire action. Jobs’ firm belief in storytelling is evident when he tells his colleagues that a storyteller, in his view, is the most powerful person in the whole world. The one able to tell good stories could set the vision, agenda, and values for an entire generation.

Accomplished entrepreneur Kenny Smith, a former NBA player who won two consecutive championships with Houston Rockets, has been given the National Civil Rights Museum Sports Legacy Award for his services, including teaching the use of sports to develop valuable leadership skills. He now heads Kenny Smith Entertainment Group, and his contribution to human and civil rights is noteworthy, a testament to his social entrepreneurship. In his book Talk of Champions: Stories of the People Who Made Me: A Memoir, he attempts to inspire by telling stories of his mentors, which tells us that storytelling is a crucial part of the path of empowerment and leadership.

2. Deploy Consistency and Long-Term Thinking in All Decisions

Defining long-term goals for an entrepreneur is important because you can easily lose sight of the bigger picture in dealing with everyday tasks associated with being at the top. Highs and lows are a part of any venture, so you must accomplish your entrepreneurial vision by being consistent and persistent. Every entrepreneur who isn’t living in a fool’s paradise knows the possibility of failure.

Jeff Bezos, the founder of Amazon, has invested in many businesses that turned out to be unsuccessful. But Bezos never tried to hide his defeat in such ventures. Surprisingly, he accepts the mistakes and focuses on change. This change, however, does not necessarily mean changing the end goal. Gauge what is problematic within your enterprise and take corrective actions that streamline things in the short term without hurting your long-term objectives. The important thing is to keep going in the face of failure with persistence.

3. Focus on Customer Value

“The customer is always right” might come off as a cliché to you, and the reason might be its excessive use in the business world. That being said, let’s look at why this phrase is repeated so frequently. Putting customers at the center of your business model has many benefits. Firstly, it helps you tailor your products or services according to customers’ needs.

Secondly, understanding the problems faced by the customers and solving those problems through your product or service will create brand loyalty. A tailored product or service aimed at solving a specific problem or meeting a specific need is bound to gain traction in consumers as it offers them maximum utility. Many entrepreneurs make the mistake of focusing too much on product features instead of considering whether these features offer any real utility to the customer.

However, it is noteworthy that the customers might not always know or explain in focus-group interviews or surveys what they need. So, relying entirely on what customers tell you is not a good idea. Therefore, an entrepreneur and the team should be able to identify a problem and offer a marketable solution by diving deep into the realities of the market in which the business operates.

4. Gauge and Manage Your Involvement

Entrepreneurship is accompanied by a variety of responsibilities, which can include many tasks of a mechanical nature. To avoid drowning in the whirlpool of mundane activities, you should closely monitor your daily activities and how much time each takes. Investing your time in conducting research, discussing your findings with key personnel, and planning according to the findings is best. Do not get involved in tasks that the use of software can automate. Delegate wherever it’s possible.

The key lies in balancing the time allocated to each activity as per its strategic importance.

5. Take a Break for a Better Perspective

Entrepreneurs often find themselves in situations where there is no clear way of moving forward. Taking a break to understand things better is a good idea in such scenarios. It enables you to think things through, understand the gravity of the situation, and devise a way forward accordingly. This technique might seem to be a luxury in a business world that’s moving with great speed, but it is necessary to know that it is a necessity that stops you from making uninformed decisions.

Conclusion

In conclusion, to be an effective entrepreneur, you need to be aware of the external factors that can affect your business and be prepared to deal with unexpected situations. Since it is well-established that all cannot be done alone, having a great team to which you can entrust your venture’s tasks is pivotal. Sound storytelling, consistency, a long-term approach, the ability to identify and delegate mundane tasks, intentional pausing, and incorporating customer focus in every process makes for effective leadership in the modern business environment.

Hobbies Enjoyed by Entrepreneurs: Balancing Work & Leisure

StrategyDriven Entrepreneurship Article | Hobbies Enjoyed by Entrepreneurs: Balancing Work & Leisure

When you are an entrepreneur, you likely have a large chunk of your time taken up by the business. Even when you aren’t working hard to build your business, you are probably thinking about work and coming up with plans to take your business to new heights. While you certainly need to give your business a lot of attention, it should not take up all of your life. Everyone needs to take time off and engage in other activities so that they can enjoy life, recharge and focus on other important areas of life. So, what are some hobbies that entrepreneurs tend to enjoy? Keep reading for a few ideas.

Fishing

It can be challenging to switch off as an entrepreneur, as there will always be something for you to worry about. This is why fishing is a great hobby for an entrepreneur, as it allows you to take some time out, switch off and enjoy some peace and quiet. Fishing can also help to develop some skills that are key for business leaders, such as patience and perseverance.

Painting

Having a creative hobby is always worthwhile as this is a way to express your thoughts and feelings and have fun. Painting is a good choice because there are no limitations, and this is a hobby that you can do from home. Many people also find painting to be a relaxing activity and even one that can improve their concentration and focus.

Podcasts

Many entrepreneurs like to listen to podcasts as they can sharpen their minds; plus, you can listen while completing other tasks, which is handy for those with a busy schedule. There will always be business and industry-specific podcasts that you could listen to, or you could find something completely different to give your mind a rest.

Online Slot Games

Entrepreneurs also need to have an easy hobby they can turn to when they have a spare few minutes, whether this is on a break from work, on the train, or while relaxing at home. Online slot games are ideal for this. You don’t need much to get started; just a smartphone or laptop will do. The games are also easy to get started with. Slot games can also be an effective way to unwind after a stressful day, which is something that every entrepreneur needs after clocking off. You can find no-deposit free spins, which will allow you to test out casino games without having to put any money in your account. You can learn more here.

Weightlifting

Active hobbies are always a good choice, and many entrepreneurs like to lift weights, whether this is before or after work. Weightlifting has a number of obvious physical health benefits, but people also often find that it helps to develop discipline and focus. People also find lifting weights to be an effective way to vent any frustration that they are experiencing!

Running a busy life as an entrepreneur doesn’t mean you shouldn’t take time for yourself, and these hobbies enable you to do just that. Try each of them, and you will soon find your preferred option that improves your life and even your ability as a business leader.

11 Strategies for Successful EOS Implementation

StrategyDriven Entrepreneurship Article | 11 Strategies for Successful EOS Implementation

Entrepreneurial Operating System (EOS) implementation can be a transformative journey for organizations, enabling them to achieve operational excellence and drive sustainable growth. However, to ensure a successful EOS implementation, organizations need to have effective strategies in place. In this blog, we will explore 11 strategies that can help organizations achieve a successful EOS implementation and unlock their full potential. From defining clear objectives to fostering continuous improvement, these strategies can guide organizations on their EOS implementation journey.

Understanding EOS Implementation

EOS is a comprehensive framework that helps businesses achieve clarity, alignment, and traction toward their vision and goals. EOS provides a set of simple yet powerful tools and concepts that can be implemented across an organization to streamline operations, improve communication, and drive results. EOS implementation involves a structured process of aligning the organization’s vision, people, data, and processes to achieve operational excellence. It typically includes elements such as defining the organization’s core values, creating a clear vision for the future, setting specific goals and priorities, and establishing a system for accountability and performance measurement.

Strategy 1: Define Clear Objectives and Goals

The first step towards a successful EOS implementation is to define clear objectives and goals. This involves identifying the desired outcomes of the implementation, aligning them with the overall organizational strategy, and establishing measurable and achievable targets. The objectives and goals should be communicated clearly to all stakeholders, including employees, leaders, and the EOS implementer, to ensure a shared understanding and commitment to the EOS vision.

Strategy 2: Create a Detailed Implementation Plan

A comprehensive implementation plan is crucial for the successful execution of EOS. This plan should include a detailed roadmap with clear timelines, responsibilities, and milestones. It should also address potential risks and challenges and outline mitigation strategies. Securing necessary resources, such as budget, technology, and personnel, should also be included in the implementation plan. The plan should be regularly reviewed and updated as needed to ensure alignment with the overall organizational strategy and changing business needs.

Strategy 3: Foster Strong Leadership and Change Management

Leadership plays a critical role in the success of EOS implementation. A dedicated leadership team should be appointed to oversee the implementation process and ensure that leaders are aligned and committed to the EOS vision. Change management strategies should be in place to address resistance and challenges that may arise during the implementation journey. This includes effective communication, stakeholder engagement, and a supportive approach to managing change.

Strategy 4: Engage and Train Employees

Employees are key stakeholders in the EOS implementation process, and their engagement and support are critical for success. Employees should be communicated the purpose, benefits, and expectations of EOS implementation. Regular training and development opportunities should be provided to build employees’ capabilities in the EOS framework. Employees should also be encouraged to actively participate and provide feedback during the implementation process, as their insights can contribute to the success of the implementation.

Strategy 5: Monitor and Measure Progress

Monitoring and measuring the progress of EOS implementation is essential to ensure that it is on track toward achieving the defined objectives and goals. Key performance indicators (KPIs) should be established to track the progress of EOS implementation, and regular reviews should be conducted to assess the effectiveness of the implementation efforts. Data analysis and feedback from stakeholders, including employees and leaders, should be used to identify areas that require improvement and take necessary actions accordingly.

Strategy 6: Foster Continuous Improvement

EOS implementation is not a one-time event but rather a continuous journey toward excellence. Organizations should foster a culture of continuous improvement where feedback, learning, and innovation are encouraged. This includes regularly reviewing and updating the EOS framework, incorporating best practices, and driving innovation to optimize organizational performance. Continuous improvement efforts should be integrated into the organizational DNA, ensuring that the EOS implementation is sustained and continually refined to meet changing business needs.

Strategy 7: Aligning Performance Metrics

To ensure that the EOS implementation is effective, aligning performance metrics and key performance indicators (KPIs) with the organization’s overall vision and goals is crucial. This involves setting clear expectations for employees, defining measurable objectives, and regularly monitoring and reviewing progress against these metrics. By aligning performance metrics with the EOS framework, organizations can create a culture of accountability and continuous improvement, driving better results.

Strategy 8: Effective Communication

Communication plays a critical role in the success of any organizational change initiative, including EOS implementation. It is essential to establish open and transparent communication channels throughout the implementation process, from the top leadership to all levels of employees. This includes regular updates, clarifying roles and responsibilities, addressing concerns, and soliciting feedback. Effective communication ensures that employees are informed, engaged, and committed to the EOS framework, increasing the likelihood of successful implementation.

Strategy 9: Training and Development

Providing adequate training and development opportunities to employees is vital for the successful implementation of EOS. This includes educating employees about the EOS framework, its principles, and how it aligns with the organization’s vision and goals. Training should also focus on building the skills and competencies required to effectively implement EOS, such as problem-solving, decision-making, collaboration, and leadership. Investing in training and development ensures that employees are equipped with the knowledge and skills to fully embrace and implement EOS in their day-to-day work.

Strategy 10: Flexibility and Adaptability

Organizations should recognize that EOS implementation is a dynamic and iterative process that may require adjustments along the way. Flexibility and adaptability to changing circumstances, feedback, and lessons learned are crucial for successful implementation. Organizations should be open to revisiting and refining their EOS implementation plan as needed based on the evolving needs and challenges of the organization. Flexibility and adaptability allow organizations to respond to changing circumstances and optimize the EOS implementation for maximum effectiveness.

Strategy 11: Employee Involvement and Ownership

Involving employees in the EOS implementation process and giving them a sense of ownership can significantly impact the success of the implementation. This includes engaging employees at all levels of the organization, from leadership to frontline workers, in the development and execution of the EOS implementation plan. Encouraging employee feedback, suggestions, and contributions can help create a sense of ownership and commitment to the EOS framework. When employees feel empowered and involved in the process, they are more likely to embrace the changes and actively participate in implementing EOS in their day-to-day work.

Conclusion

A well-planned and executed EOS implementation can pave the way for organizational excellence, driving sustainable growth and ensuring long-term success. By following the strategies outlined in this blog and working with an experienced EOS Implementer, organizations can navigate the implementation process effectively and reap the benefits of a streamlined and high-performing operating system. Embracing EOS as a strategic approach to managing the organization’s vision, people, data, and processes can empower organizations to achieve their strategic goals and thrive in today’s competitive business landscape.

Navigating Company Car Shipping Costs: Tips For Fleet Management

StrategyDriven Managing Your Business Article | Navigating Company Car Shipping Costs: Tips For Fleet Management

For companies that rely on a fleet of vehicles, managing car shipping costs can be a significant challenge. The cost of shipping company cars can quickly add up, especially if you’re not taking steps to minimize expenses. In this article, we’ll provide tips and insights on how to navigate company car shipping costs and optimize your fleet management. We’ll explore four topics, including understanding the different types of car shipping services, factors that affect car shipping costs, scheduling car shipments for maximum cost savings, and strategies for preventing damage during shipping.

Understanding The Different Types Of Car Shipping Services

Understanding the different types of car shipping services is essential to choosing the right one for your business. Open transport is the most common type of car shipping service and is typically the most cost-effective. In this method, the cars are transported on an open carrier and are exposed to the elements during transport. While this option is cheaper, it may not be suitable for high-value or classic cars that require greater protection. Additionally, open transport is ideal for businesses that need to transport several cars at once.

Enclosed transport, on the other hand, provides greater protection for your vehicles during transport. In this method, the cars are transported in a covered trailer that shields them from the elements. This option is more expensive but may be necessary for high-value or classic cars that require extra protection during transport. Enclosed transport is also ideal for businesses that need to transport their cars across longer distances.

Another option to consider is terminal-to-terminal shipping. This method involves dropping off your cars at a central location for shipping and then picking them up at a different location. While this option may require more coordination, it can be more cost-effective than door-to-door shipping. Additionally, terminal-to-terminal shipping may be more suitable for businesses that need to ship cars on a regular basis, as it can reduce transportation costs over time. Understanding the different types of car shipping services is crucial to making informed decisions about your car shipping needs and minimizing expenses.

Factors That Affect Car Shipping Costs

Several factors can impact car shipping costs, and it’s important to be aware of these when managing your fleet. The distance your cars need to travel is one of the primary factors that affect shipping costs. The longer the distance, the more expensive the shipping costs will be. Additionally, the size and weight of your vehicles can impact the cost of shipping. Larger and heavier vehicles require more expensive shipping methods, such as enclosed transport.

The shipping method you choose can also affect costs, with open transport typically being the most cost-effective option. However, if your cars require extra protection, enclosed transport may be necessary despite its higher cost.

Seasonality is another factor that can impact car shipping costs. During peak seasons such as holidays or summer months, there is increased demand for car shipping services, which can lead to higher costs. Businesses should plan ahead and schedule their car shipments during less busy times to avoid higher shipping rates.

The level of service provided by the shipping company can also impact costs. While it may be tempting to choose the cheapest shipping option, it’s important to choose a reputable and experienced shipping company to ensure the safe delivery of your vehicles.

According to Montway’s car shipping cost calculator, an available resource to help businesses budget their car shipping expenses,

“Various factors will impact the cost of your auto shipment. In order to get an idea of your final cost, we recommend requesting a quote from a carrier or broker.”

Here is a summary of factors that can affect your company car shipping costs:

  • Distance your cars need to travel
  • Size and weight of your vehicles
  • Shipping method chosen (e.g., open transport, enclosed transport)
  • Seasonality (e.g., peak vs. off-peak times)
  • Level of service provided by the shipping company


Scheduling Car Shipments For Maximum Cost Savings

Scheduling your car shipments in advance can help you take advantage of lower rates and avoid rush fees. By planning ahead, you can explore cost-saving options and choose the best carrier and shipping method for your needs. Additionally, businesses that ship cars on a regular basis may be able to negotiate lower rates with a shipping company. This can help reduce shipping costs over time and increase cost savings.

Consolidating multiple car shipments into one is another way to save money on transportation costs. By combining multiple cars into one shipment, businesses can take advantage of lower rates for larger shipments. This option is particularly beneficial for companies that need to ship cars on a regular basis, as it can reduce transportation costs over time.

Choosing the right carrier size can help you avoid unnecessary costs. If you’re only shipping a few cars, there’s no need to pay for a full-sized carrier. By carefully scheduling your car shipments and choosing the right carrier size, you can minimize expenses and maximize cost savings.

Scheduling car shipments in advance and consolidating multiple shipments into one can help businesses take advantage of lower rates and minimize transportation costs. By carefully planning your car shipments and negotiating with shipping companies, you can reduce your expenses and increase your cost savings.

Strategies For Preventing Damage During Shipping

Preventing damage during company car shipping is essential to minimizing expenses and ensuring the safe delivery of your vehicles. Properly maintaining your company cars can help prevent damage during shipping and avoid additional costs. Additionally, choosing a reputable and experienced shipping company can help reduce the risk of damage. Be sure to inspect your cars before and after shipping to document any existing damage and report any new damage immediately. Taking proactive measures to prevent damage during shipping can save you time, money, and headaches in the long run.

Navigating company car shipping costs requires careful planning, analysis, and management. By understanding the different types of car shipping services, factors that affect car shipping costs, scheduling car shipments for maximum cost savings, and strategies for preventing damage during shipping, you can optimize your fleet management and minimize expenses. With the right strategies and resources, you can successfully navigate the complexities of company car shipping and keep your business moving forward.