Your staff are the heart and soul of your business, and if you want your business to run in the best way possible, then you need to look after them. Looking after staff is more than just money, although offering an excellent salary is a good start. The focus has shifted in recent years and it is about a combination of things.
Happiness
Happy staff are higher performers. They work harder just because they want to. It is your job to find out what makes your team tick. Is a beer on a Friday afternoon? What about having regular staff days out? It might be something as simple as good coffee in the machine. If you make their happiness a priority, then you will see an increase in their productivity. Good things all around.
Money
It is essential that you pay fairly. While you might not be in a position to be paying a significant 6 figure salary, your staff should be compensated fairly for the work that they do. So when you are hiring, you need to have an honest conversation with your potential hires. If you know you can’t meet what they are currently earning, then see what the perks would need to be to make it happen.
Experiment
No, not on your staff. You will probably have so many new ideas than you want to try out, sow when you are building your team you are going to want to talk to them about all of the new ideas that you have. Let them know from the beginning that you have a vision for the company, and you want to move forward in a creative way. If your staff share the vision, they will feel closer to the company and you, and like they play a part in moving the company forward.
Just because most companies go for a Monday to Friday 9-5 doesn’t mean you have to. It might be that you hire a lot of people that work better in the mid-afternoon and evening. In which case, it makes sense to make the most of their natural rhythm and shift the working pattern.
Insurance
It doesn’t matter what type of work your company does, there are things that can happen to your workers. Trips, falls, and chemical burns. It can happen to anyone at any time. If you make sure that you have worker’s compensation you will protect your company from going bankrupt should they be sued. If a worker has an accident, they might have some injuries. The injuries may mean that they can’t work for a short time, or perhaps forever. Workers’ compensation will mean that your staff is taken care of and so are their medical expenses.
Hiring
The people that you hire will have an impact on everything that you do. And when you hire you need to make sure that you are stick with all the rules and regulations. You should always be looking for the best person for the job. Employment discrimination lawyers will hold you accountable if you aren’t acting with respect. Something that is important to remember is that you can look at a skills base over experience in some cases. You have the freedom to create a talent pool that really drives your company forward. And that is exciting. But, as the saying goes, hire slowly and fire quickly.
Personal
When you know your staff on a personal level, you will be able to cultivate a close relationship with them. A great leader will be alert for a change in the demeanor or work of their staff. It doesn’t need to be a space for everyone to share their personal issues, but if there are external factors that are having an impact on their work, then a conversation and support matters.
Learn Together
As well as providing as many learning opportunities as possible for your staff, you should be taking them with your staff. The more that your knowledge aligns with theirs, the more of a cohesive team you will be able to create. There are new techniques and technology in every sector, and you as a leader should be in the mix off all of it. There will, of course, be higher up networking events and training that you should take. Keeping your finger on the pulse of your sector is great, enabling your whole team to gain knowledge is fantastic.
Make Time
There is nothing worse than trying to make an appointment with someone who is always busy. And if you are running a company and have zero time for your staff to come to you, you will soon feel a disconnect happen. It will become increasingly apparent, and your team will begin to feel less like a team. Projects can get weighty and take up a lot of time, but there needs to be time to catch up and grab a coffee. Showing your people that you value and respect them is going to make a big difference.
Opportunities
Aside from the training and the nice cohesive team, there should be some opportunities for new experiences. For example, if you have a copywriter that is particularly interested in dabbling in graphic design, give them some space on a smaller project to learn from the design team. Letting people work outside the lines of their role will provide them with an opportunity to grow in a way that training usually doesn’t.
Manage Expectations
People who are starting companies, or just have the cashflow to be able to hire are often very enthusiastic – and sometimes over-promise. Before you hire, people to spend some time thinking about what is realistic for you. Promising them big clients, a big bonus and a lease car, when they are your first hire, and you’re okay really able to stretch to a laptop and come excellent coffee isn’t cool. Although the latter will be great, it isn’t going to feel like the bonus and car would.
Be honest with your team when things are good or bad. Remember that they are going to be as excited by your business as you are – treat them well, and you’ll all grow together.
https://www.strategydriven.com/wp-content/uploads/daria-nepriakhina-9uEHFjGXnCE-unsplash.jpg8001200StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2019-09-27 07:00:482019-09-27 04:24:24Looking After Your Staff
The concept and aspiration for fully autonomous vehicles has been around for at least 40 years. The reality in 2019 depends on who you talk to; it’s either here today, a few years away, or a decade or more before they truly become mainstream.
The Society of Automotive Engineers has defined six levels of autonomy from level 0 – 5. While manufacturers have been working hard on the development of autonomous vehicles, the reality is that today the vast majority of vehicles for sale are only capable of providing level 2 assistance features. Level 2 automated driving is defined as systems that provide steering and brake/acceleration support, as well as lane centering and adaptive cruise control. The human at the wheel must be driving and constantly supervising the automated features. A few OEM’s in-market today have been working towards Level 3 & 4 automation, meaning the car can take over most driving functions , but the driver must still be able to intervene at any time.
For most automakers, in order to reach this goal, incremental technological and commodity changes will not be enough. Instead, to achieve the full road map of autonomy will require a transition to a complete automotive platform inclusive of AI-enabled microprocessors, software, new architectures and levels of performance to be deployed scalably.
Navigating the Path to Pervasive Autonomy
Because of the emphasis on commodity-based engineering, workflow in a typical OEM has a very long lead time and cycle. Worst case cycle times have ideas begin in the research factory maturing over several years leading to product engineering where they take around 3-4.5 years.
For these main reasons and many smaller ones, this approach is not scalable nor cost effective as we move into the 21st century.
One of the cornerstones of the new architecture is the concept of a layered software-based platform which allows for the addition and deletion of software defined capability in each layer (see below). This facilitates features to run as “applications” executed on top of the service platform like PC or mobile phone which provide the ability to change (extend or restrict) the performance.
The impact of these rationalization and transformation initiatives are providing significant value for the OEM as well as the end-consumer:
The amount of wiring can be reduced (cost)
This allows further weight reduction of the car
Increased performance and/or driving range (performance/emissions)
Reduce manufacturing cost and time.
The end-picture and future benchmark to consider is provided by Tesla. Through digital connectivity within the car an ultimate level of rationalization will bring cabling requirements from about 5 km of wiring today to 100 m in a Tesla Model Y.
Tesla also recognized early that hardware rationalization and connectivity capabilities outside of the vehicle system would be paramount to unlock and accelerate the uptake of the ACES (Autonomous, Connected, Electric and Shared Mega-Trends) trends, which would ultimately not only provide the revenue streams of the future but also leverage AI benefits across the different functionalities inside and outside of a vehicle.
The commercial confirmation and practical demonstration of this flexibility can be seen at Tesla where they have already established this software working environment and pushing new autonomous and AI benchmarks as announced in April 2019.
In a world of static automotive features, closed systems and changes made through recalls and other legacy methods, such an architecture is viable. However, to achieve the three automotive pillars of being safe, secure and smart, fully autonomous vehicles need to have a more open, integrated hardware and software systems architecture vs. siloed and disconnected. Autonomous vehicles must possess architectures that allow subsystems to work together to harness and exchange data in real-time to make intelligent decisions.
The sooner this transformation happens, the sooner Level 5 autonomous vehicles will become a reality.
Solution for Autonomous Driving
Wave Computing, for instance, offers a full range of SoC solutions designed specifically for the automotive industry. The company’s MIPS technology-based ISO-26262 certified processors enable OEMs to design, develop and scale their vehicle software architectures in a secure environment. The architecture includes hardware multithreading with support for up to four threads and the ability to run two instructions simultaneously during every clock cycle. And Wave Computing’s TritonAI 64 IP platform enables developers to address a wide range of automotive AI use cases with a single comprehensive platform, including optimized AI libraries.
Whether next year, five years or a decade, the dream of fully autonomous driving will become a reality. To fulfill that dream, however, automotive manufacturers must make major changes to their automotive architectures and supply chains. Transforming what was once a rigid hardware platform of siloed features and functions, to a fully systems-based software platform won’t happen overnight, but it’s a critical component to delivering Level 5 autonomous vehicles that are safe, secure and smart.
About the Author
Steve Brightfield, Senior Director of CPU and AI IP, MIPS Machines Div, Wave Computing. For more information, please visit www.wavecomp.ai.
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Today I am one of a small group of investors that owns several Commercial Real Estate (CRE) properties valued at over $50 million.
The First Leap to Financial Freedom: Starting my own business
In August of 2003, I made the great leap into the unknown when I went into business for myself. It turned out that starting Marshall Commercial Funding was the single best career decision I have ever made.
Financially, things changed quickly and dramatically.
For the first time in my life I was making good money. I was able to sock away money into savings which was good because we all know what happened in 2008 – The Great Recession. I was able to weather the economic storm because I had enough money in savings to make it until the real estate market turned the corner. And when the economy improved I was able to pick up right where I left off before the recession hit.
The Second Leap to Financial Freedom: CRE Investing
So in 2007 I made the next biggest and most financially rewarding leap in my career. I approached one of my long-time clients to see if I could invest with him.
He had everything I was looking for in a real estate sponsor: He was competent, he was trustworthy and he had a proven track record. I asked him if he would be willing to take me on as an investor when he purchased his next rental property and he readily agreed.
Do you remember where the real estate market was in 2007? It was at the absolute peak of the last real estate market cycle. My timing couldn’t have been any worse. Nevertheless, I have invested with him nine times.
Retiring In Style Is My Goal
Today, not only could I retire at this very moment, I could retire comfortably. I don’t know about you, but I don’t want to retire comfortably. I want to retire in style. I want to see and do all the things I’ve always dreamt of.
Currently I have seven sources of passive income generated from my real estate investments. I estimate if I wait a few more years I may have as many as two or three additional sources of passive income. And when the passive income from my rental properties coupled with my future Social Security checks consistently and significantly exceed my monthly personal expenses, then and only then, do I plan to retire.
At that point I’ll be able to retire in style. And although I haven’t quite gotten their yet, I’m ever so close to doing so.
If I can do it, so can you!
Why am I telling you about my journey from financial distress to hopefully retiring in style? Because I believe that 90% of you reading this, if not more, are in the same predicament I was in. You’re either currently in financial distress, as I was for the first 24 years of my CRE career, or you are financially prosperous but realize that unless things change dramatically you’re not going to retire well.
I’m here to emphatically tell you if I can go from serious financial distress to being on the verge of financial freedom, SO CAN YOU!
Follow the Road Map to Financial Freedom
Simply put, by investing in commercial real estate you can slowly, but steadily build real wealth and grow passive income from your rental properties. It’s not a myth. And it’s not a get rich quick scheme. It actually works.
About the Author
Doug Marshall, CCIM, founded Marshall Commercial Funding, Inc., a commercial mortgage brokerage firm located in Portland, Oregon in 2003. He has more than four decades in the commercial real estate business. His new book is Mastering the Art of Commercial Real Estate Investing: How to Successfully Build Wealth & Grow Passive Income from Your Rental Properties. For more information visit: www.Marshallcf.com.
https://www.strategydriven.com/wp-content/uploads/front-jacket.jpg17941200Sharon Kastorianohttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngSharon Kastoriano2019-09-26 08:00:362019-09-26 08:09:47How I’m Retiring In Style and How You Can Do It Too
The role of a leader is always evolving, so it makes sense that the traits of a modern-day leader may be different from the leaders of half a century ago.
Of course, some traits have remained pretty consistent throughout the years, such as being a role model and having strong communication skills.
The following are some of the leadership traits that are important now that might not have been in the past.
1. An Ear for Employees
Perhaps one of the most drastic differences between modern-day leaders and leaders from the past is that today’s leaders are interested in what employees want and need.
50 years ago, managers simply had to be charismatic enough to bark orders at their employees to get the job done.
The goal was always to satisfy the company’s owner without paying too much attention to the employees. Leaders weren’t too interested in complaints, concerns, and feedback from their employees. That kind of leader will not work with today’s empowered workforce and may even be counterproductive.
Today’s managers encourage employees to express their points of view and discuss or bring up tough issues.
Leaders in the past would not talk about mistakes, but today’s managers are expected to highlight mistakes along with employees so that everyone can learn from them.
2. Ability to Change
CEOs, managers, and any other type of leader of today cannot be the kind of person who sticks to what works but rather a person who can change at a moment’s notice. The reason today’s authority figures cannot stay stagnant deals with the nature of modern-day business.
The internet has been creating all sorts of changes that affect business almost at lightning speed. A new internet-based concept could cause a chain of events that could break a company that refuses to change with the times.
Take video streaming, which basically has defeated regular DVD rentals and is taking a serious bite out of the entire movie-making business. Leaders in the past were taught not to rock the boat too much because it could disrupt a well-oiled machine, but that kind of leadership could sink companies today.
3. A Reflective Spirit
Another thing that is unique about today’s authority figures is their ability to be reflective. This sense of self-awareness is unique to modern-day leaders, and it helps them improve their leadership skills and work on weaknesses.
This skill also allows modern-day directors to hire employees that will actually complement them by looking for individuals that are strong where they are weak.
Leaders from the past were not too concerned about finding individuals who might help them become better because that kind of collaboration simply did not exist back then.
4. Aware of the People’s Heart
Generation X and Y employees are a different kind of workforce. These individuals know how important they are to companies and use that as leverage to get what they want.
This workforce does not mind jumping from job to job and a workforce that values experience more than pay.
A leader from the past might just alienate today’s employees so much that it might be hard to fill certain positions.
This is the reason contemporary authority figures need to be able to keep employees happy by listening to them and finding ways to create a good corporate culture.
Company culture actually helps keep employees in their positions and helps employees feel more invested in their positions, which increases productivity.
One way modern leaders do this is by rewarding the entire team instead of individual efforts, which makes employees collaborate better rather than compete with each other.
5. A Focus on Diversity
Another trait that is quite important for modern overseers is the ability to connect with all sorts of workers. The new age workforce is filled with all sorts of people as the country continues to become more diverse.
Being sensitive to all the cultural differences is important in order to make individuals feel welcomed and to respect other people’s customs. This is a trait that simply was not too important in the past.
Yesterday’s authority figures barely communicated with their workforce; the only thing that was important was getting the job done.
Leaders back in the day could have been offensive, yet they might have still been valued by their employers.
Well, new age authority figures definitely need to be more sensitive because failing to do so could not only alienate employees but could also put the company at risk of lawsuits.
https://www.strategydriven.com/wp-content/uploads/leadership.png407613StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2019-09-25 20:00:422019-09-25 14:27:435 Leadership Traits You Didn’t Need 50 Years Ago
Do you have employees? That’s great! All you have to do is cut them a check to pay them, right?
Unfortunately, it’s not that easy. That’s what has led the payroll industry to grow to a size of $81.5 billion.
If you’re handling payroll for a business yourself then you need to know what to look out for, so you don’t make any mistakes. Keep reading to learn seven common payroll mistakes that can cause problems for your business.
1. Missing Deadlines
When you deal with payroll, your employee paychecks aren’t the only money that you’ll be paying out. You also have to deal with government taxes.
You need to make a note of when your federal and state tax deadlines are for payroll. If you want to avoid missing your deadline, then either set reminders or automated payments for your tax obligations.
2. Not Keeping up With New Laws
Laws for payroll don’t stay the same. In fact, they change all the time. If you don’t stay up to date with what’s happening with the current laws, then you’re asking for trouble.
By staying up to date, you can make sure that you’re always following the law. You won’t have to worry about your next audit finding something that you missed.
3. Not Sending Tax Forms
Every penny you pay your team gets reported to the government. Shouldn’t they be the ones who send out your employee’s earnings for the year?
Wrong. That’s up to you to do. Make sure that all your employees receive their 1099 forms by the due date.
4. Bad Records
It’s required by law to keep all your records up to date, accurate, and available for several years. If you don’t, then you can face fines from the government.
This is why it’s necessary to invest in a record-keeping system that will keep things up to date. But keeping records in order isn’t easy. Contact a payroll service to get help getting your data in order.
5. Ignoring Garnishes
It doesn’t feel good to take payment from your team’s checks. But if you get a request from the government, you need to take action immediately.
Any mistake here can lead to a time-consuming process to correct.
6. Miscalculating Overtime
Overtime pay isn’t optional when you have hourly employees. You’re required to pay them for any extra time they work for your company. If you don’t keep accurate records of overtime hours, then you’re going to have problems paying people for their time.
7. Not Keeping Backups
If you’re using cloud software to handle payroll, then you don’t have to worry much about data loss. But if you manage everything locally on your office computers, then you run the risk of losing data.
Make sure to put a backup plan in place to save your data in case this happens. A backup service costs money but will save you time and money in the long run.
Payroll for a Business Isn’t Easy
If cutting a check to your team was all it took to do payroll, then the payroll industry would be doomed. But payroll for a business isn’t that simple. Make sure you avoid the mistakes above so you can prevent costly mistakes.
Are you looking for more business advice? Keep browsing our blog to read through our latest tips.
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Looking After Your Staff
/in Talent Management/by StrategyDrivenHappiness
Happy staff are higher performers. They work harder just because they want to. It is your job to find out what makes your team tick. Is a beer on a Friday afternoon? What about having regular staff days out? It might be something as simple as good coffee in the machine. If you make their happiness a priority, then you will see an increase in their productivity. Good things all around.
Money
It is essential that you pay fairly. While you might not be in a position to be paying a significant 6 figure salary, your staff should be compensated fairly for the work that they do. So when you are hiring, you need to have an honest conversation with your potential hires. If you know you can’t meet what they are currently earning, then see what the perks would need to be to make it happen.
Experiment
No, not on your staff. You will probably have so many new ideas than you want to try out, sow when you are building your team you are going to want to talk to them about all of the new ideas that you have. Let them know from the beginning that you have a vision for the company, and you want to move forward in a creative way. If your staff share the vision, they will feel closer to the company and you, and like they play a part in moving the company forward.
Just because most companies go for a Monday to Friday 9-5 doesn’t mean you have to. It might be that you hire a lot of people that work better in the mid-afternoon and evening. In which case, it makes sense to make the most of their natural rhythm and shift the working pattern.
Insurance
It doesn’t matter what type of work your company does, there are things that can happen to your workers. Trips, falls, and chemical burns. It can happen to anyone at any time. If you make sure that you have worker’s compensation you will protect your company from going bankrupt should they be sued. If a worker has an accident, they might have some injuries. The injuries may mean that they can’t work for a short time, or perhaps forever. Workers’ compensation will mean that your staff is taken care of and so are their medical expenses.
Hiring
The people that you hire will have an impact on everything that you do. And when you hire you need to make sure that you are stick with all the rules and regulations. You should always be looking for the best person for the job. Employment discrimination lawyers will hold you accountable if you aren’t acting with respect. Something that is important to remember is that you can look at a skills base over experience in some cases. You have the freedom to create a talent pool that really drives your company forward. And that is exciting. But, as the saying goes, hire slowly and fire quickly.
Personal
When you know your staff on a personal level, you will be able to cultivate a close relationship with them. A great leader will be alert for a change in the demeanor or work of their staff. It doesn’t need to be a space for everyone to share their personal issues, but if there are external factors that are having an impact on their work, then a conversation and support matters.
Learn Together
As well as providing as many learning opportunities as possible for your staff, you should be taking them with your staff. The more that your knowledge aligns with theirs, the more of a cohesive team you will be able to create. There are new techniques and technology in every sector, and you as a leader should be in the mix off all of it. There will, of course, be higher up networking events and training that you should take. Keeping your finger on the pulse of your sector is great, enabling your whole team to gain knowledge is fantastic.
Make Time
There is nothing worse than trying to make an appointment with someone who is always busy. And if you are running a company and have zero time for your staff to come to you, you will soon feel a disconnect happen. It will become increasingly apparent, and your team will begin to feel less like a team. Projects can get weighty and take up a lot of time, but there needs to be time to catch up and grab a coffee. Showing your people that you value and respect them is going to make a big difference.
Opportunities
Aside from the training and the nice cohesive team, there should be some opportunities for new experiences. For example, if you have a copywriter that is particularly interested in dabbling in graphic design, give them some space on a smaller project to learn from the design team. Letting people work outside the lines of their role will provide them with an opportunity to grow in a way that training usually doesn’t.
Manage Expectations
People who are starting companies, or just have the cashflow to be able to hire are often very enthusiastic – and sometimes over-promise. Before you hire, people to spend some time thinking about what is realistic for you. Promising them big clients, a big bonus and a lease car, when they are your first hire, and you’re okay really able to stretch to a laptop and come excellent coffee isn’t cool. Although the latter will be great, it isn’t going to feel like the bonus and car would.
Be honest with your team when things are good or bad. Remember that they are going to be as excited by your business as you are – treat them well, and you’ll all grow together.
Increasing Trust: Engineering Autonomous Vehicles that Are Safe and Secure
/in Risk Management/by Steve BrightfieldThe Society of Automotive Engineers has defined six levels of autonomy from level 0 – 5. While manufacturers have been working hard on the development of autonomous vehicles, the reality is that today the vast majority of vehicles for sale are only capable of providing level 2 assistance features. Level 2 automated driving is defined as systems that provide steering and brake/acceleration support, as well as lane centering and adaptive cruise control. The human at the wheel must be driving and constantly supervising the automated features. A few OEM’s in-market today have been working towards Level 3 & 4 automation, meaning the car can take over most driving functions , but the driver must still be able to intervene at any time.
For most automakers, in order to reach this goal, incremental technological and commodity changes will not be enough. Instead, to achieve the full road map of autonomy will require a transition to a complete automotive platform inclusive of AI-enabled microprocessors, software, new architectures and levels of performance to be deployed scalably.
Navigating the Path to Pervasive Autonomy
Because of the emphasis on commodity-based engineering, workflow in a typical OEM has a very long lead time and cycle. Worst case cycle times have ideas begin in the research factory maturing over several years leading to product engineering where they take around 3-4.5 years.
For these main reasons and many smaller ones, this approach is not scalable nor cost effective as we move into the 21st century.
One of the cornerstones of the new architecture is the concept of a layered software-based platform which allows for the addition and deletion of software defined capability in each layer (see below). This facilitates features to run as “applications” executed on top of the service platform like PC or mobile phone which provide the ability to change (extend or restrict) the performance.
The impact of these rationalization and transformation initiatives are providing significant value for the OEM as well as the end-consumer:
The end-picture and future benchmark to consider is provided by Tesla. Through digital connectivity within the car an ultimate level of rationalization will bring cabling requirements from about 5 km of wiring today to 100 m in a Tesla Model Y.
Tesla also recognized early that hardware rationalization and connectivity capabilities outside of the vehicle system would be paramount to unlock and accelerate the uptake of the ACES (Autonomous, Connected, Electric and Shared Mega-Trends) trends, which would ultimately not only provide the revenue streams of the future but also leverage AI benefits across the different functionalities inside and outside of a vehicle.
The commercial confirmation and practical demonstration of this flexibility can be seen at Tesla where they have already established this software working environment and pushing new autonomous and AI benchmarks as announced in April 2019.
In a world of static automotive features, closed systems and changes made through recalls and other legacy methods, such an architecture is viable. However, to achieve the three automotive pillars of being safe, secure and smart, fully autonomous vehicles need to have a more open, integrated hardware and software systems architecture vs. siloed and disconnected. Autonomous vehicles must possess architectures that allow subsystems to work together to harness and exchange data in real-time to make intelligent decisions.
The sooner this transformation happens, the sooner Level 5 autonomous vehicles will become a reality.
Solution for Autonomous Driving
Wave Computing, for instance, offers a full range of SoC solutions designed specifically for the automotive industry. The company’s MIPS technology-based ISO-26262 certified processors enable OEMs to design, develop and scale their vehicle software architectures in a secure environment. The architecture includes hardware multithreading with support for up to four threads and the ability to run two instructions simultaneously during every clock cycle. And Wave Computing’s TritonAI 64 IP platform enables developers to address a wide range of automotive AI use cases with a single comprehensive platform, including optimized AI libraries.
Whether next year, five years or a decade, the dream of fully autonomous driving will become a reality. To fulfill that dream, however, automotive manufacturers must make major changes to their automotive architectures and supply chains. Transforming what was once a rigid hardware platform of siloed features and functions, to a fully systems-based software platform won’t happen overnight, but it’s a critical component to delivering Level 5 autonomous vehicles that are safe, secure and smart.
About the Author
Steve Brightfield, Senior Director of CPU and AI IP, MIPS Machines Div, Wave Computing. For more information, please visit www.wavecomp.ai.
How I’m Retiring In Style and How You Can Do It Too
/in Entrepreneurship/by Doug MarshallThe First Leap to Financial Freedom: Starting my own business
In August of 2003, I made the great leap into the unknown when I went into business for myself. It turned out that starting Marshall Commercial Funding was the single best career decision I have ever made.
Financially, things changed quickly and dramatically.
For the first time in my life I was making good money. I was able to sock away money into savings which was good because we all know what happened in 2008 – The Great Recession. I was able to weather the economic storm because I had enough money in savings to make it until the real estate market turned the corner. And when the economy improved I was able to pick up right where I left off before the recession hit.
The Second Leap to Financial Freedom: CRE Investing
So in 2007 I made the next biggest and most financially rewarding leap in my career. I approached one of my long-time clients to see if I could invest with him.
He had everything I was looking for in a real estate sponsor: He was competent, he was trustworthy and he had a proven track record. I asked him if he would be willing to take me on as an investor when he purchased his next rental property and he readily agreed.
Do you remember where the real estate market was in 2007? It was at the absolute peak of the last real estate market cycle. My timing couldn’t have been any worse. Nevertheless, I have invested with him nine times.
Retiring In Style Is My Goal
Today, not only could I retire at this very moment, I could retire comfortably. I don’t know about you, but I don’t want to retire comfortably. I want to retire in style. I want to see and do all the things I’ve always dreamt of.
Currently I have seven sources of passive income generated from my real estate investments. I estimate if I wait a few more years I may have as many as two or three additional sources of passive income. And when the passive income from my rental properties coupled with my future Social Security checks consistently and significantly exceed my monthly personal expenses, then and only then, do I plan to retire.
At that point I’ll be able to retire in style. And although I haven’t quite gotten their yet, I’m ever so close to doing so.
If I can do it, so can you!
Why am I telling you about my journey from financial distress to hopefully retiring in style? Because I believe that 90% of you reading this, if not more, are in the same predicament I was in. You’re either currently in financial distress, as I was for the first 24 years of my CRE career, or you are financially prosperous but realize that unless things change dramatically you’re not going to retire well.
I’m here to emphatically tell you if I can go from serious financial distress to being on the verge of financial freedom, SO CAN YOU!
Follow the Road Map to Financial Freedom
Simply put, by investing in commercial real estate you can slowly, but steadily build real wealth and grow passive income from your rental properties. It’s not a myth. And it’s not a get rich quick scheme. It actually works.
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5 Leadership Traits You Didn’t Need 50 Years Ago
/in Management & Leadership/by StrategyDrivenOf course, some traits have remained pretty consistent throughout the years, such as being a role model and having strong communication skills.
The following are some of the leadership traits that are important now that might not have been in the past.
1. An Ear for Employees
Perhaps one of the most drastic differences between modern-day leaders and leaders from the past is that today’s leaders are interested in what employees want and need.
50 years ago, managers simply had to be charismatic enough to bark orders at their employees to get the job done.
The goal was always to satisfy the company’s owner without paying too much attention to the employees. Leaders weren’t too interested in complaints, concerns, and feedback from their employees. That kind of leader will not work with today’s empowered workforce and may even be counterproductive.
Today’s managers encourage employees to express their points of view and discuss or bring up tough issues.
Leaders in the past would not talk about mistakes, but today’s managers are expected to highlight mistakes along with employees so that everyone can learn from them.
2. Ability to Change
CEOs, managers, and any other type of leader of today cannot be the kind of person who sticks to what works but rather a person who can change at a moment’s notice. The reason today’s authority figures cannot stay stagnant deals with the nature of modern-day business.
The internet has been creating all sorts of changes that affect business almost at lightning speed. A new internet-based concept could cause a chain of events that could break a company that refuses to change with the times.
Take video streaming, which basically has defeated regular DVD rentals and is taking a serious bite out of the entire movie-making business. Leaders in the past were taught not to rock the boat too much because it could disrupt a well-oiled machine, but that kind of leadership could sink companies today.
3. A Reflective Spirit
Another thing that is unique about today’s authority figures is their ability to be reflective. This sense of self-awareness is unique to modern-day leaders, and it helps them improve their leadership skills and work on weaknesses.
This skill also allows modern-day directors to hire employees that will actually complement them by looking for individuals that are strong where they are weak.
Leaders from the past were not too concerned about finding individuals who might help them become better because that kind of collaboration simply did not exist back then.
Generation X and Y employees are a different kind of workforce. These individuals know how important they are to companies and use that as leverage to get what they want.
This workforce does not mind jumping from job to job and a workforce that values experience more than pay.
A leader from the past might just alienate today’s employees so much that it might be hard to fill certain positions.
This is the reason contemporary authority figures need to be able to keep employees happy by listening to them and finding ways to create a good corporate culture.
Company culture actually helps keep employees in their positions and helps employees feel more invested in their positions, which increases productivity.
One way modern leaders do this is by rewarding the entire team instead of individual efforts, which makes employees collaborate better rather than compete with each other.
5. A Focus on Diversity
Another trait that is quite important for modern overseers is the ability to connect with all sorts of workers. The new age workforce is filled with all sorts of people as the country continues to become more diverse.
Being sensitive to all the cultural differences is important in order to make individuals feel welcomed and to respect other people’s customs. This is a trait that simply was not too important in the past.
Yesterday’s authority figures barely communicated with their workforce; the only thing that was important was getting the job done.
Leaders back in the day could have been offensive, yet they might have still been valued by their employers.
Well, new age authority figures definitely need to be more sensitive because failing to do so could not only alienate employees but could also put the company at risk of lawsuits.
7 Common Mistakes to Avoid When Doing Payroll for a Business
/in Managing Your Finances/by StrategyDrivenUnfortunately, it’s not that easy. That’s what has led the payroll industry to grow to a size of $81.5 billion.
If you’re handling payroll for a business yourself then you need to know what to look out for, so you don’t make any mistakes. Keep reading to learn seven common payroll mistakes that can cause problems for your business.
1. Missing Deadlines
When you deal with payroll, your employee paychecks aren’t the only money that you’ll be paying out. You also have to deal with government taxes.
You need to make a note of when your federal and state tax deadlines are for payroll. If you want to avoid missing your deadline, then either set reminders or automated payments for your tax obligations.
2. Not Keeping up With New Laws
Laws for payroll don’t stay the same. In fact, they change all the time. If you don’t stay up to date with what’s happening with the current laws, then you’re asking for trouble.
By staying up to date, you can make sure that you’re always following the law. You won’t have to worry about your next audit finding something that you missed.
3. Not Sending Tax Forms
Every penny you pay your team gets reported to the government. Shouldn’t they be the ones who send out your employee’s earnings for the year?
Wrong. That’s up to you to do. Make sure that all your employees receive their 1099 forms by the due date.
4. Bad Records
It’s required by law to keep all your records up to date, accurate, and available for several years. If you don’t, then you can face fines from the government.
This is why it’s necessary to invest in a record-keeping system that will keep things up to date. But keeping records in order isn’t easy. Contact a payroll service to get help getting your data in order.
5. Ignoring Garnishes
It doesn’t feel good to take payment from your team’s checks. But if you get a request from the government, you need to take action immediately.
Any mistake here can lead to a time-consuming process to correct.
6. Miscalculating Overtime
Overtime pay isn’t optional when you have hourly employees. You’re required to pay them for any extra time they work for your company. If you don’t keep accurate records of overtime hours, then you’re going to have problems paying people for their time.
7. Not Keeping Backups
If you’re using cloud software to handle payroll, then you don’t have to worry much about data loss. But if you manage everything locally on your office computers, then you run the risk of losing data.
Make sure to put a backup plan in place to save your data in case this happens. A backup service costs money but will save you time and money in the long run.
Payroll for a Business Isn’t Easy
If cutting a check to your team was all it took to do payroll, then the payroll industry would be doomed. But payroll for a business isn’t that simple. Make sure you avoid the mistakes above so you can prevent costly mistakes.
Are you looking for more business advice? Keep browsing our blog to read through our latest tips.