Playing the Management Role

As a manager, you use 80% of your time managing and 20% doing the things that you have to do yourself. In actuality, you spend that 80% of your time in fulfilling various managerial roles, depending on tasks at hand, expectations and circumstances. There are roles that you play most often, some occasionally, some rarely, and some not at all (or not yet). Understanding these roles is the first step towards recognizing your current management skills, especially those where you are weak at, and improving them.

One of your major roles is an informational role. You have to communicate effectively to your staff your organization’s strategic goals and objectives, in order for them to recognize how they contribute to the achievement of those goals and objectives. You have to clearly provide necessary information or instructions to your subordinates. You need to disseminate, within and outside of your own organization, useful information concerning your organization. You need to seek current developments in the industry/field you are in and share them with your colleagues and team.

To effectively fulfill your informational role, it is evident that you need to develop and master good communication skills. This means honing your writing and oral presentation skills. This means learning how to conduct team briefings and meetings and learning how to represent your organization in public gatherings. For gathering and processing information, you need to learn how to look for reliable information sources, use existing search engines, separate what is useful or valuable from what is worthless and avoid information overload, and process materials rapidly, but thoroughly.

Your other major role is an interpersonal role. You are the leader of your team and, as such, you provide your team members inspiration and guidance. They look up to you as an authoritative figure. You manage your team’s performance and see to it that they perform their responsibilities effectively. You coach them when needed, provide feedback and advice, encourage them to be creative and innovative, and enable them to learn how to work independently. You also need to network with outside contacts.

For this role, you need to build and improve your image, learn how to be humble and empathetic, set to be a good example and a role model worth emulating. Be aware of the leadership qualities that you lack and develop them. Find out what your emotional intelligence quotient is and improve it. Learn the Results-based Management (RBM) approach and how to use it in managing the performance of your team, your project, and even the entire organization, in order to produce desired results. Learn networking skills.

As a manager, you make decisions on various matters. Thus, your third major role is a decision-making role. You decide on how financial, human and other resources are best used of. You prepare, manage, and adjust budgets, allocating and approving funds to fulfill various needs. You select/recruit staff and assign them appropriate positions. You handle problems and take charge of their resolution. You handle disputes and participate in negotiations. You initiate necessary change and manage it.

For your third major role, you need to learn how to prepare a budget and to be cost-efficient. Although you may not be a finance person, you still need to learn how to read and interpret financial statements in order to efficiently manage your budget. To handle conflicts and problems, you need problem-solving skills and techniques in handling and resolving conflicts. Since change in an organization is dreaded most of the time, you need to build your change management skills in order to overcome opposition and enable the change to be implemented.

What are the roles that you do most often? Are you strong or weak in those roles? Develop and improve the skills you are weak at, starting with the roles that you often do. Then move on to your other weak points.

Develop to be an inspiring, engaging and effective manager! Do not be the type of manager that people who resign from their jobs cite as the number one reason why they quit. Be the reason for a team’s effective performance, an organization’s success, and a person remembered and thanked for being instrumental in somebody’s growth and advancement in life.

Action, the Only Key to All Your Doors in Life

Before we go into more details, there is a question I would like to ask you. Do you have anybody in your circle of friends whom you think is smart and is capable of achieving big things in life but didn’t head out to achieve the success they deserve?

I was one of them. Maybe because of my blessed background as compared to the rest, I was in a better position than they were. I didn’t have much problems with family or finances. My friends all think that I was different from the rest and I will be successful in whatever I do. I am thankful and grateful their expectations and their blessings. However, I wasn’t living up to their standards, instead I was complacent and I took a long time to crave out the path I wanted. Today, I am still on my way there, but I’m a sore loser of giving up. It is hard for me to give up on the things I have decided to pursuit. That is a blessing!

It took me many years to finally realise that, I was living a dream. I started out from attending my first seminar conducted by Anthony Robbins. I have no idea who he was and I have never read his book before, it just occurred to me when my friend asked if I was interested to go, and I went. After Anthony Robbins’ seminar, I embarked on to learn so much more on self development, I was to achieve great things in life. Later on, I was so focused and drawn into the Laws of Attraction when it was introduced in The Secret DVD was selling, which I immediately bought the video online.

Thoughts are physical things that will always and always come true when we put in our focus drawn from our intention. The most famous book of all time, Think and Grow Rich was amazing. I followed it vigorously on imagining and thinking of growing rich every single day. I know and focus on the things I want in life. However, things aren’t moving the way I have put my attention and focus to. Why? Because the most important ingredient was never in place and forgotten for success. It is Action.

It took me a couple of years to realise what was missing. I knew that I need a good mentor, but I wasn’t really active in pursuing it. I was impatient for success, I thought that if I implement the laws of attractions. I will and can overcome all problems and issues arising, magically.

It took me quite awhile to realise all these, but it was all worth it. In life there is nothing as called wasting of time any failures you had in life. Every failure was a lesson for you. I grew stronger each day, to build up my character for the person I need to be in the future. Learning not to give up was one of the best lessons I had as well as learning to take actions (like Anthony Robbins said: take massive actions) during my days of dreams and inaction.

How To Start Something New

Not too long ago, I celebrated my birthday in the Bahamas.

What I found interesting is that people, even when I am on vacation, are curious. My fiancée and I met people and during the course of conversations some found out that I was successfully doubling my enterprise’s performance this year over last year. And, they would ask me questions. Some even told me how they were interested in beginning their own social enterprise or business and others mentioned that they wanted to start on a project but just could not figure out where to begin.

I have been there. Sometimes, it can seem daunting, but it really boils down to one step at a time to start something new.

I told the people who engaged me in this sort of conversation while I was in the Bahamas that they first had to have an idea they were passionate in seeing come alive. I can’t say how important this is because there will be challenges and setbacks along the way. If you don’t really have the passion for seeing your vision and idea through to the end, then it will be very easy to simply give up at after the first few of innumerable obstacles.

More than likely, you will also get the chorus of people who will tell you that it can’t be done or ask you why you would ever want to put so much of what you have at risk. These are the people who never have known defeat because they never risked anything themselves. It means they never won anything either because they failed to get into the battle that is life and business. Ignore them.

Once you are clear about your vision and idea, gather around you supporters and champions. These individuals can be people you already know. They can be new people whom you reach out to specifically for this new enterprise or effort. They can be a mix of professionals and personal friends and family. You will need these supporters to help you see things through and each will have a part to play in giving you some tidbit of information or helping you think through opportunities and challenges in ways you might not have thought.

Then begin to develop the plan. Just as when you travel you use your GPS to help you arrive at your destination, you need a plan for developing a social enterprise, starting a business, nonprofit or beginning a new organizational initiative. Take a careful look at what is being done by others. Then, figure out where and how you would fit in with your idea. Make sure you have developed a plan around marketing, finances, operations and other relevant areas.

Once you have the right resources in place and the support you need, begin to execute your plan. If you have ever started something new, you know, there will be obstacles and course adjustments along the way. That’s simply the nature of life and business. Just keep your eye on the prize and on being able to operate – sometimes – in unknown terrain. That is when you use the best information you have available and when the tough times come, and they will come, you rely on your discipline if the road is temporarily obscured.

Eventually, you will get to your destination, and you will have made it a success or perhaps you will experience the sour flavor of defeat. But, if you are true to the vision and idea, it is not going to go away. It shouldn’t. The world needs people like you: the visionaries and dreamers who just never give up, even after accumulating significant losses.

Protecting Yourself With Asset Protection

Whether it be Asset Protection or Asset Allocation. Managing your finances should be a priority. You need to be aware of your rights and safety’s that you may find. One needs to keep an eye on things as personal property.

One may be looking to protect themselves during a divorce or other unforeseen occurrence. These occurrences may come up at the worst of times. Like most things in life, That is usually when they happen.

There are legal means that you may be able to take in your state or jurisdiction to control these unforeseen events. Knowing that you have rights and what they are can be categorized as an Asset Protection .

Knowing how to do these things can be called an Asset Management or Allocation. The more you know about your rights in these instances can protect you from possibly losing your home. Or worse yet everything that an Attorney can get there hands on.

Asset Protection and knowing how to implement it can save your life. You can use Asset Protection to make sure that your Asset’s aren’t taken from you. These can be from lawsuits, Medical bills. Even if you were to have to go to a nursing home, Your assets would be protected.

It would be better to start protecting your family and assets now than later. You’ve worked years to get what you have now. Don’t let anyone or thing take it or remove it from you. You have rights, The sooner you know how to implement them the better.

You don’t have to be or have an Attorney to use these rights either. Common sense and the right frame of mind and information will help you here. Start protecting your family and assets today.

A good professional lawyer can tell you, Asset Protection is important. Don’t put your asset’s and family at risk. There are many trusts and other ways to protect yourself with Asset Protection.

Tangible asset’s and protecting them should be your first priority. Don’t make yourself and family suffer because you have not protected yourself.

Only you can take the needed steps and learn what is needed to protect yourself and your assets. Don’t be a none doer, Be the person that says I know what I’m doing. I’m going to protect myself and my family now.

Recipe for a Successful Business Launch

magine staring at a table full of great mouth watering produce, fresh oven baked bread, herbs a plenty, local farm raised beef, chicken or fish, the best cooking equipment possible and perhaps a great bottle of wine or two. Your culinary vision includes creating a lightly spiced, yet full flavored appetizer followed by an entrée basked in flavors and aromas from hours of tedious preparation and then completing this extravaganza with a delectable dessert that leaves one satiated, yet wanting more.

There is one small problem with this vision, you are an extremely successful entrepreneur, but a novice in the kitchen. How then do you create this meal? Where do you start? Do you try the recipes once before making them for friends and loved ones? Who will teach you basic knife skills, how to pick the best ingredients for each dish and how to nurture each ingredient to its fullest potential? These are just a few questions you are faced with in your quest to create the perfect meal.

You decide to venture into the culinary world on a solo journey. After a minor burn, a small cut and a poorly executed recipe, you decide to hire a Chef to train you. The Chef starts you off with basic knife skills, cooking techniques and food pairings that she has honed over countless hours in the kitchen while mastering her craft. You practice the menu with her until it is perfected and then off you go to create a sensational dining experience for your guests. In exchange for her services, the Chef asks you for help in starting her business.

She has seen so many success stories and seeks your advice to prevent the all to often restaurant failure. She has a vision of a restaurant filled with happy patrons who crave her food and desire the great service. They come back again and again, but how does she start this business?

She is staring at a desktop piled high with how to manuals, various business plans and countless business books. She doesn’t have the first idea of where to start. What she needs is a recipe for success.

As the Chef walked you through the various challenges of preparing your glorious meal, you will guide her through the process of opening a business. This task may be daunting for some, yet it illuminates your strengths.

You and the Chef agree to a recipe, that when followed, should lead to a successful launch of her business. Here is your secret recipe:

1. Utilize resources that help get the idea onto paper. Plan, plan, plan. This is the most important, yet most frequently overlooked part of business creation. Can you ever remember hearing a successful business owner say, “I planned too much?” Countless resources are available which include business plan building software, free or paid for business counselors, business consultants, countless how to books and the often times underutilized mentor. It is vital for your success to have a clear and precise understanding of what your business will provide and who the target customer is. Have clearly stated operational objectives that include entrance into the business world and a clear exit strategy.

2. Create the entity. Decide on how to legally set up your business. Some choices included a sole proprietorship, a Limited Liability Company, a corporation, partnership or charity. Make certain to identify the pros and cons of each entity and all of the regulations associated with each including liability protection. Once the entity has been chosen, create the appropriate bank accounts prior to initiating any business transactions. Secure an Employer Identification Number (EIN) from the IRS for proper handling of all tax matters.

3. Determine the legal requirements. Check with local, regional and state entities and request information on the minimum expectations that are required of you to operate your business legally. Requirements may include registering with a department of revenue for tax collection agency, operating permits or licenses, health or fire inspections.

4. Build Business Infrastructure. Review your business plan and decide what type of support systems and materials you will need to build the business. Are you starting your business out of the garage, the back of your truck or with bricks and mortar? You should have a budget created from your business plan for support materials such as office supplies, computer equipment and software, internet access, credit card processing, membership fees and other support services you deem as an important part of running your business.

5. Create vital assets. Website design, trademarks, logos, intellectual capitol, copyrights and provisional patents are just a few things to consider. Often times employment contracts and confidentiality agreements are part of this process. Once created, ensure that you have policies and practices in place to protect and retain these assets.

6. Acquire financing. The financial overview and objectives should have been clearly defined as part of the business plan. It is now time to get the financing into place. It could be your savings, partnership cash or outsider investment dollars. If possible, seek counsel to review any and all financial agreements you may enter into. Each party involved must be absolutely clear as to the financial expectations of each other.

7. Establish operational logistics. Many start up companies have limited resources for accountants, lawyers and insurance needs. Additional considerations include Information Technology staff, banking, E-Commerce and website design personal. Training and Human Resources are two more areas that are often overlooked. There are countless tasks for any business owner to contend with and creating a support team is vital for their success.

8. Hire people. Acquire the very best human capitol and retain them. Outside of sole proprietors, businesses live and die by the quality of the operations team. Hiring and training are two very large investments of money and time. Establish consistent hiring and training methods that yield loyal and long- term employees who will aid in the growth of your organization. Forward thinking employers find ways to tie in employee compensation to company performance.

9. Get the message out. Market your business! There are a myriad of ways to accomplish this task and remember to stay focused on your plan. Make sure your brand’s message is memorable, clear, precise and it differentiates you from your competition. Consider your web site design, mobile connectivity to supplemental sites and the numerous avenues to open communication channels with your potential customer.

10. Open the doors, execute and Sell! Market research has been completed and a research strategy has been implemented. You have identified your potential customer and their purchasing habits. Your goal now is to under promise and over deliver to ensure optimal customer satisfaction. Embrace feedback and create powerful recoveries as needed. Fabricate long lasting customer relationships through outstanding products and services; repeat.

Give five chefs the same ingredients and ask them to execute the same recipe. You will end up with five similar, yet very different dishes. The same would be true with five different entrepreneurs and these ten steps. There is not one sure-fire way to accomplish the arduous task of creating a business. However, just like a finely tuned gastronomic creation, plenty of planning, attention to detail, a lot of hard work, the right timing and a little luck go a long way towards the successful launch of a new venture.

Invest In Yourself and Save Money

Start Investing in Yourself today and feel healthier and more in control of your healthcare costs and finances. The first step is to take the Invest in Yourself Challenge. It is time to examine your life and what you term your “comfort zone”. Now ask yourself if your “comfort zone” is good or bad for your overall health. Everyone likes to feel comfortable but have you learned to be comfortable doing things that may be contributing to compromised health. Do you overeat when you are feeling an emotion? Are you comfortable with your present weight? Do you know what your body mass index is and if you are in the normal or risky category? Do you know your blood pressure, cholesterol and glucose levels? Do you know what your family history is? I know a lot of questions and why are they so important?

Your lifestyle does affect your health and compromising health costs you money. Hopefully you have health insurance but the average person still needs to pay some of the balances not paid by your health insurance. Do you know the average middle income person who has health insurance and develops a single disease, such as cancer, diabetes or heart disease, approximately 46% of them will have to claim bankruptcy. Yes, it is hard to believe but true. The associated costs of an illness can deplete your savings in no time. But, according to national research the average person is saving o% these days. The average out of pocket expenses are rising as we speak to approximately $2100 per year and that is up from $1200 last year. Healthcare is not going to be getting any cheaper so the only way for you to control and contain these costs is to Invest in Yourself and implement these strategies for life: take time for self,maintain height/weight ratio,motion, life ergonomics, 5 food group menu planner , destress daily and positive body image.You owe it to yourself and your loved ones to be the best you can be. Maintain your independence,optimal health and finances and Invest in Yourself right now. Do not waste another precious moment. Your Life, Health and finances are dependent on it.

Some Basic Financial Terms Explained

There are so many terms used in the finance industry. Far too many to include in an article, besides listing them all would not make for interesting reading. Instead you will find some basic financial terms that are more commonly used and most useful to you. These will help you in your quest to learn more about financial matters. Please note that they are not alphabetical as the terms follow from vocabulary used within the explanations

Let us start with asset, asset class and asset allocation. An asset is an item that has a value that can be measured in terms of money. It can be converted into cash such as bank deposits, shares or property. Assets are generally considered in terms of asset classes. An asset class is the group to which an asset belongs and the main groups are considered to be: cash, fixed interest, property, shares. There are other classes even within those basic groups.

When talking in terms of asset allocation this is the design of a plan to invest in various asset classes which best meet the needs and objectives of the investor as well as their tolerance to risk. It provides diversification to an investment portfolio.

Diversificationis a natural part of asset allocation. The mere fact that you use the different asset classes makes your portfolio diversified to a degree. Diversification is the spreading of your investments to ensure that you do not have a concentration of all your assets in one particular area. The concept is that each asset will act in different market cycles in a different way and will mean you are not subject to the downs of one group of investments.

Diversifying within the asset class is also important to spread your risk. Take for example investing in one share compared to investing in twenty shares. If that one company was to fail the person with shares only in that company would lose their investment whereas the diversified investor would still have shares in other companies to make sure they still have some value.

An investment portfolio is an appropriate mix or collection of investments held by an institution or an individual. It is a collection of assets specifically designed for a particular investor to ensure that goals are met allowing for the individual’s risk tolerance and time frame.

Risk tolerance is measured by the use of a risk profile tool which is a series of questions designed to establish the investor’s attitude to risk. This attitude to risk is the tolerance you are willing to accept with your investment. How would you react if your investment value dropped by a certain percentage? Getting your tolerance to risk correct is important to make sure that you can sleep at night.

The term investment has been used and you may be wondering what the difference is between saving and investing. Saving is usually for short-term goals for readily available cash such as deposits in the bank and call accounts. An investment is the purchase of assets that are not for consumption today but are for future use in an effort to create wealth. Investments are to generate income and to appreciate in value for the future.

You have heard the term shares used but may think of these in terms of stocks and wonder if there is a difference. These are used interchangeably and while the term stock refers to the ownership of any number of companies the use of the term shares refers to the ownership of a particular company. At the end of the day stocks and shares are the same thing. To add to this the term equities is sometimes used.

You may want to see a Financial Planner about starting your investment portfolio. A financial planner creates a plan providing comprehensive advice and assistance to meet your needs and life goals. The planning process normally includes six steps: data gathering, goal setting, identification of financial issues, preparation of written options and recommendations, implementation of your decision, and periodic reviews and revision of your plan.