According to Small Business Trends, social media posts that include a video are more popular. 

With ever-increasing popularity, a new survey and report from Adobe Spark looks to find out the social media trends that will shape how people work in 2020.

Read article on Small Business Trends

China’s Alibaba wants to be the go to place for small business to shop, reports Barron’s. 

Alibaba is best known for its retail e-commerce business, including flagship platforms like Taobao and Tmall, serving the vast number of Chinese consumers.

Read article on Barron’s

Shopping platform Shopify wants to offer starter loans to small business, reports Forbes. 

Shopify, the Canadian company that operates an eCommerce platform, is making it even easier for anybody to become an online merchant, announcing the launch of starter loans

Read article on Forbes

According to Forbes, crowdfunding could be a way for small businesses to obtain funds when traditional funding isn’t available. 

So you could use a little cash injection for your small business, but you’re not sure you can get a traditional small business loan.

Read article on  Forbes

The rise of artificial intelligence, big data and machine learning is changing the way small businesses are doing things. Banking institutions are in a hurry to collaborate with fintech providers to find solutions that offer small businesses an opportunity to seek financing. In countries like the United States, for example, there are more than 30 million small businesses that make up about 99% of all businesses in the country. They offer employment to millions of citizens and contribute immensely to the economy. As the gig economy continues thriving, financial institutions are seeing a booming market that can generate massive returns from small businesses.

Historically, small businesses have been underserved by financial institutions. Today, technology solutions are being developed offering small businesses a way to interact with banks that in the process optimizes operations for them. Unlike in the past where small businesses were operating adequately but not optimally because of lack of credit facilities, the evolution of technology has altered many facets that small business owners experienced when using traditional loan facilities. Small and large banks provided loans with little use of technology to automate processes. This was detrimental to the growth of businesses and substantially impacted the experience of the customer.

The entry of new fintech and the competition that followed the 2008 financial crisis has spurred innovation and created an entirely new cycle of lending. This method of lending has revealed the importance of small businesses to the economy. It has emerged that technology can change the boundaries that were created by traditional processes of credit to small companies as innovations have now been established.

As the banking industry continues advancing, questions that arise are on how the lending environment will look like in future and how technology can be valuable in enabling lending institutions come up with new products and activities. Many small businesses and financial institutions are also asking themselves whether credit will be available and if companies will take advantage of this availability to better their operations.

Given these aspects, big data and artificial intelligence will be the game-changer. They will help lenders determine if small businesses are going to succeed in their operations or not by using patterns to predict the market. The success of a small business is going to determine the creditworthy and noncreditworthy small scale businesses that in the end will be of benefit to everyone. The availability of such information will give lending institutions clarity on borrowers therefore reducing risks that are associated with piling of debt. Only those who can pay back will access credit while those who will not have to find other sources of financing their operations.

In an environment where lenders have information on their potential customers, there is no gap in accessing profits for those who deserve it. This means that creditworthy businesses will not be unfairly disqualified. Small businesses that have potentially viable business ideas will access credit to buy equipment that they need to operate. It is worth noting that even though perfect information is not likely to be obtained, entrepreneurial data presented by emerging technologies in financial industry will eliminate many uncertainties and give confidence to lending institutions.

Search cost has also been a burden for many financial institutions and small businesses that need financing. By automating operations, searching time will reduce from about the previous 20 hours to a few hours thanks to digital platforms that store different information. It will also enhance transparency that is required in any industry in modern business environment.  

Do you see yourself in the following? Your customer base is starting to increase, you’ve shipped your product on time, invoiced you customers, and now it’s time to get paid. But, wait—Did you establish payment terms? Many new businesses leave payment up to inertia, believing that payment will follow work provided, but not all customers will observe that formula. For the most part, clients and customers want to do the right thing and pay, but things happen. Sometimes, you find that exception who doesn’t pay timely or avoids payments.

Protect yourself and establish payment terms.

How Terms Work

Set up the payment terms right, and you will help your business grow just a little faster than you could otherwise. Terms tell clients and customers by when payments to you are due. They can be as little as 14 days from invoicing or up to months later.

If payment terms are “Net 14”, that means that your client has to pay you in full within two week. Similarly, Net 30 means that they have 30 days, and so on.

Clients may set the payment terms if you don’t, and then you may be stuck with unfavorable schedules. Some can push payment delivery as far as Net 90! That is more like a loan, and one that’s interest free.

You also want to set an expectation for the start of the timeframe, either from day of completion of services or from receipt of your invoice. For example, you might set terms at “Net 14 from date on invoice” or “Net 14 from delivery date of goods.”

It’s important to balance your terms against any applied to you as a customer. Somteimes, it can get tricky when payments cross. Let’s say you have Net 60 terms with your customer and Net 30 with your supplier. That means that you have to pay for your raw materials 30 days before your customer pays you for the goods you made. Add this to your internal lead time, and you could be out that money for months.

The Effects Of Payment Terms

Payment terms can have a huge impact on the success of your business. Those that pay well will expect terms, and those that don’t respect payments will be held accountable. Without terms, you leave yourself open to risk.

Also, while the balance sheet will work out the numbers to show the flow of money, it’s your job to remember, Cash is King in the business world. If you have long payment terms from your customers and short ones from your suppliers, your balance sheet may look fine, but your cash flow will suffer.

Your goal should be to negotiate payment terms that work best for you. As a new business, you may not have tons of leverage, but it never hurts to ask for what you want. Counter unfavorable terms and best yet, establish your own upfront as a condition of working with you.

Have you ever tried to paddle a boat with no oar? Well, trying to operate a business without  proper cash flow management is like doing this. Even if you succeed, you will have faced an uphill task that is not worth it at all. Delays in paying your suppliers and employees and failing to collect cash from your customers on time can be a big issue to your business and the only way around it is to have a proper cash flow management.

Here are a few tips that can help you to keep your business cash flow healthy

1. Measure your numbers

Knowing where your business stands is a crucial aspect of managing cash flows. This entails always being aware of how your business is doing financially as it enables you to discover issues early, go around obstacles, and be aware of opportunities. Even if someone else is managing your books, always be informed by generating reports that are important to your company. Always review your cash flow statement and be aware of the amount of money that is coming and the spending of your business.

2. Project cash flow

For every new year, prepare a cash flow projection as this is an early warning for any possible hiccups that may occur. You can do this with the use of an Excel spreadsheet or accounting software of your choice. Highlight expected monthly cash flows and outgoing cash that include the expected expenditure on purchases. With this projection, you can anticipate slow periods at the right time and think of the ways you can address such challenging times.

3. Ensure you get paid

Always make sure you get paid for the work done and at the right time. Doing this means you need to have a foolproof system that allows you to send invoices and track all payments accurately. Doing this alone however is not enough. Make sure that you invoice your clients in time and give them a payment window that makes sense to both of you. Set automatic reminders and ensure that you follow up if payments are not paid on time. If your company is providing long-term service to a particular client, develop a multiphase payment method.

4. Do not drain your cash

A leading mistake that has bankrupted many organizations is spending all cash in buying long-term assets that end up holding cash and affecting business operations. Instead of spending the better part of your company’s money on long-term assets, you should consider getting financing. Even if you have adequate amounts in your accounts at the moment, spending a significant part of it may expose you and you can end up short on cash. Develop a cash projection plan to determine your financial needs ahead of time and not in the middle of a crisis where bankers may be afraid to lend you money.

5. Be proactive in taking on debt

Every business owner wants to avoid sudden cash-flow problems like unexpected debts and bills that get you cornered and scrambling for any cash you can lay your hands on. Instead of waiting for a disaster to strike for you to find a way of sorting it out, position yourself well by setting up access to credit so that you are ready to act whenever you have a financial problem that needs to be resolved urgently. Look for a bank or financial institution that is ready to help in hard times and have a credit card that can help you access cash whenever necessary. It is important that you choose a business card that has many benefits and rewards that can be helpful in your time of need.  

The combination of vision, gumption and hard work can bring small businesses to life. Keeping them going, however, can be more of a challenge, especially if management doesn't have a solid handle on financial reporting. That begins with accurate, timely and dedicated tracking of financial transactions and proper handling of various tasks that are essential for a business to thrive, such as invoicing customers, managing payroll and paying the firm's bills on time.

This responsibility is typically the job of someone with accounting or bookkeeping experience. Very often with small businesses, it ends up being one more thing that the owner takes on. For many, it's a task they're not exactly well equipped to do properly, even with the aid of online financial tracking software.

More than 40% of U.S. small business owners consider themselves financially illiterate, according to a study conducted by Intuit and Decipher Market Research. The same study found that 81% elect to handle their business' finances themselves.

Whether you have a financial professional on the job or are a business owner wading your way through, adopt these strategies to improve how you manage your firm's financial accounts and avoid costly bookkeeping mistakes.

Insist on Accuracy

Without accurate tracking of your business' activity, bookkeeping is of little use and can lead to costly problems like being late on bills and falling short on payroll. It can also complicate your ability to comply with tax laws.

To avoid this, insist on accuracy with every transaction from the person tasked with maintaining your books. Ask for weekly updates so that you can spot any problems before they get out of hand.

If you find an error, it's essential to get in the habit of fixing any discrepancies right away. It’s important to reconcile your accounts regularly because even a small error can become a needless distraction when it comes time to close out your books at the end of the month. Addressing errors quickly also ensures you have an accurate view of how your business is doing.

Using an integrated accounting system can simplify this process by handling a lot of the record tracking automatically. A key benefit of an integrated system is that you can more easily capture a comprehensive view of your business' costs, which is essential to growing and staying profitable.

Don't Mix Personal and Business Accounts

Mixing business and personal transactions often happens in the early days of a business, but it can become troublesome when it comes to keeping the firm's books in order.

It can make it more challenging to sort out your personal from business transactions, which could lead to missing an expense that you could list as a business deduction, for example. Blurring the line on your accounts can also be a problem when you apply for a business loan or line of credit as lenders expect an accurate tally of your business' finances when they consider a loan application.

Simplify how you or your bookkeeper tracks your business spending by opening a business bank account that you don't use for personal transactions. A business credit card can also be useful in that it often comes with highly detailed and accurate records of your transactions, which you can sync with your bookkeeping software.

Optimize Your Invoicing

Tracking when revenue is supposed to come in and when it actually arrives is a crucial aspect of bookkeeping. If your customers are accustomed to paying your invoices late, it can be challenging to rely on your accounts receivable figures to manage your cash flow.

It’s important to have your bookkeeper invoice your customers immediately after you've delivered on your end of the transaction. Use email or bookkeeping software that can send invoices directly. Tools like FINSYNC’s cash flow management system can send out invoices, as well as manage and forecast cash flow, among various other accounting tasks.

Maybe It's Time to Hire a Pro?

The do-it-yourself approach to bookkeeping may not be the best approach for your business, especially if you aren't able to set aside enough time to stay on top of your books, or if you're not comfortable navigating accounting software.

In that case, why not hire a professional bookkeeper? They will help minimize errors and give you peace of mind that your accounts are balanced properly.

Consider hiring a bookkeeper licensed by the National Association of Certified Public Bookkeepers. They mainly record your business' financial transactions, typically on an industry standard accounting software. Look for someone who is experienced and detail-oriented. They should also be comfortable using the latest online bookkeeping software.

Finding someone with online reviews is always a good idea so you can get a sense of intangibles not readily visible on a resume, such as work ethic, temperament and performance under pressure. Another differentiating point when deciding whom to hire should be whether the person has experience in your industry.

If you can't afford a full-time bookkeeper, hire one who will work remotely on a freelance basis. Some 14% of companies outsource their bookkeeping services, according to a survey of small businesses by Wasp Barcode Technologies.

A number of virtual bookkeeping marketplaces make it easy to find skilled financial professionals. Going with a virtual bookkeeper also costs less, because you don't have to pay for health insurance, sick days or other benefits. FINSYNC's virtual community of specialists provides businesses with support for bookkeeping, as well as accounting, human capital management, financial analysis and corporate strategy.

More Bookkeeping Best Practices

Get ahead of potential tax complications by ensuring you track employees accurately, depending upon whether they’re full time or freelance. You may also want to hire a company to process your payroll. They can make certain that you’re in compliance with employee tax withholding requirements.

Set aside time to do your bookkeeping tasks every week. It'll keep you from falling behind and losing track of something crucial. Using a business credit card can also help optimize this process because it automatically tracks spending.

Review whether your accounts are well organized. Bookkeeping can yield great insight into how your business is operating just by looking at your accounts, but only if they are organized efficiently.

Consider grouping any accounts that are part of your business' general expenses, such as the electric bill, rent and similar costs that go toward keeping your business running. Then, do the same for marketing, advertising and other expenses incurred as part of selling your goods or services.

This will help you more efficiently see how much of your revenue is going toward basic expenses that you may want to reduce or cut, and how much you're paying to win over customers.

Ensure that you have systems in place to regularly back up all of your bookkeeping files daily. Using cloud storage is ideal and easy enough to do so that if something happens to one of your devices, you’re covered.

Rely on technology to track employee hours. Time-tracking software has many benefits over the old-school timecard approach. For bookkeeping purposes, the biggest plus is it eliminates duplication of data entry and allows a clearer and more accurate snapshot of your labor costs, including any overtime. All of this data can be used in conjunction with payroll software to streamline your payroll process. 

Consider handling your bookkeeping on software that links up all your firm's accounts online. The key benefit here is to help you manage your business with a real-time view of your finances, which can save you time and money.

Eddie Davis is the VP of Business Development for FINSYNC, a consolidated cash flow management platform focused on helping businesses grow. FINSYNC’s intuitive online tools help automate payments and accounting, and provide valuable insight through cash flow analysis. The lending network gives businesses access to fast, affordable financing. FINSYNC’s virtual community of specialists provides unrivaled support with bookkeeping, accounting, human capital management, financial analysis and corporate strategy. Connect with Eddie on LinkedIn and follow @FINSYNC on Twitter.

Why do some people feel SOP is a bad word? Why would anyone resist a standard operating procedure (SOP)? Committing a procedure to paper seems to make sense, but then there are complaints like, “We need to stay nimble,” “I already know how to do it,” or “It's too complicated to put into words.”

Resistance To SOPs

These objections are usually emotional responses based on a few reasons.

For one, standardization means across the board, there is a set expectation how to accomplish the task. People resist conforming to standardization because they fear missing the mark and not meeting expectations.

For another, following a procedure means performing work in the required order, adding time to tasks while the employee references each step.

Finally, it takes effort to put something into writing that has heretofore been spoken tradition or that is difficult to capture in a linear step-by-step format.

So, there is a perception that standardized processes are rigid, cumbersome, and overly complex, but this is idealized. Over time, employees internalize the process without need to reference each step. Employees are not robots, and if a change must occur, the SOP does not restrict growth or eliminate adjustments.

The reality is that standardizing your process can speed up your operation, simplify your work, and clarify expectations. The SOP outlines the work and provides guidance for anyone in the role.

Advantages Of SOPs

Setting standard work through written instructions that are simple, clear, and visual defines even the most complicated process. If there is an overall understanding or guidance for daily responsibilities, then this could dramatically speed up operations. For example, by defining the process to make a product, a production line can prep the line faster and anticipate needs.

SOPs also preserve the knowledge. Long-term employees who’ve “been there forever” are often keepers of the knowledge, so if they go, the procedure goes with them. If there is advance warning, you can transfer the knowledge, but in some cases like a sudden dismissal, there may not be opportunity. Furthermore, if only one person holds the knowledge, then it’s harder to make business decisions because you may retain the employee for the wrong reason. With an SOP, if the long-term employee leaves and a replacement steps in, the clearly defined process is there as an easy reference to get them up-and-running faster.

Standardizing processes also allows you to address complex processes and determine more precise steps. Often, a process grows out of necessity, routine, or error, as a reactionary band-aid to a problem. There may be redundant reviews or checks that take too much time. When you standardize, you can see just how many steps your current process has or how many times the same person touches a product and identify any inefficiencies.

Make It SOP To Have SOPs

If every employee consciously outlines his or her responsibilities and subsequent tasks, your business has a road map to follow no matter who occupies the role. If creating or using an SOP is just another step in the position description, then it’s easier for a company culture to embrace and follow, limiting resistance.

In many businesses a wide gulf exists between ownership and the workforce, a disconnect that can leave employees feeling undervalued and wanting to leave. The high cost of replacing them means it’s important to find ways to retain the best performers, and studies show that transparency and education from the top can be a solution, boosting employee engagement and motivation.

And one way to achieve that transparency is to open the company’s financial books to employees and teach them the business, says Rich Armstrong (www.greatgame.com), a business coach, president of The Great Game of Business Inc., and co-author with Steve Baker of GET IN THE GAME: How To Create Rapid Financial Results And Lasting Cultural Change.

“Too often in business, we fail to show the players on our own team the big picture – the overall score of the game,” Armstrong says. “We tend to try to manage from the sidelines, focusing on individual performance. Why not teach them what winning means in business?

“But opening the books may be the first time in the employees’ lives they feel they’re being treated as adults. This type of financial transparency builds trust and mutual respect. Teaching employees the business involves them in making a difference, so as a business leader, you need to get comfortable with opening things up.”

Many business owners are hesitant to open the books to their employees. One of their concerns is giving employees access to salary information, but that isn’t advisable, says Baker, who is vice president of The Great Game of Business.

“Opening your books does not mean sharing every detail,” Baker says. “On the other hand, if people see how much the company is making and that makes them want more, that’s what you want as a business owner.”

Armstrong and Baker break down how to open the books for employees and the benefits of doing so:

Bridge the gap between perception and reality. The perception among employees that the owner is focused on self wealth can be changed, Armstrong says, by teaching employees how hard it is for most companies to make money. “Many people would be surprised to know how little even large companies make in profit from every dollar of sales,” Armstrong says. “Research shows the median bottom line in companies in 212 industries across the U.S. is 6.5 cents on every dollar of sales. But the average employee thinks their company makes six times that.”

Break it down for them. “Once you show your team how hard it is to make money, sketch out a simplified income statement for your business, showing your revenue streams and all your expenses,” Baker says. “Draw a dollar bill and show them how little the company keeps out of every dollar.”

Bring the marketplace to your people. An owner can provide clearer perspective to the employees by sharing how and what other companies in the industry are doing. “Do your homework,” Armstrong says, “and find out about your competition. If your employees know how they stack up against the field, most will respond to your appeal to move the needle. Your transparency has made them feel valued.”

Make teaching financials interesting. “The strategy is to create a business of business people,” Baker says. “But remember, you’re trying to educate your people about your business, not create a bunch of CPAs. Share, teach and involve them in the numbers they can impact. Your people rarely need to know about debits and credits or how to do an adjusting entry. But they may very well need to know how production efficiency is calculated and why receivable days matter.

Teaching the business helps everybody begin to understand what they can do, both individually and as a team, to influence bottom line financial results.”

“The purpose of opening the books is to boost the employees’ confidence in understanding the numbers and in the company itself,” Armstrong says.

“Then and only then will they begin to make a connection to the numbers that measure their performance and talk intelligently about improving the business.”

Rich Armstrong (www.greatgame.com) is the president of The Great Game of Business Inc., and co-author, with Steve Baker, of GET IN THE GAME: How To Create Rapid Financial Results And Lasting Cultural Change. This book is the how-to application of Jack Stack’s 1992 bestseller, The Great Game of Business. Armstrong and Baker co-authored the update of Stack’s book in The Great Game of Business – 20th Anniversary Edition. Armstrong has nearly 30 years of experience in improving business performance and employee engagement through the practice of open-book management and employee ownership. He serves as a business coach and senior executive at SRC Holdings Corporation, one of America’s top 100 largest majority employee-owned companies. He’s also a board member for the National Center for Employee Ownership (NCEO).

Steve Baker (www.greatgame.com) is the vice president of The Great Game of Business Inc., and is a top-rated, sought-after speaker and coach on the subjects of open-book management, strategy, and execution, leadership, and employee engagement. Baker is a career marketing and branding professional and an award-winning artist.

A new year is often the best time to assess performance and set goals of what you need to achieve in the coming days. Some of the plans that you can make as an individual may include exercising more frequently, improving your health, or spending more time with your family. For business owners, however, their plans are different. Making new resolutions at the beginning of a year can help align and focus on business efforts and energy. Here are some of the plans that American businesses are prioritizing in 2020.

Despite challenges that rocked businesses this year, many American business owners believe that they will achieve their goals in 2020. One of the leading targets of many US small businesses is increasing revenue and achieving growth. They also hope that they will reach new customers who will raise their stakes in the market. Almost 90 percent of small businesses in the US are confident that they will attain their main goals in 2020. Out of this percentage, 30 percent are focused on making sure that their engagements in the coming year lead to repeat customers.

Better communication is what every customer wants from their favorite company. That is precisely what many businesses believe they will achieve in the coming year. In the spirit of quality over quantity, business owners will always hope to give out optimal information that can convert instead of blasting customers with many Facebook posts or emails all day long and getting nothing in return. Companies are hoping that communication in the coming year will reach the target and convert potential clients into returning customers.

A majority of business owners started their business because they wanted to make money. However, due to the hardships that some have encountered, some are only hoping that 2020 will see them surviving. Most of the business owners who face survival issues are the ones that are yet to break even. Some of the companies that have not broken even consider this as their primary goal in 2020, while some are hoping that they will remain in business.

Another critical thing that many owners want to do the next year is invest in technology and equipment. Many business owners often want to remain ahead in terms of the services they offer to their customers. This cannot be achieved without investing in new technology and equipment that will improve services. Holding on to old equipment and tools reduces productivity although some may think that it saves money. Many business owners think of investing in new technologies that enable them to unlock new markets and reach new audiences. In the coming year, companies hope that they will upgrade their hardware, software and office equipment to continue giving the best to their customers. It is encouraging to see small business owners growing their confidence and challenge the status quo by investing.

Investing in tools, equipment, and office technology alone is not enough for many. In addition to this, one in ten business owners believes that capitalizing on email marketing and search engine promotion will give them a breakthrough in the next year. Even owners whose businesses are doing well think that more efforts need to be made in the coming year to ensure increased success and competitiveness in their respective industries. Therefore, companies should leverage the existing online and offline channels and tactics to get referrals and in the end, clients.

If you already work with or need to find a supplier for your business, then you may want to consider the type of relationship you’ll establish. A supplier relationship can be integral to the success of the business, so it’s one that you want to nurture and foster. From amicable to difficult or mutually rewarding, the way you treat your supplier can define this important relationship.

1. Follow SOP For Customer Service

Value suppliers for their role in your business by observing standard operating procedures for service as you would for customers. While they are a means to an end for your product, your business relies on them, so choose to treat them as respectfully as you do customers. If you think of the supplier-customer relationship as a linear relationship through your shop, shift the thinking to consider the relationship as a cycle. From purchase order to delivery to payment to next purchase order, your relationship is more mutually beneficial. Give them as much respect as a customer.    

2. Develop A Partnership Mentality

Establish your supplier as a partner in your efforts to provide product. Invite your suppliers into your company to meet the buyer, the management team, and your critical staff. Go see their shop and let them put their best foot forward to show off what they can do for you. Break bread and send a holiday card every year to let them know that they’re more than a vendor; they’re an integral part of your business.

3. Establish A Degree Of Transparency

Whenever you can, be honest and open about the business with your supplier. Times get tough; markets soften, products don’t sell as well as expected, and priorities shift. Be up front with them if orders are going to slow down or if your business just isn’t taking off like you had hoped. You are relying on them to provide you with your components; without them you can’t make your product. They are relying on you to place more purchase orders to continue to run their business. If you always paint a rosy picture of the future even though you see storm clouds ahead, your supplier may be blind-sided when you slow down orders. Don’t allow the suppliers to make assumptions about changes in business such as thinking you turn to competitors instead of working with them. Damaging the relationship with a good supplier can take years to repair or replace.

The Supplier Relationship Give-And-Take

Keeping your customers happy is critical in any business, but that is just one piece of the puzzle. Building and maintaining strong supplier relationships is another key step in maintaining a strong supply chain. Providing quality products on time to your customers is the backbone of keeping your customers happy, and your supplier can make or break this. Ensure a good relationship by putting in as much as you receive in service, goodwill, and business practices.

At first, when your company was new, you were responsible for everything. From opening for the day to writing orders, making product, shipping orders, balancing the books, and closing, you were the solo operation every day. But at some point, the company will reach a tipping point when you simply can’t do it all and succeed. You need to grow.

Growing Pains

Whereas before, you did everything, now others make your product, track regular shipment going out, etc. You’ve still got your finger on the pulse of everything, but it’s not possible to follow every decision or outcome unless it’s brought to your attention.

Now, you won’t know everything that happens in a day. If you do, then you’re upsetting your own organization; if you still try to control everything once you’ve grown, decisions stall waiting for you, production slows waiting for your approval, and growth grinds to a halt.

The question becomes, how do you allow your company to grow beyond your immediate control?

Letting Go The Reins

No matter who you employ, this will always be your business, your vision and ultimately, you have to answer to investors, customers, and employees when trouble occurs. However, instead of riding solo, your horse is now pulling a carriage. You don’t need to hold the reins any longer as much as you need to direct the carriage.

So, you need a carriage operator, a horse manager, a carriage maintenance pro, etc. In other words, when we stop horsing around, you will need to find others who have both the experience and drive to help you lead your business to the next level. You must build a culture of trust in which these others can make decisions about your business.

Ways To Encourage Growth

Growth means that your former laser-focus on day-to-day operations must be dispersed, delegated, to a management team. When you employ the right leaders with the right drive who are willing to buy in to the vision of the growing company, then you can let go and allow the organization to function. The carriage will gain momentum and race down the lane.

As the owner of the company, you control the culture of the company more than any other individual. Showing that you are willing to trust the leaders that you bring in to make decisions and that you don’t have to do everything yourself is the first step in growing your company.

Encouraging these first partners to do the same with the next level of management brought in continues this culture of empowerment with each step of growth. Have clear goals for all levels in your organization, but trust that they will succeed, and hold them accountable to both their failures and successes.

A Winning Growth Formula

The best way to create a growth culture is through trust. When you allow professionals to do their job and trust in their efforts, then they will rise to the expectation. You hired them for a reason, now trust them to do the job.

Good retirement planning takes many factors into account, but with so many costs to consider it can be overwhelming. Thus, people may forget some retirement expenses that are less visible now or downplay others that they think will be unlikely or infrequent. But the retirement expenses you miss, dismiss, or underestimate in your planning could prove costly.

“Even for those who prepare thoroughly for retirement, they can’t predict with complete accuracy across the board how much they’ll spend,” says Clayton Alexander (www.retireteton.com), an investment adviser and founder of Teton Wealth Group. “The retirement expenses you forget to plan for or ignore could seriously cost you and help sabotage the kind of retirement you were otherwise planning to have.”

Alexander goes over some key retirement expenses that may fly under the radar years in advance of retirement but nonetheless should be planned for:

• Long-term care. This can be one of the most expensive costs during retirement. Many people don’t plan adequately for it because they’ve been healthy throughout their life. But the statistics point out the importance of planning for long-term care. The U.S. Department of Health and Human Services lists the average cost of a semi-private nursing home room at $6,800 per month. The HHS also says that 70 percent of retirees will need long-term care at some point. Medicare won’t cover long-term care, and if one doesn’t qualify for Medicaid, the patient is responsible for the bill. “It’s easy to ignore the thought of needing long-term care when you have many years of working left and have been healthy,” Alexander says. “But it’s a reality for many in their last years. One way to prepare is building the expenses into your retirement fund by using a Health Savings Account. Or you can buy long-term care insurance before you retire in order to get better rates.”
• Caring for family members. Retirement ideally is a time to relax and enjoy one’s newfound free time, but nearly one-third of seniors say they serve as a caregiver. That can strain the budget, so Alexander says it’s important before you retire to think about how much you’re able to help family members and budget that amount annually.
• Home repairs and renovations. These aren’t the everyday costs you plan for when creating a retirement budget, but they’re inevitable and could take a large bite out of your budget. The U.S. Bureau of Labor Statistics reports that the average person 65 and older spends about $2,300 per year on home repairs and maintenance. A major expense such as a new roof is a big hit. “Building an emergency fund is essential,” Alexander says. “It’s prudent to put aside two or three thousand dollars a year in your retirement budget for home repair and maintenance costs.”
• Transportation. Retirement planners say this is a sneaky expense that is easy for retirees to underestimate. Transportation costs represent 16% of expenditures for adults 65 and over according to the Bureau of Labor Statistics. “It’s one of the most under-planned items in retirement, but the costs can really bite you,” Alexander says. “It goes beyond buying a car — gas, maintenance, insurance, repairs, and public transportation. Even if a retiree no longer has a car payment, financial advisors need to factor in these types of costs.”

“It’s difficult to cover every scenario,” Alexander says, “but adhering to a careful plan laid out well before the retirement years can help one handle the unexpected costs as well as the ones that are easy to overlook and add up.”

Clayton Alexander (www.retireteton.com) is an investment adviser and founder of Teton Wealth Group. A graduate of Dixie State University with a B.A. in administration, Alexander also worked at Northwestern Mutual and Goldman Sachs. He is licensed for life and health insurance in the state of Utah and has passed the Series 65 securities exam. Alexander focuses on building holistic retirement plans, and with the launch of Teton Wealth he developed the four-step Ascent Plan – a system to help clients gain clarity and perspective on creating a financial plan for safe, secure and tax-efficient retirement income and estate transition.

Do you take rejection personally? Do you start the negative self-talk immediately after getting rejected? Do you find yourself triggered by rejection and start piling on past rejections in your mind? If you do, you are not alone! Research shows that 90% of our self-talk is negative. Nothing triggers negative self-talk like being rejected.

In the book The Four Agreements, one of the agreements is “Do Not Take ANYTHING Personally.” When Ellen DeGeneres’ sitcom was canceled after she came out, she talked about how this book helped her. In her usual funny way, she said, “It is hard not to take the show being canceled personally, since the show is named Ellen and I’m Ellen.”  How Ellen handled this rejection is a lesson in resilience we can all use for our own careers. She continues to face criticism on her talk show from time to time, but she doesn’t let any of her stop her.

Getting rejected is part of life. We get rejected when we ask our parents as kids to buy us something we want. We get rejected when we interview for a job and don't get it. If you’re in sales, you know rejection is part of the game. How do you learn to keep going and not take it personally?

Tip One

Let go of being afraid of the word NO. Getting a no now does not mean no forever. Children learn this at a very early age and keep asking for what they want from a toy or candy store. When you’re in sales if you are afraid of “no”, you are afraid to ask for the order. When you reframe your mind to see no as the starting point of a negotiation, then you let go of your fear. Tell yourself “Let the Games Begin” when you hear a “no”. Follow up the “no”, with a question such as what would it take you to reconsider?

Tip Two

Never Reject Yourself. When I was selling advertising for Conde Nast and a client would say to me no we are going with another brand, I would ask myself “Could another salesperson have gotten a yes? What did I do wrong? Why didn’t they see why my solution is the best choice?”  None of this negative self-talk is helpful. Instead of taking the “no” personally and rejecting yourself and your skills, remind yourself you are good at what you do. Don’t let one “no” define your day, month or your year. 

If a client says “We like you but not what you are selling” it is so easy to agree with them and reject your product or service. Don’t do it! Never agree with their assessment of your product not being good enough or the best. Instead reframe it to yourself, that right now this is not the best fit for them and that is a great fit for others. Remind yourself of the other sales you have made.

The best way to hit the reset button after a “no” is to call someone who bought from you and ask them how they are enjoying the new car or home. After giving a keynote to Land Rover and Redfin, the real estate firm, I gave this tip and they found it really helped them let go of getting a no. When you do this, you get reignited in your passion and it is great customer service. Just calling someone to ask how they are enjoying the product takes all the pressure off of you. Many times, it results in a referral or testimonial!

Tip Three

Get Back Up After The No. When I was giving my TEDx Talk Be The Life Guard Of Your Own Life I was able to hear Bonnie St John’s TEDx on resilience. Despite losing part of her right leg at a young age, she went on to win medals at the Paralympics in downhill skiing wearing a prosthetic leg. She told the story that each skier had to go down two different mountains. The winner would be the person with the fastest combined times. She went down the first mountain and came in first place. The second mountain was much icier and everyone was falling. Sure enough, she fell too and got back up and finished that race. She ended up with the 2^nd place medal. While she had been the fastest skier she was not the fastest at getting back up after falling.

How fast do you get up after a no?  After giving keynotes and workshops to real estate companies, I noticed that the top performers let go of a “no” much faster than other agents. Other agents say they let rejection go, but they keep talking about it in the office for weeks after and it impacts their energy and passion for the next potential sale.

To recap, the key to rejection is to not take it personally. Let it go and never reject yourself. Then let go of the fear of hearing a “no” and remember “no now is not no forever.” Get back in the game as fast as you can after you hear a “no.” If you apply these tips to rejection, your attitude and your revenue will soar!

JOHN LIVESAY, aka “The Pitch Whisperer™,” is a highly sought-after keynote storytelling speaker and a Forbes columnist.  During his talks, he shares the life-changing lessons he’s learned from his award-winning sales career at Conde Nast to help people become revenue rockstars by forming emotional connections with clients through stories. Livesay is the host of “The Successful Pitch” podcast, which is heard in over 60 countries. These interviews make him a sales keynote speaker with fresh and relevant content. Livesay’s engaging and energetic TEDx talk, “Be the Lifeguard of Your Own Life,” has over one million views. His popular topic, "How To Ask For What You Want And Get A Yes" has also made him a sought after guest on dozens of broadcast outlets including "Breakfast with Larry King."

Learn more about Livesay on his website, https://johnlivesay.com and his YouTube channel. You can connect with him on Twitter, LinkedIn, and Facebook.  Better Selling Through Storytelling is available October 8, 2019, in hardback, ebook and audiobook through Amazon, Barnes & Noble, and other retailers.

People are living longer, and as wonderful as that news is to many, there’s a possible downside: outliving your money in retirement. “It’s a very large fear many people have,” says Alexander Joyce, president/CEO of ReJoyce Financial LLC (www.ReJoyceFinancial.com) and author ofReJoyce In Your Retirement: Everything You Need To Know To Get Everything You Want.

“Most retirement plans have not incorporated the longevity risk. And without mitigating that, many middle-class retirees could exhaust their 401(k)s and be left with only Social Security and a little equity in their homes.”

The financial worries about retirement and the planning options can be overwhelming. One of the concerns people have is getting appropriate advice and finding a financial advisor who puts the client’s interests above his or her own. That type of retirement planner is defined as a fiduciary, and according to a survey by Financial Engines, 93 percent of Americans think financial advisors who provide retirement advice should be fiduciaries — legally required to put their clients’ best interest first.

On the other hand, 53 percent of those respondents mistakenly believe that all financial advisors are fiduciaries.

“Trust is imperative, especially where a client’s retirement is concerned,” Joyce says. “An advisor working as a fiduciary is held to a high standard of honesty and full disclosure to the client. And there are three critical aspects of retirement planning in which a fiduciary can help guide the client to both protect their retirement assets and prosper.”

Those three areas are:

Reduce sequence-of-return risks. This refers to the order of annual investment returns, and it becomes a concern for retirees who are living off the income and capital of their investments. “The danger comes when an investor receives lower or negative returns due to withdrawals made from their investment,” Joyce says. “The timing of taking those returns impacts wealth. A planner who’s a fiduciary has multiple ways to reduce sequence-of-returns risk by allowing the portfolio to stay ahead of inflation. You utilize other income-producing vehicles in the portfolio.”

Prioritize a tax plan. “Understand that in retirement you’re creating your own income from qualified money — money that’s never been taxed before,” Joyce says. “It’s vital to have a tax plan that can fit into your portfolio. For example, the Required Minimum Distribution at age 70½  is something many people are not prepared for in terms of tax impact. The RMDs have never been such a concern in our economy than they are now, because such a large percentage of baby boomers are over 70½. Having a reallocation plan or a Roth conversion conversation is important to avoid higher tax burdens.”

Create an estate plan. Procrastination is an obstacle for many when it comes to estate planning, Joyce says, and it’s important to differentiate between a will, which goes through probate, and a trust. “Understand how those things fit in the portfolio, and the difference between live-on money and leave-behind money,” he says. “You need to establish goals for the assets. A lot of people want to leave a legacy, but they don’t know how large, or how, or when. A fiduciary can help you leverage technology and look at a realistic rate of return, based on your  projected longevity.”

“Having all these planning tools under a full-service fiduciary roof is powerful,” Joyce says, “because the baby boomer generation doesn’t like change. They need a sense of security before reaching retirement; solid options to make their financial fears and uncertainty go away.”

Alexander Joyce is CEO and president of ReJoyce Financial LLC (www.ReJoyceFinancial.com), a full-service retirement income planning firm in Indianapolis, Ind. He’s the author of ReJoyce In Your Retirement: Everything You Need To Know To Get Everything You Want. Joyce holds the NSSA (National Social Security Advisor) and CRPC (Charted Retirement Planning Counselor) designations. He hosts informational and educational seminars as well as the radio show Retirement Halftime Show. He can be seen monthly on Money Monday as well as Your Money on the IndyStyle program, broadcast by WISH-TV, myINDY-TV and WTHR in Indianapolis.