Your ultimate guide to starting and ending the year strong in 2023!
It’s 2023! Whoo hoo… It is not a year to rest on your oars, not a year to be complacent because of the level of success you have achieved so far, it is a year for doing more. There is still much work to be done no matter what your life vocation is. This year is bringing you a new opportunity to start (if you are yet to join the moving train of achievers), and to get better at what we do for our best is yet to come. The following steps will set you on the path of getting more done this year. If you know what you want, you will get it easily: Brain Tracy quote aptly puts it this way, “People with clear, written goals, accomplish far more in a shorter period of time than people without them could ever imagine”. I will put the emphasis here on “clear”-you are very sure what it is you want to achieve, you are not indecisive, thus, when you spot an opportunity that links to what you desire, you grab it with your two hands. Focus: You might have given yourself a pat on the back for the various feats you accomplished last year and this year you have so many ideas and you just want to execute them all at once. This might not turn out well and will slow down your productivity. It is important to balance your creativity with wisdom. Not all your beautiful ideas will fly so focus on your competitive advantage (that which you do so well or makes you stand out). See Success as a journey rather than a destination: When you see success as a destination, not only will you be tempted to wait for it to happen instead of working towards its achievement, but there is also the danger of being complacent. After the achievement of one goal, there should be the desire to get another. So don’t spend all your time trying to achieve one thing. Get it done and move on. Stop procrastinating Most of us are guilty of this habit. We push off what we are supposed to do now to a later time, and before you know it, it’s the year 2024. You don’t want to wake up tomorrow and you are a 105 years old; that dream you had when you were fifteen is still in your heart unaccomplished and you will know you have not lived because you will not feel fulfilled. Start working on that dream now so you don’t have regrets tomorrow. Be accountable: Arese Ugwu the author of the smart money woman in the acknowledgment page of the book mentioned that Steve Harris played a huge part in helping her finish the book in time-he kept checking up on her to make sure she was committed to writing her book. I believe if she hadn’t been accountable to him, she would not have finished the book at the time she did. There is this thing about the right time. If the book had not been published at the time it was perhaps the doors she said the book opened for her would not have happened. Find someone you can be accountable to especially if you are not naturally self-motivated or goal-oriented. Stay close to your inspiration: Life is not a walk in the park so are your dreams or things you desire to achieve. You need to stay inspired to reach the finishing line. Read articles regularly here on SLA, you will find stories that will help you learn from other people’s experiences so you can navigate your world better. Attend seminars and conferences aimed at making you improve the way you do things, watch movies that will motivate you, and surround yourself with people who can talk you up just when you need it. Be flexible: You don’t have to stick to one thing or one strategy if things are not working as expected. This year is for getting things done so don’t get stuck, find a new way for life is full of options. Oprah Winfrey puts it this way “Do what you have to do until you can do what you want to do.” I look forward to a greater you this year 2023!
Managing Employees While Protecting Your Business
Running a business comes with a huge burden of managing people. After all, every business problem they say, is a people problem. The demands of a growing business are burdensome and health draining in some cases where the business owner acts as the finance manager, marketing manager, procurement manager, customer service representative, and so much more. Doing all these and hiring the wrong team members puts you at the risk of losing the business in its entirety. But, when done right, employee management can actually unlock an enormous amount of human potential. Below, we’ll look at some tips on how to set your business up for success. 1. Create functional systems (it’s not as difficult as it sounds). The temptation to micromanage employees can be strong, especially for entrepreneurs who are accustomed to having complete control over all aspects of their business. However, I recommend establishing a set of standards and expectations so that constant supervision is not required. When on boarding and training new employees, your priority should be to halt your input as soon as possible thereby ensuring proper training to help them succeed. That means having clear expectations and channels of communication with people who don’t necessarily need you to function is critical. Set up standard operating procedures for the entire business, beginning with the DOs and Don’ts that form your policy, the expected standard of production and service delivery for each department documented on paper, your mission, vision, and values, your target for the year, month, or quarter, your product description and in-depth value for knowledge selling, and a documented job description. (For example, tell your employees to write down what they do on a daily basis, review them, and add things you want them to do on a daily, monthly, or quarterly basis). The advantage of standard operating procedures is that they allow you to control your service standards, see your business in writing, and make adjustments as things change. 2. Be the type of leader you want to see in your employees Employees look to their leaders for guidance on how to think and act in the workplace. Try to model the behaviours you want to see in your employees and be consistent. Modelling consistency and integrity will earn the respect of your team and show them how they can earn your respect. Your responses to customers, vendors, and employees shape their behaviour, especially when things don’t go as planned. Reacting angrily or inconsistently to customers implies that employees can do the same. Your management approach must be consistent before it can be effective. Employees know when management fails to act consistently or fails to hold themselves to the same standards as their subordinates. Don’t forget, your employees reflect your personality and character. 3. Help your Employees grow The skills that your employees bring to you are merely generic and basic, not streamlined to your business. You owe them training, direction, feedback, and assistance. If they were the best, they just maybe somewhere better. Involving them in the big-picture goals of the company helps them feel like they can grow at your business, no matter how uneducated or inexperienced they are. Don’t be concerned about them leaving after you train; what matters is the quality of service they provide while they are with you. Learn to promote high-performing employees. Keep no one on the same level for too long. Help them see career advancement in your small business and don’t take them for granted. Don’t undervalue what your employees already know about your company and what they can contribute or even do after they leave. 4. Create a workplace culture. Forget the English, Let me explain… When it comes to employee management, developing a strong workplace culture is your best bet for attracting top-quality applicants, retaining great employees, and increasing productivity. It starts with implementing your core values and ensuring compliance. Don’t just pick an employee of the month based on the amount of gossip given to you, or how they are protecting the wrongs of the business. When you present awards, tell all of the employees exactly what the employee did and how it relates to the milestones you want your company to achieve. Make it a habit, and other employees will see how they, too, can make meaningful contributions. Hiding performance metrics because you believe they aren’t paying attention is risky for your business. If there are milestones, let them know, if It’s a difficult time, let them know. Don’t just say it verbally show them evidence. You’re likely to have more committed employees this way. There’s a lot of things you can do: Reimburse people when they spend their money, provide them with tools and resources needed for the job. Buy lunch when you can and sponsor office hours’ activities. These show employees that you don’t just care about the work they do but that you value them. 5. Know the business you’re in charge of Only expertise can win authority. I’ve seen business owners cry because a certain employee took their trade secrets and customers with them. You must understand the business you manage. Be the best hairstylist or nail technician in your store while you have others. This will allow you to review what other stylists have done and retain your customers regardless of what the rest knows. Don’t limit yourself; learn everything, or at least a portion of what you manage, and your employees wouldn’t take you for granted. 6. Protect your business Have you been a victim of your employee leaving with your trade secrets, database, confidentiality information and more? Either converting them for personal use or giving to a competitor? This is a regular situation with small businesses of course MSMEs are not left out but its prevalent with smaller businesses. What can you do? Decentralise your business. Never have one employee take charge of production, operations, finance and customer relations etc. I know you have a slim budget, but you’re safer in the long
HGCP 2022 Participants: Chioma is bringing pride in owning African made products
Born in a family of three. Raised by a strong and entrepreneurial woman. Meet Chioma Ukpabi, the founder of Kahdsole Designs, a woman that knows what starting from the bottom means. She is a young woman who prides herself in changing the narrative about made in Nigeria products. Chioma is one of the High Growth Coaching Program’s finalists . We sat her down for a conversation and here is what she had to say. “Opening my inbox and seeing mails from young ladies across Africa who write to me about the inspiration they get from me keeps me inspired to always want to keep going.” – Chioma Ukpabi Tell us a bit about yourself and how did you get to this point? I was born in Owerri, Imo State and was raised by my late grandma who was a business woman. I had my basic education at Lighthouse Startright High School and did my tertiary education at Bowen University. Growing up with my grandmother made me love and appreciate entrepreneurship. That is why after school I decided to launch my own company with the little savings I had instead of waiting for a job. The journey hasn’t been all rosy but we keep thriving. I used to shy away from people when I was younger but now entrepreneurship has brought out the extrovert in me. Have you always been entrepreneurial, what led you to taking that first step and setting up your own business? Share your journey. I didn’t want to be an entrepreneur but after my university education, I couldn’t sit around waiting for a job. So I had to make use of the knowledge I got from my grandmother who was a successful business woman to kickstart my brand and there has been no regret ever since. What would you say has contributed to the success of your business? Always showing up even when I feel less motivated and utilising all platforms I have access to sell our brand. Share with us, what your business does? Kahdsole Designs is a leather product manufacturing company that makes quality shoes, belts, bags and other leather accessories. We never compromise on quality and always give the best value for money. What would you like to be remembered for? What legacy do you want to leave in this world? I want to be remembered as someone who massively contributed in changing the narrative about made in Nigeria products by keeping to these three values; quality, integrity and excellence. What key activities would you recommend entrepreneurs to invest their time in? Effective delegation is one crucial activity I would encourage entrepreneurs to invest their time in. It will save them from burnout in their journey. Interested in contributing for She Leads Africa? Click here. [mailerlite_form form_id=15]
5 Tips to Effective Time Management
Time management is one of the most valuable skills you will need in life. We all have 24 hours in a day, but some people get the most out of their time while others don’t. Working as a content marketer has taught me to manage my time wisely. It gets crazy sometimes as projects are thrown your way. Which one do you focus on or delegate? I like this quote from Zig Ziglar: “Lack of direction and not lack of time is the problem. We all have 24 hours in a day.” There are a lot of people juggling multiple jobs and when I ask how they do it, they laugh and say, “It’s not easy.” Below are some simple steps you can take to manage your time wisely: Let’s dive in… Complete the most important tasks first Some people leave the most important for the last. But if you want to be better at time management, you should complete the most important tasks first. This way, even if you fail to get all your work done at the end of the day, you still conclude the day as being a success. Prioritize wisely Group your daily tasks into each category. This will tell you where to spend more time and less time. Important and urgent – tasks that must be done. These, you must do right away! Important but not urgent – tasks that look important but really aren’t. They can wait! Urgent but not important – these are tasks that appear pressing but have little or no value. You can delegate these if you can! Not urgent and not important – these are not urgent and they’re not important either. Learn to say “NO” A lot of us are guilty of this. Out of the goodness of our hearts, it’s almost impossible to say “no”. Want someone to run an errand? They come to you. Need someone to edit and proofread a doc? You’re the go-to girl. Now don’t get me wrong, there’s nothing wrong with helping a colleague BUT, saying yes to everything and everyone eats into your time. It’s okay to decline every now and then. And no, it doesn’t mean you don’t have a heart, it simply means you value your time. Organize Yourself There are so many time management and productivity resources you can utilize. Tools like Asana, Trello and Wunderlist help track and manage your projects. [bctt tweet=”Distractions steal your time. When distractions are managed well, it can lead to a balanced life but when not managed, they can keep you from accomplishing your goals. – Judith Abani” username=”SheLeadsAfrica”] Create a timeline for a particular project I had to learn this. I’ll just dive in and get to work but now I’ve learned to allocate a specific amount of time to a task. Let’s say there’s a blog to write among other things. I tell myself “I’m going to work on this for 2 hours.” What this ‘time constraint’ does is that it pushes you to focus and be more efficient. Time management isn’t something you learn at once. You cultivate it over time. It’s one skill that can help you make the most out of your day. Follow these 5 tips and you’re on your way to working smart. Your turn, What are your best practices for managing your time? Interested in contributing for She Leads Africa? Click here.
Motherland Moguls, here’s what you missed from the Confidence In Action Summit South Africa 2022
As a young ambitious woman, your career choice is one of the most significant decisions you’ll ever make. It is important that you equip yourself with the right information to build the professional career of your dreams. Think about it, would you rather spend your days at a job that leaves you feeling empty? Or where you are fulfilled for the better part of your life? This is why we at SLA partnered with Darling Nigeria to bring you the Confidence In Action Summits. That will take place in South Africa, Nigeria and Kenya. The summit series kicked off in South Africa, on February 5th and it was a BLAST! More than 1200 Mzansi queens came together to attend a free learning and networking experience. There were masterclasses, workshops and networking sessions where we saw our SA boss ladies make new connections, and then our Keynote Speaker Nicolette Mashile, made her entrance and taught us all about navigating career turbulence. All attendees had direct access to some of South Africa’s high profile career experts, including Talent Acquisition & Employer Branding Lead at PepsiCo SSA Candice Martin, Market HR Cluster Head at Google SSA Avanti Maharaj, Talent Acquisitions Specialist at Nestlé Lebogang Mashabela and founder of Pam Cherry Coaching and Consulting Pamela Cherry. It was 3hrs of interesting talks, coaching and loads of digital connection fun. Our Mzansi mogul ladies showed up, and showed out! So whether you missed the event, or you want to relive the Confidence In Action Summit experience, you can also attend the Nigerian summit on February 12 and Kenyan summit on February 19. Here is how we took over the digital streets in SA We learnt about career/ personal development, professional networking and practical advice on building a professional career of your dreams. The attendees had the opportunity to pick one masterclass or networking session each hour. They were also coached on how to harness communication skills needed to negotiate job offers, ace job interviews and gain strategies to propel their career forward. Masterclass 1: How To Find A Job That You Actually Care About Speaker with Candice Martin. Masterclass 2: How To Position Yourself As The Best Candidate For The Job Speaker with Avanthi Maharaj. Workshop 1: How to Find A Job That Suits You Coach with Pamela Cherry. Workshop 2: How To Position Yourself As The Best Candidate For The Job Coach with Lebogang Mashabela. We Came, put our Confidence In Action and gave out formulas to elevate careers! The summit had a vibe and more. The moment we went live on Zoom, Google Meet, Youtube and Facebook, we learned, unlearned and relearned, while having an unforgettable experience. So here’s raising a glass to all our SA boss ladies who made the time, energy and resources that went into planning the Confidence In Action Summit South Africa totally worth it.
The Winning Resume By Veronica Alfred
Writing a resume can be frustrating, especially when there are a zillion contradicting opinions about what works and doesn’t work. I recently figured why it was tough to write a resume by testing out resume types and personally applying to some companies. This gave me a huge opportunity to measure, analyze, and test the effectiveness of different resume types. In this article, I’ll share what I have learned as well as provide some valuable tips on the best ways to write a winning resume. Over the years, I have read various “how to write a resume” blogs, attended several employability workshops and I realized that most of the advice out there has not been proven against the actual end goal of getting a job. It’s easy to say “one page works best” when you’ve seen it happen a few times, but how does this hold up when we look at 100 theories against resumes from different industries, experience levels, and job titles. Based on my research, here’s what works and what doesn’t work: Quantitative Results/Achievements Most resumes lack them. The goal is to give the recruiter a solid reason to not only look over the full resume but also move you through to the next stage of the interview process. Many of us tend to flood our resumes with a list of job responsibilities/duties forgetting that the recruiter knows what you should have been doing every day on the job. Think about it, the reason for a role is to meet a need, your resume should speak to your knowledge of the need and how you have tackled these challenges successfully. This has been tried and tested by yours truly and I must say, the invitations came within hours of applying. Here’s an example: Executed in-house marketing strategy that resulted in a 15% increase in monthly leads along with a 5% drop in the cost per lead Simple Design These days, it’s easy to get carried away with our mission to “stand out.” I’ve seen colourful Canva resumes from graphic designers, video resumes, and even resumes with images of candidates in very unprofessional outfits. While those can work in very specific situations, we want to aim for a strategy that consistently gets results. The format I saw the most success with was a black and white template with sections in this format: Professional Summary/ObjectiveSkills/Interests Education Experience- focus on achievements) References (Available on request) According to research, hiring managers scan resumes for an average of 6 seconds. If your resume is in an unfamiliar format, those 6 seconds won’t be very comfortable for the hiring manager. Our brains prefer things we can easily recognize and digest so you want to make sure that a hiring manager can get the full scope just by glancing at your resume. Short and Concise Resume As times change, processes change too. Back in the day, we had 3-4 pages of resumes to prove that we had been successful or good enough for a role. We would even go as far as including volunteer, industrial attachments, and summer jobs just to make our resumes lengthy. Today it is the opposite with the introduction of ATS software and focus being on accomplishments and not job duties. As much as possible, you want to make your CV short, simple, straight to the point, and specific to the role you are applying for. Here’s what did not work: Grammatical Issues (typos, spelling errors, & grammatical mistakes) In my research and years of reviewing resumes, I found that close to 60% of resumes have some sort of typo or grammatical issue. Have your resume reviewed on three separate occasions – by spell-checking software, like Grammarly, by a friend and by a professional. Spell check should be covered if you’re using Microsoft Word or Google Docs to create your resume. Lengthy Resumes As earlier stated, recruiters spend an average of six seconds reviewing your resume and if it’s more than one or two pages, it probably isn’t going to be read. Increase your margins, decrease your font, and cut down your experience to highlight the most relevant pieces for the role. When you’re dealing with recruiters who see hundreds of resumes every day, you want to make their lives as easy as possible. Buzzwords It is important to not use too many buzzwords. Yes, you’re a hard-working innovator with excellent communication skills but so is nearly every job applicant you’re competing with – at least according to their resumes. Instead of using buzzwords, write naturally, use bullets, and include quantitative results whenever possible. Think about it, would you rather hire a salesperson who “is responsible for driving new business across various sectors to help companies achieve their goals” or “drove $15M of new business last quarter, including the largest deal in company history”? An example: ‘Creative,’ ‘outside the box,’ ‘innovative’ What you think it says: “I come up with good, new ideas.” “If you could think ‘outside the box,’ you’d be able to phrase it less blandly,” Scherwin says. These trite descriptors can undermine your case if you don’t back them up with specifics. In addition to the above, I have also found that resumes with a link to a comprehensive LinkedIn profile have a 71% better chance of hearing back, 76% of resumes are discarded for an unprofessional email address. Resumes with a photo have an 88% rejection rate. 58% of resumes have typos. Applicant tracking software typically eliminates 75% of resumes due to a lack of keywords and phrases being present. Now that you know every mistake you need to avoid, the first item on your to-do list is to comb through your current resume and make sure it doesn’t violate anything mentioned above. This experiment led me to understand that If you don’t know what consistently works, you can’t lay out a system to get there.
Budgeting Tips for the 2021 Bride (Nice-to-Have and Must-Have)
Are you overburdened with all the bills with no one to help you out? Or, are you worried about a long to-do list with numerous ‘advisers’ but no help in sight? This is one time to pause and breathe! Yes, Breathe in…Breathe out… Now that you’ve taken a breath, here’s what to do to get control of your wedding expenses three months before your wedding: 1. Make two lists; a Must-Have List and a Nice-to-Have List. Grab your fiancé to do this with you. Your Must-Have list contains things you know you need to make the wedding the most successful to you.Your Nice-to-have list is for anything else that will be good to have but does not determine your wedding’s success or your happiness. Let’s not deceive ourselves, not everything is a must-have so be true to yourselves as a couple and make that clear from the beginning. 2. Review your Must-Have list and put a timeframe to each item with the corresponding cost. Thankfully, I have created a wonderful Wedding Budget Template to help. 3. Make notes of when the next stream of income will come and plan for it. If you earn monthly, plan ahead on how much of it goes into your wedding. 4. According to priority, review your Nice-to-Have list and add the maximum you can spend on each item. 5. When money comes in, check off something on your Must-Have List. Repeat until everything is checked off. 6. Use extra income to start checking things off your Nice-to-Have list, in order of priority. 7. When help is offered, as long as you have items on your Must-Have list, channel all help to this list first before anything else. 8. Repeat as often as required. In my line of business, I’ve realised that the smartest brides are those who always stay on top of their finances. Remember, the whole essence of this is for you to take one day at a time. There is no need getting so frustrated about what isn’t available or living beyond you. You’re on your own budget! #NoComparison. Always remember, you’re not alone and I’m always here to help.
Investing Tips for the Millennial woman
Our 20s are hard, but being in your 30s presents a whole new set of challenges. Women in their 30s are expected to achieve more and therefore, they find themselves going down life paths differently. The great thing is, your 30s bring a greater level of self-awareness and since rethinking about the future tends to take a centre stage for most, this is the perfect time to choose the best investment opportunities. We’ve all heard the stereotypes: Women are shopaholics racking up credit card charges to add one more pair of shoes to an already overflowing closet, while men bring home the bacon and are savvy investors that understand how to manage money and take advantage of opportunities. These clichéd images have overtime been reinforced by the media and popular culture. When it comes to investing, a number of studies have revealed that men and women invest differently. Gender differences in investment approach, perspective and experience can enhance long-term investing success. Women have been classified as being less confident, not keen on investing in the stock market and massive spenders. Whilst on the other hand, the same women can be seen as being more open to seeking guidance, more patient and a trend has been seen on millennial women who are investing more than their predecessor. Well, to the millennial women in their 30s who are seeking to change the narrative this year and START, here are a few tips on investing: Before going big on investment: 1. Educate Yourself Before diving into strategies that claim to give you a better financial future, carve out some time to learn about money management and investments. 2. Set Clear Financial Goals If you don’t have a set goal to work towards, it can be hard to find the passion or drive to save. Whether it’s a house you’ve been eyeing or your retirement, carefully defining these goals and figuring out how much you’ll need to save can help you craft a better plan for getting there. 3. Make a budget and stick to it. The first step is to gather all your bills and pay remains, then plan your budget for the month according to your income and your expenses. 4. Save for Retirement: Let’s get real, we are all getting old, why not start saving now so that we are not drowned in worry later! 5. Avoid Consumer Debt Some debt like mortgages and student loans are OK to take on if they fit in with your overall budget. In a consumer-driven society, it’s incredibly easy to live beyond your means; a good rule of thumb is to try and save at least 15% of your income and always spend less than you make. 6. Use Missteps to Help You Learn and Grow As the famous saying goes, experience is the best teacher. Instead of being ashamed of past financial missteps, learn from them and make better decisions. 7. Put Your Savings on Autopilot Have your savings contributions automatically deducted from your paycheck and/or direct deposit into an investment account. If you put money aside before you even see it, you’ll tend to not miss it. 8. Always Take Free Money: You should never turn down free money—your nest egg will grow faster, if your employers march a percentage of your benefit contribution, take it up sis! 9. Don’t Let the Financial World Intimidate You A good percentage of personal finance is not financial education, but financial behaviour. If you can modify your behaviour with your finances, you can modify your financial future. Contrary to popular belief you don’t need to be a financial expert to start investing, budgeting or preparing for emergencies. All you really need to do is work on building a solid plan and committing to it. As the American poet Carl Sandburg said, “Money is power, freedom, a cushion, the root of all evil, the sum of blessings.” Have an investmentfull year!
Finance Tips for Startups Trying to Survive the Pandemic
Someone said, saying “when the pandemic is over” is starting to sound a lot like “when Rihanna releases a new album” and lol, I couldn’t agree more. We should start adjusting to what life looks like now, instead of making plans for when the pandemic ends, because we have no idea when that might be. Everything around us is constantly changing, including the way we do business. The World Economic Forum says that the businesses that are most likely to survive this pandemic are the innovative ones. I also believe that businesses that have made good financial decisions in the past (have emergency funds) are most likely to survive the pandemic. For businesses that are still in their infancy stage, this might be a very tough period as they don’t have a pool of savings to tap into and unfortunately have to depend on their creativity. We’ve come up with a few finance tips and tricks that businesses can utilize to not only survive the pandemic but operate smoothly even after it is long gone. 1. Don’t put your eggs in one basket You have probably heard this piece of advice a thousand times before, but you need to listen to it now more than ever. With so many businesses closing their doors, the least that you can do as a business owner is diversify your income. Depending on one source of income/sales is way too risky, you need to start thinking of how to improve the customer experience and in turn, get more sales. What else do your customers need apart from what you already provide? Can you provide that product/service? Try by all means to think of ways to introduce new offerings to your existing customer base or start providing something new to a new clientele. 2. Everything is becoming virtual, why aren’t you? This tough period has forced so many business owners to think on their feet and execute immediately. We’re also seeing so many businesses hopping onto the online scene and honestly, it makes so much sense! Think about it, do your customers need to visit your office for all of your products/services? Is there a way that you offer your services online? Can customers order and have your products delivered to them? If there is even the slightest chance that you can continue with some parts of your business online, then GO FOR IT! You don’t have much to lose, setting up an online platform is less costly and has higher returns, in most cases. 3. Make Smarter Budget Choices for Your Business We need to make smarter money moves this year and that starts by budgeting better. Also, try by all means to increase your income and decrease your expenses. The first thing you can do is ask yourself; what costs can you absolutely live without? Think of all the costs that are not vital to your business operations and all the costs that are unnecessary now that some employees are working from home. For example, you no longer have to buy coffee and tea because, if no one is in the office, no one needs these during coffee breaks. Most landlords can give their tenants payment holidays and cuts on their rent, you will never know if yours is keen unless you ask them.Secure your future with intelligent, ethical innovation Legacy Trust. Administration costs such as stationery can lower your spending, see how much money you can save by not buying these. To save the company from costs of petrol, try to arrange all meetings online so you don’t have to travel to any venues or offices. The last thing you can cut out of your budget are events (if you’re still having those), as great as they may be for employee morale, the business can do without it for now. 4. Invest in learning new skills When push comes to shove, become the jack of all trades. For the time being, try not to outsource services such as Marketing and Finance. Tough times call for tough measures, so as a team, this is the time to invest in a new set of skills. There are a lot of free online courses, make use of them. Take a social media course and handle your own social media, this cuts out the Marketing consultancy fees you pay. Your finance team should also try to learn how to create professional and accurate annual financial statements, that way you can pay less on finance fees to other businesses. We’re all trying to survive the pandemic so we need to do business better, the key is to try and see if you can do some things in-house instead of outsourcing. 5. Apply for relief grants Do your research and find out if your local government and banks are still offering relief funds. If they are, take full advantage of this opportunity. Apply for your business and hope for the best. After all, who doesn’t like free money? I hope you find these tips helpful, here’s to successful and thriving businesses in 2021!!!
Why you need an Endowment Policy (even while you are Pre-Rich)
We’re all constantly thinking of new ways to save money, especially when it comes to saving towards a particular target. We use apps, banks, and even in 2021, our pillows. Do you know what these all have in common? Your money is somehow still right in front of you, tempting you at every turn. Without a great deal of discipline, you’ll break into your savings and never reach your goals. According to independent surveys by She Leads Africa, 73% of young women in our audience said that their top money goal right now is financial independence. In another survey, 58% of women highlighted their top money goal as ‘saving and investing for my future’. Now if you earn a decent, steady income but you’re always breaking into your savings, when are you going to achieve financial independence, or even save towards your future? Luckily, there’s a more efficient way to save towards your goals that you’ve probably not heard of in the past- an endowment policy. Never heard of it? Well, you’re in luck, because that’s what this article is all about. So, what is an endowment policy? An endowment policy is a plan to help you meet set financial targets and obligations at a particular date in the future. You set a goal, pay periodically towards that goal and your policy provider pays you your set target amount plus a pre-fixed interest sum on your target date. With an endowment policy, you’re able to put money aside with a trusted institution and get a specified amount back at your target date. An endowment policy could also double as an insurance plan as in the event of death, accident, or illness (in the terms covered by your plan). Your target amount is paid to you…even before the target date. Why should you get an endowment policy? You’ve been trying to save for yearsss: You’ve tried a bunch of methods and nothing is working. It’s definitely time to try an endowment policy. You want to be accountable: Endowment policies are a great way to plan towards your goals. You’ll have a specific target amount to save monthly towards your goal and the payment plan keeps you accountable. You want to stay focused: With a target date and a target sum, you can keep your end goal and payday in mind and actively work towards it. You’re not spending the money you’re saving on something else. Your money is safe and secure till the agreed date. You’re saving towards a specific goal: Could be a master’s, a car. your kids’ education or even a wedding! Get the funds you need when you need them…with no excuses. You have money: No, that’s not a typo. If you have money and a plan for your future, you SHOULD get an endowment policy. Other benefits… Tax relief: Some endowment plans qualify for tax relief so the amount of tax you have to pay is reduced. Your estate is covered: In the event of death, your target sum is paid back to your estate and the policy terminates. Back-up funds in case there’s an accident: If you ever have a serious accident, you’ll have your target sum to fall back on even before the set target date. Fall back plan in critical illness: If you get critically ill? We know hospital bills can be a pain. You’ll have your target sum to fall back on and help you pay your bills! Where do you start? A good example of an endowment policy is the Leadway Target plan. You can contact Leadway Assurance right now via DMs and they’ll put you on all you need to know!