Michael Levitt's Blog, page 98

Striking The Right Balance To Help You Thrive At Work And Outside Of It

Photo by rupixen.com on Unsplash

We’re always being told to find the right balance between work and life. But do you ever find it’s easier said than done? Work can be stressful, and when you’re trying to make an impression, it can easily take over. The right balance can help you stay on top of your work while also helping you enjoy your time outside of it.

Need help striking the right balance? Here are some tips that could help you out.

Improve your productivity

If you’re going to balance your time between work and life effectively, you need to make sure that the time you spend at work is used effectively. There are different ways to increase your productivity at work, including working when you know you’re at your best. Being better at scheduling your time, cutting down the amount of time spent in meetings, and putting an end to multi-tasking can all help you boost your productivity to help make your workday more manageable. 

Establish your limits

It can be difficult to make changes to your work habits, especially if you’re worried you’ll be seen as slacking or even not being a team player. But if you’ve been pulling a lot of extra hours, answering calls in the evenings and on weekends, and checking your work email outside of hours, then you need to set some boundaries.

Establish your limits and communicate them with those that need to know. Everyone is entitled to a personal life and time outside of work, so take steps to make that time for yourself.

See how the experts manage it

If you think that working endless hours is the way to make it, you’ll be mistaken. All it takes is one look at how the experts are managing their businesses and personal lives to see that it’s possible to find that balance. David Sherrer is someone who is a successful entrepreneur but also makes time for his interests and hobbies. Some expert advice and inspiration could be just what you need to make sure you find that effective balance. 

Plan your time outside of work

If you make plans, you’re more likely to stick to them. This is why it is a good idea to make plans during your time outside of work. From meeting friends and family to going to the gym, you need to make time for yourself. Having other commitments will help you realize that there is a life to be had outside of work, that will help you find what’s important. It’s also vital that you make time for yourself, factoring in self-care, healthy eating, exercise, and quality sleep to help you stay fit and healthy.

When you’re serious about your career, it’s easy for work to become your primary focus. But making sure you make time for yourself and put some distance between yourself and work will help you feel happier and healthier and make sure you can succeed in the different areas that make up your life.

 

Making The Most Of Tools To Drive Business Performance

The photo was taken by StartupStockPhotos from Pixabay

One thing that we all cannot ignore is the impact that technology has had on the way that we do business. It does not matter whether you work in business consultancy, accountancy, or you own an online store, you can use technology to drive your business forward. If you don’t, you run the risk of being left behind. With that being said, below, we are going to take a look at some of the different ways you can use tools and technology to drive business performance.

Make The Most Of Industry Specific Tools

There are a lot of different tools that have been created for different industries. For example, you have Snowflake, which is perfect for those who operate warehouses. You can use this sort of technology to analyze your logistics and have full visibility regarding your warehouse. There are other tools like this for other industries, for example, if you have a retail store, you can use software to manage your stock and to have full visibility regarding marketing campaigns as well.

Web Application Development For Consistency And Continuity

Web application development in your local area and beyond is about much more than just streamlining your processes and getting more for the time and effort you put into your company. It is also about improving relationships within your business and with your customers and clients. In any business, it is important to understand exactly what it is everyone is doing, what services are being provided, and more importantly exactly what it is your customers and clients want. Key to achieving this is clear communication and consistency of approach. Custom software development is the best way to achieve both consistency and continuity. 

Regardless of how tight your structures are, individuals within your organization will always put a personal flair on everything they do. In terms of giving your business a human face, creating positive interactions, and finding creative ways forward, this is excellent. However, there are some aspects of your business where this flair can cause inaccuracies that affect your business. Web application development can reduce these issues, giving you consistency where you need it the most. An app designed specifically for your business can ensure that anything from request forms to reports contains exactly the information that is needed.  

Integration Between Tools Is Critical

Not only is it about making sure that you have the right tools in place to begin with, but you need them to all work together to drive results at your business. If you have tools working separately, this will only create more problems because it will mean that you cannot connect the dots. Therefore, integration is critical.

To conclude, the importance of technology cannot be overlooked when it comes to business performance today. However, it is not just about using any old tools and forgetting about it. You need to have a careful and considered software strategy in place.

10 Things All Businesses Should Do For Energy Efficiency

Photo by Burak K from Pexels

If businesses pay no mind to their energy efficiency, they can easily create a huge carbon footprint that is damaging for the environment both now and in the future. We haven’t taken care of the planet well enough - that much is evident in 2021. We now don’t have long at all to repair the damage and ensure we’re all doing our bit to prevent any future problems. If you’re a business owner and you’d like to begin doing your part to make the planet a healthier place to live and reduce the impact your business has on the environment, read on for 10 things you should do:

Switch Your Energy Supplier

Switching to a retail energy supplier can benefit your business in numerous ways, including price protection, real cost savings, high standard customer care services, and even access to technological advancements. Working with suppliers who are conscious of their own impact on the environment can double your positive impact, too. Make sure you do plenty of research and ask for recommendations so you can find the best possible supplier for your needs. 

Go Solar and Use Tax Breaks and Other Relevant Incentives

If you’d like to reduce your energy costs and your impact on the environment, then consider going solar. This is the best choice for businesses who would like to become more energy-efficient, as it will help you to decrease your annual energy bills to the minimum and will not affect your business’ performance. When you go for solar systems, you can also make use of the investment tax credit. This allows you to reduce the cost of solar panel installation by 30%. There may be more incentives offered, so make sure you look into this. Oftentimes, the incentives offered can make the changes more than worth it. 

Work From Home and Encourage Remote Working 

If there could be a way for some of your employees to work from home, encourage them to start working remotely, even if this is just for a few days a week. Remote and flexible working practices are the future and can help you to keep your team engaged in the long run. Your employees will be able to better balance work and home life, save money on transport, and be able to use their time optimally. Providing they have what they need to work from home (you may need to help them out if they don’t), then they should be able to do what they need to do a few days a week. There are benefits to having a team all in-house, but doing this alone can be outdated and make employees look elsewhere for somewhere more flexible. 

Identify Wasted Energy Within Your Business 

Understanding the power usage and demands of your business will help you to see where you could be wasting energy and give you ideas on how to improve. You’ll likely be surprised at how much your business is currently wasting, and the money you can save when you rectify these practices can be substantial. 

Work With An Energy Advisor

Having some professional guidance can help you to look at things objectively, take steps in the right direction, and reduce your impact on the environment. An energy advisor is often more than worth the cost and will help you to identify issues that you probably would have missed. 

Save Money On Lighting 

Never use electric lights when the sun is out - make the most of natural light. Natural light is important for productivity too, so make sure your team is all on the same page and that they get plenty of it. 

Turn lights off when you leave work, too, rather than leaving them on along with equipment plugged in. It might seem like you’re saving time on getting started the next day, but you’re wasting energy and money. 

Swapping out your bulbs for more energy-efficient bulbs is also an easy change to make that could help you to save both the planet and money. 

Preserve Water 

If you ignore leaks and other water problems in your building, this could result in huge amounts of lost water, and this adds up over a monthly time period. Use automatic water-saving taps for an immediate improvement, as well as insulation of your old water heaters, and upgrade to more efficient heaters if you need to. Small gestures like this can seriously reduce your impact. 

Create A Solid Recycling Policy

Make sure you know what can be recycled and do all you can to ensure you recycle rather than throwing anything away. Things like paper, ink, cartridges, computers, phones, and containers can all be recycled. Even opting to use recycled equipment and other items over brand new items can help you to support eco-friendly businesses and make a difference yourself. 

Swap To Energy Efficient Appliances 

Can you be sure that the equipment and appliances you use at work are the most energy-efficient available? If not, it could be time to swap them out for more eco-friendly and budget-friendly options. They can cost more to replace in the short term, but in the long run, you can notice a huge difference in how much you’re spending. Take a look at water cooled chillers and other new appliances you might need to make up your mind. 

Make Sure Your Team Is On The Same Page

If you have a large team, making sure they’re all on the same page is essential. You could have a few that put lots of effort into supporting your eco-friendly endeavor, with other team members undoing all of their hard work. Make sure any environmentally based policy you create is clear and that all team members are contributing in order to make a difference. It isn't enough to have a policy; your team needs to be following it. 

There is an abundance of things that business owners can do for energy efficiency - start with this post and then get creative.

What Employee Experience Do You Provide?

Photo by Alexander Dummer on Unsplash

At the start of February, Microsoft announced their new Employee Experience Platform, Microsoft Viva. Learning from the shortcomings that have affected countless businesses during the pandemic, Microsoft seized the opportunity to tackle the fragmented market of digital employee experience. 

The vision, as explained by CEO Satya Nadella, is to create a “thriving culture with engaged employees and inspiring leaders” to develop a culture of resilience across the organization. The platform is set to be released within the next few months. Microsoft promised 4 modules designed to enhance essential aspects for employee relationships: engagement, wellbeing, learning, and overall corporate knowledge. The announcement offers a unique opportunity to businesses to review their employee experience. Are you doing enough? What else could you do to help your employees thrive? 

Help them grow

It is the role of a company to think of its employees as long-term assets that are part of the organization's growth and potential. Therefore, you want to consider how each employee could develop their skills and knowledge within the company. The talent you hire needs to be constantly nurtured through targeted training opportunities. You can use training as a tool to enhance knowledge. But it is also a platform for career development, encouraging staff to progress in their careers. 

Help them bond

People make the culture of a company. But without frequent team building activities, your people can find it hard to work and grow together. Team building events can come in a variety of formats. Ideally, you want to combine off-site events, such as arranging for corporate bus rentals for a weekend out of the office, with social gatherings and communications in the office. Have you started a coffee break in the office? Coffee breaks video calls can be a lovely way to reach out to home-based employees and break the ice. Besides, you don’t need to break the bank to get people to talk to each other!

Help them live

Your employees have a life outside of the office. Offering services that can make their day-to-day routines easier will also impact their productivity and engagement at work. For instance, new parents can benefit from childcare services on-site or flexible schedules. Stressed-out parents can find it tricky to focus when they need to sort out emergency childcare care about the babysitter canceled at the last minute, for example. But if you make it your business priority to integrate social considerations into the list of services and benefits your employees receive, you can make their work hassle-free. 

Help them shine

The last thing your employees expect is to work hard on a project without anyone acknowledging their efforts. When the team goes above and beyond to make things happen, the least you can do is to recognize their performance. It is the little things that make a big difference. Not every company can afford a pay rise. But saying thank you doesn’t cost anything. Other ways you can recognize their hard work can include public praise, suggesting days off after a tough project, or simply mentioning their work to clients and partners. Good work should not be taken for granted. 

It makes no doubt that organizations are looking forward to implementing Microsoft Viva into their everyday systems. However, in the meantime, there’s so much you can do to create a positive employee experience! 

How Much Experience Do You Need To Start A Business?

The photo was taken by fancycrave1 from Pixabay

A lot of people dream of starting their own business one day, but they worry that they’re not experienced enough. The idea is only the start and before you can get your business off the ground, there is a long list of things you need to sort out. Do you know how to manage business finances? Do you understand the legal hurdles you may face? Have you got experience with marketing? It’s important that you think about these things first but you shouldn’t necessarily give up on your business dreams because you’re not an expert yet because it’s a learning curve. So, how much experience do you really need to start a business?

You Need To Know How To Start A Business

This doesn’t mean you need to know everything, it means that you need to literally know how to open a business. Things like registering a name and setting up an LLC so your business is a recognized legal entity are essential, but a lot of people don’t consider the logistics of this before they try to start a business. Sites like stepstostartingabusiness.com can give you a lot of great practical advice here. Before you quit your job and throw yourself into your new business, spend some time getting to grips with all of the admin that you will have to do first.

You Need To Know How To File Taxes 

Managing your business finances is difficult and it’s often one of the areas that you will eventually outsource to a third-party. However, in the early stages of the business when you don’t have the money to pay an accountant, you will need to manage things yourself. Filing your business taxes can be tricky if you don’t have a clue where to start, but there is no room for error. You won’t get any sympathy if you make mistakes with your tax returns, but you will get some big fines. So, make sure that you know how to file your taxes properly before you start a business. 

You Need To Have Faith In Your Idea 

A good idea is at the heart of every business but so many amazing ideas never see the light of day because people don’t have faith in them. Obviously, it’s important that you run your business effectively, but if the idea is good enough, that is enough to propel you forward. You’re always going to make mistakes when you are a new business owner but as long as you are passionate about the idea and you have complete faith in it, you will pull through. Lack of experience can easily be overcome because you will learn things as you go. However, if you start off with a lack of confidence in your business idea, that’s a lot harder to come back from. It may be a good idea to run a focus group (hubspot.com has some great tips on this) so you can reassure yourself that the product is good.  

So many people worry about lack of experience when they are starting a business, but you can always learn things along the way. The most important thing is the passion and drive because that’s what makes businesses successful.

Preparing for Disaster with a Business Continuity Plan

The photo was taken by StartupStockPhotos from Pixabay

As a business owner, you are rarely going to get any notice for when disaster is going to strike. Even if you were to get some notice, there are a range of things to take care of, and all incidents are different, you are likely to not be prepared enough in the way that you need to be. However, as a business owner, being prepped and planning ahead, in case of emergency is vital. You need to have a continuity plan in place for your business so that if disaster does strike you will be able to keep the business running as things get sorted out, or at least be able to get things back up and running as quickly as possible. Without putting plans in place, it could mean that if disaster strikes, your business could go out of business, for good.

There are crisis management apps that you can download and use for this kind of planning, as well as making your own records. The key thing is to make decisions that work for your business and then make sure that it is communicated clearly to all. When everyone in the business knows what to do or what will happen, it will make much more of a difference.

Business continuity plan

One of the most common business continuity tools includes a checklist for supplies and equipment, as well as details of where backup data is held, backed up sites, and where the plan is. Think about who should know the details of the plan, and make sure that there is some contact information available for anyone who needs to access the plan and get the ball rolling with things. 

A disaster recovery plan is part of the business continuity plan that you have, so taking time to develop a disaster recovery plan is vital for your business. If you have a plan already in place, then you should check it and update it regularly, as things change from people in the business, to contact details and backup details. Be realistic with the expectations that you have and make sure that it all aligns with the business needs. 

One thing to consider is that when you make your plan, you should think about interviewing some key people in businesses who have had to go through a disaster and have come out the other side. They will have had to put a real business continuity plan into place, so they will be able to let you know what has worked well, as well as what really wasn’t relevant. Getting these kinds of insights can be a good thing and help you to see it from a completely different perspective, sharing things that you would never have thought of before. 

Business management is key in promoting the plan to the rest, and if you don’t know what should happen in the shop if there is a flood, for example, then how do you expect your employees to know what to do? Getting management involved in the training and implementation of the plan will help to have a greater impact on employees and help to give the plan more clout.  

Why Quality Sleep Helps With Burnout

Photo by Vladislav Muslakov on Unsplash

We are hearing more and more that each of us need 7-8 hours of sleep every night.  However, that sleep for many isn't quality sleep.

 We hear the importance of sleep in our complete health. Our bodies heal while we are sleeping, from the damage that we do to our bodies (both intentional and unintentional) throughout our waking hours.

 Lack of sleep significantly increases the chances of chronic diseases, fatigue, mistakes, emotional and physical challenges, etc.

 We each go through stages of sleep and sleep cycles, but what’s crucial is that we have as much uninterrupted sleep as possible.

 Too often, people are either not getting enough sleep, or not restful sleep.

 During my burnout, I slept 7-8 hours per night, but it wasn’t quality sleep.

 

Why?

 1.    I wasn’t eating properly.  My diet plan consisted of ordering through a window, and then driving around a corner to pay and get handed a brown bag.

2.    I was under an increasing amount of stress with my job.  Working for a start-up is not easy.  This one was even more challenging due to the nature of the work, and the lack of boundaries I had in the work I performed.

3.    Trying to people please.  I was trying to be everything to everyone.  Be a pillar in a small community.  Make a difference in helping others.  I had forgotten to help myself first.

 Thus my sleep was spent repairing all the damage I was doing to my body, both mentally and physically.  Eventually my body gave in, and kicked off my year of worst-case scenarios.

 Now I sleep pretty well.  I have a pillow that works for me.  The room temperature is conducive to my liking.  I have a sleep mask in case it’s too bright outside through the window blinds.  I don’t consume a lot of caffeine or alcohol, I eat better, and most importantly, I have boundaries about my work and home life.

4. My home had a heavy and dusty environment, which made me feel weak and demotivated -
luckily for that, I took advantage of a robot vacuum cleaner for thick carpets.

 

5 Requirements of a 401K Audit

Photo by @firmbee

A 401k audit is an audit that is conducted in relation to a plan’s financial standing. A retirement plan that differs from a pension plan in that it is funded by the employee rather than the employer. There are various legal requirements that should be followed in relation to whether and how a plan needs to be audited. This article will therefore look at what determines its necessity, how often it should take place, and just who it is that will conduct it. In relation to your audit requirements, there are companies online who can help.

Is it mandatory?

A 401k plan audit is required to take place by law because it has been mandated by the ERISA (European Retirement Income Security Act). It is required to ensure that a plan is being run correctly for everyone’s protection. The aim of the audit will be to review the company’s plan documents and then to verify that the plan complies with the IRS and DoL rules. With larger plans, it is submitted alongside the plan’s Form 5500.

Is it also about numbers?

Should a company’s plan on the first day of the plan year have 120 eligible participants, then an audit is required. Then, once this audit has taken place, the company’s 401k plan must continue to be audited unless their eligible participants should drop to below 100.

However, there is the 80-120 rule, as it is commonly referred to, which states that the participant count can rise to 120 without an audit being required. This is to help small to medium-sized businesses who are trying to grow. It is always worth checking with a specialist auditing company whether by law you are required to have one.

How often should it take place?

The 401k audit should take place annually by law. It will take between 6-8 weeks to complete. This is the industry standard in relation to CPAs completing the 401k audit. The process will normally include a brief review and information request stage, followed by 2-4 hours of information-gathering interviews, then a client view in respect of the preliminary audit report produced. To conclude, there will then be the final delivery of the audit report. This is the procedure that needs to be gone through and a company will need to be patient while this takes place.

How far back can the IRS audit a plan?

Generally, a company is required to retain its 401k plan records for a period of at least six years following the filing date of the IRS Form 5500 that has been created from those records.

Who can conduct one?

A 401k audit should be conducted by a qualified accountant who is independent of the company concerned. Specialist firms can be found online who can conduct this audit for your company in accordance with the requirements of the law.

So, to summarize, there are several specific requirements in relation to a 401K audit. These all need to be followed to stay within the law. If you require further information, the companies online will be more than happy to guide you through the process and its requirements. Then, once you have found one, you can call upon the same company that you know and trust to conduct your audits on an annual basis.

Apart from the mandatory requirements, it can trigger an audit if you are spending and claiming tax deductions in relation to a large portion of your income. It is also known that a trigger will result from taxpayers who itemize. Often audits can be triggered by deceased or terminated participants remaining in the plan with balances that will contribute to the participant count.

To read a further article on 401k audits, click here.

Five Reasons To Start Out On Your Own

Photo by Artem Beliaikin from Pexels

Have you ever considered yourself to be a leader? There are so many things to be done in life, but there are dozens of reasons that people choose to strike out on their own and be a leader. There are some who do it to have a better life, others do it to stop being bossed around and instead they want to be the boss. No matter what, you may have an excellent idea and that idea could change your life - which could lead to you wanting to strike out alone.

Running a business is not an easy feat, and it's going to take some time to get off the ground. Being a business owner means that you put yourself, your finances and your future on the line, and it takes time to get a business from an idea to something amazing. Are you ready to start a business on your own? Well, only you can say whether you are ready or not, and if you are ready, you need to tell yourself why you are doing this. Understanding your reasons is going to help you to go a long way in the future. Below, we've put together five key reasons you should take your amazing idea and strike out on your own. Are you ready? Let's dive right in!

Time?

It's Not An Issue. So many people who want to open a business don't have the time to invest in one, which is one of the reasons it ails early on. Running your own business takes more than a 40 hour working week. It takes a lot of time that you don't expect to give, but if you have all the time in the world to put your noses to the grindstone, then you should take it. So many business owners put in far more hours than they imagined they would, and if you have this kind of time, then this is an investment that you should make. Some business ideas require longer hours than others, but in your first year you will be clocking all the hours while you build a good foundation. Working hard is fun for some and if it's true for you, then you have a great reason to start a business.

Money?

Also Not An Issue! Lots of businesses fail in their first year and a big reason for the failure for some is cash. A business owner cannot always secure the finance they need to get their business equipment, costs, and more off the ground. Depending on your business idea, you may also need to consider licensing, registrations, office rent, and more. If you have the money in the bank and you can invest it, go for it! Some business owners don't like to take the risk of bootstrapping their business, but if you have the money you can roll with it. Otherwise, you need to find someone else who can invest in you and you can go with angel investors if you don't want to go with the bank!

Expertise?

Not An Issue. You know that a great idea is only a part of the equation, right? Well, the world is full of great ideas. You need to have the expert knowledge to follow it through to the end so that you can put your idea to the test properly. If you have a background in the market you wish to work in, you can be halfway there already. Invest your time and effort in continuing your expert education and keep building on the skills you already have. You can then start to find your customers before you even get started - as you already know what to do and where to look, right?

Business Skills?

Also Not An Issue! If you have great time management, you can think ten steps ahead and strategically, and you can communicate perfectly, then you already have half the skills that you need to be an excellent business leader. You also need to be resilient - you will fail a lot. You need to know how to network to build your business, you need to understand finance and sales, and more! If you lack in these areas, it's time to brush up on them all so that you can be the very best in your new industry!

Risks?

You're Ready To Take Them. Lastly, you are ready to take a risk. Starting a business is a risk in itself, and if you know you're ready to take that risk, you're ready to go. 

Ways Trading Platforms Can Help You

Photo by @adamaszczos

In the finance industry, an electronic trading platform is also known as an online trading platform. As a piece of computer software, it can be used for placing orders over a network that relates to financial products. Orders are placed online with a financial intermediary. This article will explore different ways in which trading platforms can help you. A good example of one is Trade Ideas software. 

To first say something of how a trading platform works, it will provide the necessary assistance and support required for individuals and companies to secure real-time access to trading. In addition, these platforms offer price analysis, research reports, news of the market, and much more to help investors. With just an internet connection and a trading account, you can buy shares through just one trading platform. This makes the process a lot easier and simpler. 

These platforms vary in what they offer potential investors, from the basic platforms which allow you to trade, to the better platforms that offer more sophisticated options, for those with greater financial knowledge and who desire greater risk in exchange for a lucrative return on their investment portfolios. We shall also look at how in general a trading platform helps with share trading as opposed to arranging it through a variety of financial institutions or brokers.

Basic Platform Services

A more basic platform will offer the market, stop, limit, and stop limit. A stop-limit order will trigger a limit order when a stock price reaches the stop level. For example, you might consider placing a stop-limit order to buy 2,000 shares of ABC, up to $8.50, when the share price hits $8.00. In this case, $8 is the stop level, which then triggers a limit order of $8.50. It is all about limits and having them set correctly to balance investment potential against risk.

Better Platform Services

A more advanced trading platform will allow for market-on-close orders or trailing stop orders to be placed. A market-on-close order is one that executes at the price that the security reaches upon market closing.   A trailing stop order will adjust the stop price at a fixed number of points or fixed percentage below the stock’s market price.

In General

The further ways that online trading platforms can help will be from the benefits that they provide, which are directly attributable to the features that they offer. These include lower costs, convenience, the ability to perform speedier transactions, and the ability to monitor investments at any time to have greater control over them. A definite advantage of trading platforms it that they provide a greater understanding of what is happening with a trader’s money and show instantly how effectively they are investing it. They also eliminate the middleman, allowing users to deal directly. This is what lowers the cost in relation to other ways to trade. As with anything online, speed and efficiency are increased by it being instant and in real-time.

For more detailed information on trading platforms, click here.

So, hopefully, this gives you some idea of what trading platforms are, how they work, and how they can help us to deal in shares. Primarily, it is about having all that share activity in one place where you can keep an eye on your investments and set limits. There is also information provided that guides you through the process of share dealing and keeps you in touch with what is happening with the markets that you are wishing to invest in. Whether you are a first-time investor or are a regular investor, then this is a way to trade and stay in control and to know at all times what is happening with your money in respect of how well it is working for you during the time it is invested.