January 2018 - Beacon Family Office

Finding the Right Work/Life Balance

Striking a healthy work-life balance is an important concept for all of us to achieve – after all, what’s the point in working so hard when you have no time or energy left to actually reap the rewards from it and enjoy your life? Finding the right work-life balance will differ for every individual, but here are some healthy habits to focus on that will help you loosen the grip on your work life so you can have more time and energy left to enjoy your life outside of work.

Make Personal Time a Priority

If you’re feeling miserable trying to juggle work demands and your personal life, then it’s time to switch up your priorities. Of course work is important, but so is your personal downtime (and sanity). Having enough time to relax and enjoy off-time with your friends and loved ones is what life is all about. If you’re too preoccupied with your work, then you’re likely letting an important aspect of life slip away.

Commit to making your own personal time a priority. Every week, schedule at least two evenings or days where you can forget about work and do something for yourself – a lunch date with friends, a date night with your partner, or even a soak in the tub with a good book in your hand will do the trick.

Reel in Your Time Management Skills

You may think that you’ve got time management nailed down to a tee, but consider taking a closer look at your daily routines. Are there habits or activities that zap plenty of your time and energy without really benefiting your career or personal life? Maybe it’s enduring workplace gossip from colleagues, or spending too much time on the web. It’s easy to get caught up in bad habits that don’t benefit us at all and end up accumulating a large portion of our time. Try to reel in your habits and time management skills by paying attention to the things you frequently do throughout your day. Look for ways to shave down wasted time so you can get your work done faster, freeing up more time to do what you enjoy.

Put Down the Phone

These days we are all plugged into our devices all day, every day, with our eyes constantly glued to the screen instead of focusing on the present. That, coupled with the convenience of technology allowing us to be connected to work almost 24/7, the boundary between your work and personal lives becomes even harder to maintain. Luckily, you have the power to shut it off. If you’re finding that work is leeching into your personal time, then you need to create your own boundaries and learn to embrace the off button more often.

Finding the right work-life balance is important for your own health and well being. As technology makes communication even easier, it means that creating those personal boundaries and carving out time to relax and recharge is only going to become more important to prioritize. Start today and take charge of your life by forming these types of habits to give yourself the opportunity to kick back and actually enjoy the fruits of your labour.

The Dark Days: Keeping Your Staff Moving Until Spring

Wondering how to keep your staff motivated, energetic, and productive until the brighter days of Spring? Winter time can present some challenges for keeping employees engaged and in a positive state of mind – especially with the holidays behind us and the cold season in full swing. To help you and your staff combat those winter blues, here are some practical tips to help boost the mood, morale, and productivity levels of your staff.

Recognize Good Work

Sometimes, it’s the small gestures that can really make the biggest difference. Recognizing good work with a simple handshake, or sharing a great idea presented by a staff member can help build up a culture of appreciation and support amongst your team. Simple gestures such as this can be extremely effective at boosting the morale and mood of your employees, as well as the culture of the organization

Make the Workplace More Enjoyable

Investing in your staff is important for any business to succeed. When your staff is a happy bunch, they’re more focused and productive as a whole. So, making an effort to create a more enjoyable and comfortable work environment is necessary. Simple adjustments can also go a long way. For example, switching up the lighting from harsh fluorescent bulbs to warmer, “sunnier” hues can cut down on the glare and help minimize the onset of Seasonal Affective Disorder.

Also, take a look at your employee’s workstations. What minor adjustments could help improve these areas? Maybe an adjustable chair to ease back pain, or an ergonomic mouse to help support their wrists? Even monitoring the temperature of the office to ensure it’s at a favourable level is important. Talk to your staff and learn what sort of issues can be improved upon that could help increase the comfort level at work – it will always benefit you in the present and in the long run.

Recognize Special Events

Building up a supportive workplace is one of the best ways to keep employees motivated and excited to come to work. Fostering a sense of community and friendship among the team can easily be achieved by making a point to recognize any special events, such as birthdays, anniversaries, promotions, accomplishments, and more. Taking the time to buy a cake or head for some celebratory drinks after work is an easy and simple way to build up that sense of community among your staff.

Remember, your staff is what makes or breaks your business. Keeping them happy, comfortable and motivated to work hard is imperative. Keep your staff moving until spring with these simple, effective tips.

Downsizing: Why It’s Not Always a Bad Option

Are you considering downsizing your business but are afraid it may lead to poor results, slower growth, or other negative consequences? You shouldn’t worry – it may actually be a better idea than you had imagined. Here are just a few of the reasons why downsizing isn’t always a bad option.

Reduce Debts

Bad management and poor decisions are not the only causes of business debt. Sometimes it’s just plain old bad luck, and sometimes it’s the result of trying to grow too fast. When the debts are getting a little out of control and beginning to have a major impact on the business operations, downsizing can be the key to helping you get the finances back in order.

Remove Weak Links

Sometimes when companies grow too quickly, they must take on a large amount of staff without taking as much care and consideration in the hiring process, ensuring they can keep production in line with demand. If something happens in the marketplace, in your area, or within the company, and there is a dip in business as a result, you may find yourself over-staffed with underperforming, low-quality employees. Downsizing during this time can help you remove the weakest links within your teams and provide better opportunities for the ones who are dedicated and add real value.

Balance Resources

Another advantage of downsizing is that you can rebalance your resources. There will often come a time when certain departments may be receiving more resources than they need, putting a damper on your bottom line. It can be hard to notice when this is happening amongst the chaos of your everyday operations. Downsizing can assist you in this scenario by providing you with a good opportunity to re-evaluate and re-allocate resources to where they are most needed.

Generate Revenue

When you downsize, you will likely end up with equipment, supplies, and assets that you will no longer need. You can sell these within your industry and generate money that you can reinvest into the business to help grow your company into the direction you desire.

Improve Work-Life Balance

It’s a misconception that businesses need to be large to be successful. Sometimes bigger is more difficult to manage; it’s chaotic and more exhaustive on resources and employees than smaller businesses are. This is particularly true if you and all your managers are working non-stop to manage your large-scale operations. What’s the point if you can’t enjoy your life? Downsizing can help create a better work-life balance and keep your business structure in check as well.

Downsizing is not always a bad option. In many ways, it can end up being the best option for your business to get back on track and succeed the way you planned. To find out if your business could benefit from downsizing, talk to one of our advisors today. We offer advice and guide you through the process when you’re ready to make a change.

The 5 Most Important Benefits of Having an Estate Plan

Many people make an assumption that they don’t need estate planning, or they can’t benefit from it in a tangible way. Estate planning is something that can greatly benefit everyone, not just the rich and famous. Estate planning gives you the opportunity to essentially map out how you want your assets, among other important items, handled following your death. This ensures that your finances, your home, and your business are all managed according to your wishes and that your family is provided for after you pass away.

Here are five important benefits of having an estate plan.

State Your Wishes if Incapacitated

One of the most important benefits of creating an estate plan is that it allows you to plan for unpredictable events that life may throw your way. Accidents and physical or mental illnesses can blindside you at a moment’s notice. We never like to think of these events occurring, but the reality is that planning for them is much better than being left at the will of others making decisions on your behalf. An estate plan will clearly outline all of your wishes when it comes to major life and medical-based decisions if something does ever occur.

Select Guardians for Children

If you have young children, having a plan set in place will nominate a guardian of your choice for looking after your children following your death. This can provide peace of mind knowing that the decision won’t be left in the hands of the courts, and will instead, be determined according to your wishes.

Establish Trustees of Your Estate

Choosing someone you know and trust to oversee the details of your estate ensures everything is kept in order and in line with your wishes. Giving authority to someone you choose can also help alleviate the burden on your family, along with any potential conflict, and simplify the administration process of your assets.

Provide for Your Family

Providing for your family in the case of your death is another crucial factor for establishing an estate plan. This will help allocate money to the appropriate family members, helping to provide for them, or even your children if anything were to happen to both parents.

Protect Your Business and Legacy

If you own a business, an estate plan can help ensure that it continues to operate according to your wishes by establishing an orderly succession. You get to decide what happens to your business and your legacy after you pass on.

Wouldn’t you want to have the final word on how your finances, home, and family are treated after you pass away? Estate planning is crucial to ensure that your wishes, your assets, and your loved ones are looked after and protected in the case of your death. When you’re ready to create your estate plan, contact us at The Beacon Group of Assante Financial Management Ltd. We can guide you through the process and help you safeguard your assets.

Decluttering After the Holidays

After all of the gift-giving and festive parties have passed, the holidays can end up taking a toll on the state of your home. With the new year just around the corner, there’s no better time than now to get rid of the excess junk and start with a fresh, clean, organized home. When you take on the task of decluttering after the holidays, use these tips to help you stay committed to your goal to get back to being organized.

Get One, Toss Two

This is a simple and helpful habit to get into – when you receive an item that you already have, you toss two (or donate) in return. When you’re organizing your holiday gifts that you’ve received, start to put this habit into action. For example, if you’ve received a DVD, add two old ones to the “out” pile. The same goes for just about anything – clothing, kitchenware, makeup, kids’ toys, and so forth.

Pay It Forward

When you’re sifting through your items, don’t forget to pay it forward and donate. Create a pile or have a bag on hand to place items to drop off at a local charity so you can pay it forward and provide others with items that you no longer need.

Take on One Room at a Time

The best way to declutter after the holidays is to take on one room at a time. That way you can avoid feeling overwhelmed, which can force you to toss in the towel and give up before you’ve really started. Chip away at your home by only focusing on individual rooms at one time, starting from the top and working your way down to the basement.

Have a Designated Area to Store Items for “Out”

As you move along throughout your home, create an area – either in the corner of each room or maybe just a corner of your basement – where you can place and organize items that are marked for out. This helps keep the decluttering process organized and easier for you to see the progress that you’ve made.

Toss What Hasn’t Been Used in the Past Year

To help you determine what to keep and what to toss, ask yourself each time what you have and have not used over the past year or so. If the answer is a definite no then the item should definitely be placed in the “toss” pile, if there’s no sentimental value attached to it.

Getting organized and clearing out the excess junk is not only great for your home, but it’s also an effective way to help clear out any mental clutter as well. Get started with your decluttering project to help you stay focused and committed to having a clean, fresh home this coming year.

Getting Back on Track with Your Savings

We all have things we’d like to save for – whether it’s an addition to the home, a retirement plan, or post-secondary education for the kids. Reaching these goals can be a complicated and challenging process. Often, we get a little off track with our savings and need some help to get them back under control. If this rings true to you and you feel like it’s time to re-visit your savings plan, check out these 5 ways you can start getting back on track with your savings today.

Create a Savings Strategy

Once you know what your financial goal is, it’s important that you create a savings strategy. First, figure out how much you want to save each month to reach your goal, and then decide on what the deadline is to achieve your goal. By dividing the total amount you need to save by the number of months that it will take to complete your goal, you will get the total of how much you need to save each month. If the amount looks too high, you should look at your expenses to see if you can find ways to save more money. A financial planner can help you find better tools and ways to reach your goal without burdening your lifestyle.

Review Your Options

There are plenty more options to save money than just through a savings account. Saving tools like Registered Retirement Savings Plans (RRSP), Tax-Free Savings Plans (TFSA), and Guaranteed Investment Certificates (GIC), are just three of the most popular methods available in Canada to help you save. By talking to a professional advisor, you can get the guidance you need to help make a decision that is right for your financial goals.

Track Your Expenses

Once you have a detailed strategy and savings plan in place, you need to start tracking your expenses. By tracking how you spend your money like your monthly bills, entertainment, and lifestyle expenses, you will be able to see more clearly where you spend the most money. This will, in turn, help you find ways to trim down your expenses and free up money for your savings, like cutting back on eating out or switching to a more affordable gym membership.

Pay More Than Just Credit

With credit being easy to obtain, many people have gotten away from the habit of saving and instead, focus only on paying back their credit. Without any money in savings, you are just living off of debt. To get back on track with your savings, you need to put a proper payment strategy in place for both your credit accounts and your savings accounts. One method is to set up an automatic payment to your savings account, so you are paying a little bit each month, instead of just paying your credit back. You will be surprised at how fast it adds up.

Look For Better Deals

If you’re spending too much on your insurance, mortgage, and bank fees, you could be losing out on saving opportunities. To find better deals, hire a professional advisor who can look through all your expenses and help determine what better options are available to you. A new bank account, re-financed mortgage, or new insurance policy can help you to free up some of your money for your savings accounts.

When your savings need to be resurrected from the dead, talk to us at The Beacon Group of Assante Financial Management Ltd. Our professional advisors can help you better organize your expenses and get your savings back on the right track.

5 Ways to be Sure You are Making the Right Investment Choice

When you want to make your money grow you first need to learn how to invest properly. The fact is that thousands of Canadians lose money on investments each year by not taking the time to understand their investment strategy. Having a solid investment plan in play, you need to take the right steps and inquire with the right people who can advise you. To get on the right track with your investments, check out these 5 ways to be sure you are making the right investment choice right from the get-go.

Know Your Goal

You will never be able to know if you’re on the right track of making the best investment choice if you don’t know what your goals are. For instance, are you investing for extra retirement security, income, or growth? Do you want to invest for the short-term, mid-term, or long-term? Your answers to these questions can help form your financial plan and strategy that will be in sync with your goals. Thus, any decisions you make should be in sync with your strategy in order to keep you on the right path.

Be Realistic

Being realistic about how much money you have to invest will help you make better investment choices. For instance, if you have a hefty sum of money to invest you will naturally have more investment options available to you, and can easily diversify. If you only have a small amount of money, you should start slow and begin transferring monthly amounts to your investments that you can actually afford. If you’re not realistic you can get yourself into money issues quickly, so talk to an advisor on how to build your portfolio with what you can afford.

Do the Research

Hearing from a friend about a “good stock to buy” often leads to costly regrets. Before you invest, learn as much as you can about stocks, bonds, mutual funds, and all the investment instruments out there. Take the time to understand the jargon and terms, the types of investments available to you, what investments are better for short and long-term, and educate yourself about the financial markets. The more you know, the better prepared you are, and the more likely you will make the right investment choice to see your money grow.

Know the Risks Involved

It’s no surprise that all investments come with some degree of risk. But some investments are much riskier than others. You are more likely to make a sound investment decision if you are aware of the risks that a particular investment can entail, and have the capacity to absorb any potential risk you may experience.

Get Advice from a Professional

Investments are complex to understand and trade. If you don’t know what you’re doing, you could lose money. Talking to a professional for advice on what investment tools are best for your financial condition, is the best way to ensure you’re making the right investment choices for you. Even the savviest traders have financial mentors and work with other professionals to help them get the most out of their investments.

When you need some expert advice, talk to us at The Beacon Group of Assante Financial Management Ltd. Our team of business professionals can guide you in your investment decision and help you understand what financial strategies are best suited to you.

5 Ways to Kick off the New Work Year Right

Whether you had a great year or one that you’d consider more lukewarm than anything, now’s the time to start planning ahead so you can kick off the new work year right. Here are some ways to get geared up for a year of success and positive growth in your professional life.

Review Your Past Year & Get Organized

We’re all guilty of not being nearly as organized in both our professional and personal life as we should be. But the reality is that it’s pretty important to handle in order to stay on top of our game. Review your past year and pinpoint some specific areas where you feel you fell short on – time management, prioritizing, delegating – and determine which areas need the most attention first. Then, begin to create a simple plan to help you combat bad habits, so you can stay focused and organized in the coming year.

Set Goals & Commit to Them

Setting goals is pointless unless you’re willing to commit to them. Write down small or big goals that you can achieve weekly, monthly, and by the end of the year. But as you’re writing your goal list down, also take a moment to really consider the reasons why you need to commit to them and what it will mean if you don’t. Finding the “why” behind your goals is what will help you truly commit this time to achieving them.

Learn to Be More Positive At Work

It’s easy to get weighed down by negativity and pessimism that is so common these days, especially in the workplace. But learning to rise above the pessimism is vital to your overall success. One important way to really kick your work year off right is not to allow others to bring you down, including your boss or coworkers. Stay focused and learn to push the negative banter away and keep your mind primed for positivity to help boost your own mood, and in turn, your productivity and your success.

Become Clear on Your Priorities

In order to handle decisions when demands and conflicts arise, you need to become crystal clear on your priorities so that you can delegate your precious time and energy most efficiently and effectively.

Commit To Continuous Growth

If you’re not growing and improving, then you’re simply stagnating. If you’ve been feeling as though you’re stagnating instead of growing at work, then let this be the year that you really reassess your situation, your goals, your ambitions and how you can change and improve your professional life.

If you’re less than satisfied when you look back over the past year at your work life, then it’s time to take back the reigns and start committing to some changes. Use these tips to stay focused so you can kick off the new work year right and make it the best year yet.