Financial Planning: Balancing Post-Secondary Education and Retirement Savings

The Family Business: The Core of Wealth Generation

by BlogBusinessInvestment Planning
Financial Planning: Balancing Post-Secondary Education and Retirement Savings

The Family Business: The Core of Wealth Generation

The family business is more than just a source of income. It’s the preservation of family values, shared aspirations, and a lasting legacy. It stands as a testament to the enduring strength of family collaboration and the potential for building generational wealth.

History is filled with success story after success story of family enterprises. Companies that started as small family businesses, such as Johnson & Johnson and Ford Motor Company, grew into international conglomerates, standing the test of time, remaining committed to a family vision, and operating on their core values while being open to adapting as the world and economy continue to evolve. This willingness to adapt while remaining true to the legacy created becomes the foundation of success for family enterprises.

The Need for Diversification

While the family business is typically the nucleus of a family’s financial well-being, it can also present risks. Overreliance on a single asset can be a double-edged sword, especially when market dynamics fluctuate. Therefore, diversification in the family asset portfolio becomes paramount. 

Diversifying into other private assets, such as real estate, private equity, and infrastructure, can provide a cushion against market volatility. Take, for instance, the Rockefeller family, whose diversified portfolio has withstood the test of time. By branching out beyond the oil business that initially propelled their wealth, they secured their financial future. Here are some of the other fields they invested in, to mention a few:

Banking and Finance: The Rockefeller family has had a notable presence in the banking and financial sectors. David Rockefeller was an American investment banker who acted as chairman and chief executive of Chase Manhattan Corporation (now JPMorgan Chase), which was a key institution associated with the family’s financial interests.

Real Estate: One of the notable projects in which the Rockefellers have invested in real estate properties and development was the development of the Rockefeller Centre in New York City, a prominent commercial complex.

Philanthropy: The Rockefeller family is also renowned for its philanthropic endeavours. John D. Rockefeller, Sr., established the Rockefeller Foundation in 1913, which has been involved in funding various educational, medical, and social initiatives worldwide.

Success stories such as the Rockefeller serve as a reminder that a well-balanced portfolio can be a game-changer for preserving and growing family wealth.

Categorizing the Enterprise

Managing family wealth involves understanding the nuances of the family itself, along with the intricacies that come with coordinating multiple assets. This complexity is best supported by a strategic management approach, such as integrated wealth management. This approach provides one primary location to coordinate, advise, and manage the various aspects of your wealth, such as the family business, financial assets, real estate, heirloom assets, and deferred assets. Each category requires unique attention, expertise, and care.

Family business demands continuous innovation and nurturing, ensuring it remains robust and adaptive. Financial assets, such as stocks and bonds, require expert financial management to optimize returns. Real estate can serve as both a source of income and additional portfolio value. Heirloom assets, laden with sentimental value, deserve special preservation and insight to protect and transfer. Deferred assets, including trusts and long-term investments, represent the legacy waiting to be passed on.

By categorizing assets in this manner, families can gain clarity and devise tailored strategies for each component. This ensures that each asset is properly preserved and protected, clearly articulated for distribution, and accounted for based on the impacts of the greater family wealth portfolio.

The Role of Family Offices

With the complexity and intricacies that come with a family enterprise, the family office plays a crucial role, particularly when you look at wealth management as a whole. Family offices serve as the compass, steering the ship of family wealth through uncharted waters. These institutions bring professional expertise, specialized knowledge, and a commitment to family values to the table in order to help the family enterprise thrive over multiple generations.

One aspect of the family office that family enterprises benefit from is working with a dedicated private wealth advisor. These individuals help develop and implement diversified strategies that align with your family’s long-term goals, both personal and professional. Whether it’s structuring investments, tax planning, or facilitating intergenerational wealth transfer and successor education, family offices play a pivotal role in safeguarding the family’s financial legacy.

Listen to our Legacy Builders Podcast

While the family enterprise is often the primary source of generational wealth, it is merely one piece that helps these legacies last. Rather, diversification, categorization, and the expertise of family offices are essential elements in ensuring the enduring strength of family wealth. By embracing the above strategies, families can safeguard their financial legacies and create opportunities for generational collaboration that transcend time and circumstance. The journey to lasting wealth begins with these deliberate steps. If you're ready to take the next step, connect with the Beacon Family Office today. Together, we'll safeguard your family's financial legacy.

4 Things to Consider Before Selling Your Business

Family Businesses: Looking to the Future While Honouring the Past

by BlogBusinessFamily CapitalGovernance
4 Things to Consider Before Selling Your Business

Family Businesses: Looking to the Future While Honouring the Past

The true success of a family business lies in its ability to bridge the generation gap while preserving the wisdom of the past and embracing the potential of the future.

~ John L. Ward

Your family business is a testament to the enduring spirit of entrepreneurship and the legacy of generations past. A family business represents a unique blend of blood ties, shared values, and a commitment to building something that can withstand the test of time. As the world evolves, so do these businesses, adapting to changing markets, embracing innovation, and finding ways to stay relevant while preserving their core values. Let’s delve into three important things when it comes to passing the legacy on to the next generation.

Passing on the Legacy

The current primary family steward often bears the brunt of responsibility for carrying forward the family business.  Part of this responsibility is to effectively pass on the history, values, and larger vision of the family enterprise. This raises the question of what aspects should be carried on to ensure the continued success of the company to date. 

In our experience, there are four common aspects that families are passing on to the rising generation, laying a stronger foundation for the future.

  • Core Values: Passing on the core values that founded your family enterprise ensures that future businesses remain true to their ethical principles, earning the trust and respect of customers and employees alike. We do, however, recommend that you involve the rising generation to ensure that the company’s values remain true.
  • Industry Knowledge: The expertise and insights accumulated over generations are invaluable. By imparting this knowledge to the rising generation, you empower them to make more informed decisions so they can effectively navigate through any challenges that arise.
  • Strong Work Ethic: Generational family businesses are successful because of a dedication to hard work coupled with an entrepreneurial spirit. Instilling these attributes in future generations will foster the same drive and determination that brought the business to prominence in the first place.
  • Customer-Centric Approach: You know that to succeed in business, you need to clearly understand and then fulfill the needs of customers. By emphasizing this customer-centric approach, you aren’t just nurturing and mentoring great successors; you’re growing a client base that, so long as you remain relevant and competitive, will remain loyal to your business.

Letting Go of the Past

As you honour the legacy of the family business, you must also recognize the importance of adapting to a changing world. While tradition holds significant value, clinging rigidly to outdated practices can hinder growth and progress. Therefore, it is essential to identify aspects that you should let go of. There are three primary areas many families come up against when it comes to letting go of the past. 

  • Outdated Technology: Embracing modern technology is crucial to staying competitive and efficient in today’s fast-paced business landscape. Letting go of outdated systems and processes allows the business to streamline operations and adapt to evolving customer demands. Hold tightly to your values and vision, but do not be afraid to embrace technology that will help your business level up. 
  • Resistance to Change: Clinging to the past can lead to resistance to new ideas and innovations. Openness to change and a willingness to evolve are essential traits that will shape the future success of the family business. Look to the rising generation for ideas on what to bring in and how to evolve while maintaining your positive reputation.

Nepotism: While it’s natural to want to involve family members in the business, merit should always take precedence. Letting go of nepotism ensures that the best individuals are chosen for key roles, fostering a dynamic and skilled workforce. This is why we encourage our family office clients to allow the upcoming generation to explore their own aspirations and capabilities—to determine if an active role in the family business is what drives and motivates them.

Bringing in the Future

By now, you know that just as the world is ever-evolving, so must your family business. Embracing new ideas and strategies is crucial to staying ahead of the curve. Over and above simply having a succession plan, The following ideas help build a plan that’s also successful, paving the way for a prosperous future:

  • Innovation: Encouraging a culture of innovation sparks creativity and allows the family business to discover new avenues for growth and development. This doesn’t mean that you have to “throw away” everything. It simply means looking at all that is currently working and where you can improve on it. 
  • Diverse Perspectives: There are multiple ideas that you can take. One approach that we’ve seen clients take is encouraging their rising generation to gain experience outside of the family business. This allows them to learn from other businesses, teams, and workplace cultures and discover who they are beyond their family name. When they come back to work in the family business, their external experience gives them a unique and diverse perspective. 
  • Sustainability: There is a shift in many customer bases as more people seek ethical and environmentally conscious brands. By embracing sustainable practices, you are not only benefiting the environment; you are also evolving your business processes, decisions, and culture to speak to and meet the needs of your modern consumers. 

In conclusion, the foundation of a family business is rich with wisdom and experiences that shape its identity. To feel confident as the steward of this legacy, pass on the values, knowledge, and work ethic that have made it strong to the next generation. Simultaneously, let go of outdated practices and embrace change and innovation to remain relevant in an ever-changing world. Encourage new ideas and perspectives from the rising generation and your non-family-related employees so you can lay the groundwork for a future that honours your legacy’s past while embracing the possibilities of tomorrow. As your rising generation continues to build your business, they can remain committed to steering the family business towards greater heights and accomplishments.

Listen to our Legacy Builders Podcast

Are you entrusted with carrying forward your family business's legacy while navigating the challenges of the modern world? At Beacon Family Office, we understand the delicate balance between tradition and innovation. Our experts can help you pass down core values, shed outdated practices, foster innovation, and embrace sustainability. Let's work together to ensure your family business thrives for generations to come. Schedule a consultation with the Beacon Family Office today to illuminate the path forward.

work life balance

Finding Equilibrium: Aligning Family Priorities with Business Success

by BlogBusinessFamily CapitalFamily Dynamics
work life balance

Building a family business is an exciting endeavor that combines the passion for entrepreneurship with the desire to create a lasting legacy. At the same time, it is imperative to strike a delicate balance between meeting the needs of your family and fulfilling the financial obligations of the business. Achieving a harmonious balance between family needs and the demands of a sustainable business can be a challenge that many entrepreneurs and business owners face. Exploring the strategies for finding this  harmony between family aspirations and business growth, while also considering the importance of estate planning for a secure future, is essential, yet it isn’t a one-size-fits-all solution. Rather, it requires careful planning, open communication, and a strategic approach to ensure that both of these aspects are given the attention they deserve while considering the unique needs of the family itself.

Defining Priorities and Time Management

When it comes to defining priorities, it’s crucial to engage in open and honest discussions with your family members. Each individual may have unique aspirations and needs, and by actively involving them in the conversation, you can gain valuable insights into their desires and goals. For example, education may be a top priority for your family, with the aim of providing the best learning opportunities for your children. By understanding their educational aspirations and involving them in the decision-making process, you can tailor your financial plans to support their academic pursuits. This not only demonstrates your commitment to their growth but also fosters a sense of unity and shared responsibility within the family.

Effective time management is another vital aspect of balancing family needs and business demands. Allocating dedicated time for family activities and giving them the same level of priority as important business meetings is crucial for maintaining family bonds and creating a harmonious environment. By setting aside quality time for your loved ones, you demonstrate your commitment to their well-being and show that they are valued members of the family. This can be achieved by establishing regular family routines or traditions, such as weekly family dinners or dedicated weekend outings. By being present and fully engaged during these moments, you create lasting memories and strengthen the emotional connection within your family. Furthermore, effective time management also involves ensuring that you allocate sufficient time for your business activities, allowing you to fulfill your professional responsibilities without taking away from your familial responsibilities.

Clarifying Financial Boundaries

Establishing clear financial boundaries between personal and business finances is vital for maintaining the stability and sustainability of both your family and your business. Family businesses are an integral part of our economy, embodying tradition, commitment, and the passing down of values from one generation to the next. However, as children join these businesses, the challenge of fairly compensating family members based on their roles arises. Each child brings unique strengths and capabilities, influencing the company’s performance and growth in distinct ways. Establishing clear boundaries for fair compensation is not only financially prudent but also essential for maintaining harmonious family relationships and ensuring the success of the business. Fair compensation motivates children to actively engage and contribute to the family enterprise, fostering a sense of ownership and commitment. Moreover, it reduces resentment and conflicts that can arise from ambiguous compensation policies. A well-structured compensation system aligned with individual contributions promotes sustained business growth and attracts external talent when needed.

Based on the roles that each child plays, it is necessary to establish clear boundaries in order to achieve a fair compensation structure in family businesses. Role-based compensation ensures that each child is rewarded according to their responsibilities and the value they bring to the business. Market benchmarking helps determine appropriate compensation levels, ensuring salaries align with industry standards and market rates. Performance-based incentives, such as bonuses and profit sharing, align the interests of children with the long-term success of the business, fostering a results-driven culture. Regular performance reviews provide objectivity in assessing individual contributions and serve as a basis for compensation adjustments as roles and market conditions change. Transparent communication within the family business is crucial, involving open discussions about compensation policies and decisions, thus building trust and understanding. Additionally, for non-working children who are shareholders, implementing a clear dividend policy ensures they receive their fair share without affecting the operational aspects of the business. By embracing these principles, family businesses can create an environment conducive to growth, unity, and prosperity for generations to come.

Continual Family Education and Open Communication

Education and communication are fundamental pillars for achieving family harmony while balancing business success. By educating your family members about the financial realities of running a business, you provide them with valuable insights into the challenges and rewards that come with it. Engaging in age-appropriate discussions allows you to share your experiences, explain the financial aspects of the business, and help them understand the sacrifices required to sustainably maintain the business. This knowledge instills a sense of responsibility within your family members, fostering a shared understanding and appreciation for the efforts involved in managing a successful business. It’s important to emphasize the ongoing nature of these practices. Education should be a continuous process, involving regular updates and discussions as the business landscape evolves. Keep your family members informed about any changes or challenges that arise within the business, and encourage them to ask questions and seek clarification.

Furthermore, open and effective communication involves not only sharing information but also actively seeking input and involving family members in decision-making processes. When appropriate, delegate responsibilities and tasks to family members based on their interests, skills, and abilities. This not only empowers them to take ownership of specific areas within the business but also reinforces their sense of value and contribution. By actively involving your family in decision-making, you strengthen their commitment and engagement, ultimately leading to a more harmonious integration of family needs and business sustainability.

Listen to our Legacy Builders Podcast

Do not leave your family’s harmony or  business success to chance. Connect with Beacon Family Office today and take the first step towards achieving a personally balanced and prosperous future. Your family's financial well-being and the long-term sustainability of your business deserve the expertise and guidance of a trusted financial advisor.

Why Being a Leader in Your Community is Important (and How it Affects Your Business)

Why Being a Leader in Your Community is Important (and How it Affects Your Business)

by Business

There’s a lot more to becoming a successful business leader than just hitting targets and driving growth. It’s also about being someone who people can look up to and follow. However, it can be hard for many business owners to reach this level and keep their team (and themselves) motivated. We’re here to help explain why being a leader in your community is important and how you can build the necessary skills to improve your business and your personal life.

Builds Your Reputation as a Leader

Have you noticed that when some people talk, others tend to listen, agree, and follow their actions? These people are considered leaders. And as a business owner, this is exactly how your employees should see you. Being a leader in your community helps to establish respect, authority, and admiration, which can easily trickle down and help improve the dynamics and complexities of running a business and team.

Gets Your Name Out There

Being a leader in your community is also an exceptional way to get your name and business out in front of the public. It helps to boost your company’s profile and positions your business as one that cares and gives back. This helps to attract more customers, especially those who consider corporate responsibility a benefit.

Great Way to Meet New Clients

You’ll also meet a number of new people when participating in community events and activities. This can lead to more networking and business opportunities for you and your company.

Shows People that You Care

As a business owner, not everyone gets to see the other side of you — the person you are outside of work. Helping out in your community allows your staff to see you in a different light while showcasing your compassion for the wellbeing of others.

Helps You Expand and Grow

Taking action in your community will help build confidence, teach you how to communicate with others more effectively, and even negotiate more frequently. So don’t be afraid to get out and get involved. It can be very beneficial as a business owner when you have that mutual relationship supporting your community while they help to support your business too.

Leadership skills are important traits to possess when owning any size business. Being seen as a leader in your community can help you to attract new investors and clients while providing you with new experience and life satisfaction.

How Being Prepared for Life Changes can Safeguard Your Business

How Being Prepared for Life Changes can Safeguard Your Business

by BusinessFinancial PlanningInheritanceLife Changes

Is your business prepared in the case of a major life change to one of the owners or primary shareholders? There are many things that can happen that can lead to disaster if a plan is not already in place, such as an owner becoming disabled or passing away, a divorce that causes shares to be split, a major shareholder deciding to pursue a new opportunity, or disputes among heirs of a deceased shareholder. To avoid significant business disruptions, it’s essential to have a succession plan. Here we’ll explore how being prepared for life changes can safeguard your business.

Protects Your Loved Ones

Significant life changes can happen to you or a business partner at any time and at any age. No matter how much you plan, it’s hard to know what might happen in the future. Having a succession plan in place will help protect you and your loved ones in case you are unable to control or tend to your business. With this in place, you won’t have to worry who will take over your business since it will be fully detailed in your plan.

Avoids Disaster

With a succession plan in place, big setbacks can be avoided or mitigated, and your business can continue to operate smoothly if you or a main shareholder exits suddenly. For instance, the passwords, IT information, data, and client lists, and financial records will fall into the right hands to prevent business disruptions. Your plan will also include the development and training of a new owner or key shareholder, and help to transition them into the role.

Ensures the Right People Inherit Your Business

Your business is your life’s work — you want to ensure that it gets passed on to the right people. Working to develop a thorough succession plan ensures that your business falls into the right hands and addresses any inheritance issues that could arise.

Minimizes Tax Implications

Succession planning can also help you to avoid tax issues down the road. An estate plan can help you to avoid substantial tax implications and any potential probate delays when transferring the ownership of your business in the future.

Establishes an Exit Strategy

Every business owner should have an exit strategy in place. A business success plan helps you to create an exit strategy that is on your terms.
If you own a business, it’s important to be prepared for life changes to safeguard your business. A well planned out estate and succession plan will help you make fundamental decisions about identifying and developing new leaders, maximizing company value, tax strategy, and ensuring that the business, the clients, and your family are protected.

How Employee Health and Wellness Impacts Small Businesses

How Employee Health and Wellness Impacts Small Businesses

by Business

Numerous studies have shown that employee health and wellness impacts small businesses drastically. In fact, there’s a direct correlation between unhealthy eating, smoking, drinking, and lack of exercise with loss of productivity, absenteeism, and higher health care costs for businesses. Fortunately, you can improve the success of your company by putting a wellness program in place. There are many benefits of having these type of applications, and we’re here to show you how they can help drive the success of your business forward.   

Positive Impact on Your Bottom Line

Wellness programs lead to lower health risks that, in turn, lead to lower health costs for companies. These programs, which aim to help and encourage employees to eat healthier, exercise more, smoke and drink less, and reduce stress levels, have shown to reduce lifestyle-related diseases, along with mental disorders that commonly cause health care costs to surge. In fact, the savings from these programs often outweigh the costs of implementing them, providing a positive return on investment for companies.

Improved Morale

When employees feel valued and appreciated, their morale increases which can encourage more creativity, productivity, and overall happiness in the workplace. This can greatly benefit your business because happy employees and healthy employees are always an essential asset in allowing any business to thrive.

Increased Productivity

Facebook use isn’t the only reason why your employees are distracted. One of the leading causes of low productivity at work is poor health. Behaviours like smoking, unhealthy eating, and lack of exercise have shown to cause higher levels of presenteeism (being at work but not necessarily working). Chronic disease, pain, and depression are also common causes of presenteeism. Fortunately, studies have shown that wellness programs can assist in reducing this and improve productivity.

Improved Employee Recruitment

Would you rather work for a company that has an employee wellness program in place or one that doesn’t? Probably the latter. If you want to hire and retain the best possible workforce, you need to have an attractive package that shows you care about employee health and wellbeing and are willing to prove it.

Employee health and wellness impacts small businesses and should always be taken seriously. If you want to improve productivity and motivate employees to work harder, consider the benefits of adding a wellness program to your business.

3 Ways to Improve the Structure of Your Business

3 Ways to Improve the Structure of Your Business

by Business

Many small business owners mainly focus on setting up the operating procedures, company policies, accounting systems, and hiring processes when structuring their business. However, there are processes often forgotten that are crucial to a company’s overall growth and security. If you want to improve the structure of your business, don’t forget to do these three critical things.

Develop a Proper Compensation Plan

Do you have an effective compensation plan in place to draw in top talent who can lead your company? You need more than just a competitive salary structure in place to keep your business operating in the long run. An improved compensation strategy can attract the best talent, incentivize employees to achieve company goals, accelerate their ability to achieve growth goals, and keep the business growing even during hard times. This not only helps to build your business over the long term but also increases productivity and profitability in the interim.

Put a Tax Strategy in Place

Are you overpaying taxes and losing money? If you’re not sure, it’s time to review your tax strategy. Why? Because if you’re profitable, taxes become one of your most significant expenses. Learning how to take advantage of tax maximizing strategies can help your business earn more. What you need is a proactive, forward-facing tax planning strategy that takes into consideration your specific business objectives to minimize taxes and maximize returns.

Get a Succession Plan

Another necessary component to remember when structuring your company is creating a succession plan. Believe it or not, many small businesses don’t have one in place because it’s often a topic most owners don’t like to think about. However, without one, your company could face tough times if you or a key employee is unable to fulfill their role. A succession plan maps out the process to train and develop critical functions to ensure there are no staffing gaps. It’s a necessary process to prevent business disruption and ensure the continued success of an organization in the event that a critical player becomes incapacitated, passes away, or leaves unexpectedly.

If you’re ready to create a comprehensive strategy to effectively structure your business, contact us at The Beacon Group of Assante Financial Management Ltd. We can help you plan for the future, grow your business, and protect your legacy through a tailored tax, compensation, and succession plan. We can help give you the peace of mind you need today and into the future.

Creating Motivated and Hard-Working Employees Isn’t Hard

Creating Motivated and Hard-Working Employees Isn’t Hard

by Business

The success of any business can often be measured by the commitment and morale of its employees. When your team isn’t happy, productive, or inspired to work hard, your business will naturally suffer. How can you create motivated and hard-working employees? Here are a few ways to get them inspired.

Show Them You Trust Them

Micromanaging staff or smothering them with directions won’t inspire much confidence when they’re constantly being told what to do. Why? Because it shows a lack of faith in their ability to do a good job. So instead, flip the situation around by showing that you do trust in them. Give them a chance to take on more responsibility and prove themselves. When your employees have more autonomy, they won’t be so afraid to offer suggestions and work at their best.

Offer Incentives

Incentives are always a great way to create motivated and hard-working employees. When you reward someone for a job well done, that positive reinforcement will encourage them to continue performing well. It will also encourage healthy competition among other employees to work harder while keeping things a little more exciting at the office.

Support New Ideas

Supporting ideas offered by your employees is another simple, yet meaningful way to inspire them. Offering up suggestions shows that they actually care about the work they’re doing and ultimately, the success of your business. Even if their suggestions don’t pan out, offer your support and give it a try.

Keep Them Challenged

Boredom can crush the morale of employees, which is why it’s imperative to keep them engaged. You can do this by offering new tasks, strategies, and responsibilities that will keep them happy and motivated to learn and grow with your company.

Create an Enjoyable Work Culture

The relationship among staff is an integral part of any company’s success. When communication and collaboration are lacking, productivity drops. To nurture a more positive environment, keep things interesting in your workplace. Plan a happy hour, host office events, celebrate milestones, have lunch catered once in a while, or whatever else that will break up the monotony of the workdays.

Show Your Appreciation

Showing appreciation for your staff can go a long way for boosting morale and motivation in any company. Like everyone who’s ever worked, your employees want to feel appreciated and recognized. That’s why it’s important to show your gratitude by offering a simple ‘thank you’ and celebrating milestones — even if it’s a birthday or work anniversary.

Every business owner knows just how valuable a good employee is because they’re not so easy to find. That’s why it’s crucial to foster a workplace environment that lets your staff feel good and excited about getting up each morning and going to work. By focusing on simple steps like these, you can do just that while increasing their drive and productivity.

5 Steps Small Businesses Can Take to Improve Their Work Culture

5 Steps Small Businesses Can Take to Improve Their Work Culture

by Business

Having a robust and healthy work culture is imperative when running a small business, no matter what industry you’re in. Regular interactions in your workplace (whether between your employees and management, between just your employees or within the management team) all significantly influence your business operations for better or for worse. The atmosphere inside a business is a direct indicator of productivity levels. Happy staff: better results.

While it’s not always clear-cut on how to achieve a better dynamic in the office, there are some key methods you can use which tend to work well to achieve a healthy company culture. Below are some simple, actionable steps that small businesses can take to improve their work culture and propel their business forward.

Be Transparent

Having an easy way for employees to collaborate, communicate, and share information efficiently is crucial for any business. It’s important to keep up-to-date with modern communication tools and project management apps to maintain transparency and organization. This is something that can help foster better workflow and teamwork which benefits the entire business.

Offer Rewards for Stand-Out Work

When your employees are working hard to produce the best results for your business, a little appreciation and recognition can go a long way. In fact, many studies have shown a dramatically lower employee turn-over rate amongst recognition-rich companies. Whether it’s a gift, a bonus, drinks at the local watering hole to celebrate a deal, or even a simple ‘thank you,’ rewards and gestures that show appreciation are meaningful yet straightforward steps that small businesses can take to improve their work culture.

Foster Stronger Coworker Relationships

Much like in sports teams, the relationships between your team members can make or break your success. That’s because when members get along, they communicate more effectively, which is the most important part of running a smooth operation. Think about whether the workplace is conducive to fostering better employee relations and how it can be improved. Hosting activities that allow your employees to mingle and get to know each other more, is always an impactful way to develop your company culture.

Be Considerate of Burnout

We live in a time where we’re always connected — that means that in addition to heavy workloads, there’s not much room for personal time to disconnect and recharge. It’s no surprise that burnout has become such a common occurrence in the workplace today. As the boss, it’s important to recognize when your employees have hit that stage because no matter how hard they try, burn out will significantly affect how they perform. Be mindful of this; help your employees avoid reaching this point by recognizing the need for adequate time off to relax and recuperate.

Be Flexible

Times are changing, and that includes the structure of the workplace. Offering flexibility to employees has proven to be very effective for improving morale, increasing employee retention, and ultimately, keeping them motivated to do a great job. Being flexible can differ for everyone — it could mean offering work-from-home days, shorter work days each Friday, more breaks, or letting parents slip out early to pick up their kids when they need to.

Improving work culture isn’t something that just happens. It takes time, effort, and a good level of understanding from you as a leader. Think about how you can propel your small business forward by incorporating these simple methods for fostering stronger relations and better communication among your team.

Key Person Business Insurance — Why is it Essential?

Key Person Business Insurance — Why is it Essential?

by Business

Do you own or operate a small business? If so, are you prepared in case you, a partner, or one of your key employees are unable to perform their duties? Most small businesses are not ready for the financial risk of suddenly losing an integral person in their business, like a manager or co-owner. Without a plan put in place, sudden disability, illness, or death can have a devastating impact on the financial future of your business and entire estate.

That’s why Key Person Life Insurance is essential to safeguard your financial situation now and into the future. Learn how to plan for the unexpected with an insurance plan that will help protect your business.

What is a “Key Person?”

A Key Person is any business owner, partner, or employee whose skills are invaluable to the survival of the business. This person generally plays such a vital role that if they were to pass away, become disabled, or were unable to work, there would be few people able to step in and replace them immediately. This can equate to severe financial losses and closure of the business in some cases.

Why is it Essential?

Key Person Life Insurance is essential for keeping your operations running smoothly. The benefits payable from a Key Person Life or Disability Insurance plan could help to keep the business running while easing lenders concerns, paying off debt, and hiring a replacement. Without this insurance, you may not have the working capital to keep the business afloat once a Key Person is unable to perform.

How to Arrange for a Policy?

There are no shortages of options when it comes to arranging Key Person Life Insurance policies, so the challenge is narrowing down which insurance provider is right for you. We recommend beginning by researching the group you are planning to go with beforehand to get a better idea of their work culture and service techniques. Additionally, reading Google (and other) reviews will shed some light on their customer service skills and any red flags.

When it comes to your business, you should never put off preparing for tomorrow. You need to plan today to protect what you’ve built for the future. Our financial advisors at the Beacon Group of Assante Financial Management Ltd. aim to help you maintain success and propel your business forward.  Contact us today to learn more!