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Take care of yourself and learn to say no!

Athletes spend a lot of time stretching and extending their bodies. But over-extending can cause injury. It’s the same outside of the athletic arena: We can stretch ourselves and discover new ways to feel fulfilled and make our dreams come true. But we have to be careful not to over-extend ourselves.

The truth is that half of the troubles in life can be traced to saying yes too quickly and not saying no soon enough. We rush in impulsively without considering the consequences to our own health and well being.

In Canada where we live the good life, so many of us are stressed from being overcommitted and pulled in a million different directions. It’s shocking how stress sabotages health. Scientists tell us that around 50 per cent of all serious illness is directly caused by stress. It’s been called the scourge of the century.

What are you getting yourself into?

Think about those situations--even people—that drag you down and “zap” your energy. You may be exhausted but still say yes to extra volunteer work, working overtime to cover for your staff, attending social events, or doing favours for friends. Or what about that needy employee who backs you into a corner and monologues about their personal problems while your work sits unfinished? Your impulse may be to run away but you allow yourself to become drained by their bad energy.

These are all ways you may let your good nature overtake the need to look after yourself. All your efforts may not even be appreciated, and the result is that you feel even more tired and run-down—which makes you vulnerable to insomnia, colds and flu, and other stress reactions.

Saying no is a skill

For us people pleasers, it’s a real challenge to draw the line and say no. And yet we need to make our own happiness the top priority and try our best to leave the guilt behind.

Just remember, saying no doesn’t make you a bad person. It doesn’t make you insensitive or a bad leader. Rather, it means you are strong and confident with your boundaries and limits.

Practice saying “no” in front of the mirror, and smile when you’re saying it. You can actually learn to feel good about saying no, instead of guilt-ridden.

Your YES and NO list

A super-simple method for learning to say no is to make a YES and NO list. Jot down all the things you love doing, things you are passionate about, and things that give you energy. This is your YES list.

Then make a list of things you dislike doing, things that frustrate you and drain your energy. This is your NO list.

You can then use these lists as tools to help you make decisions. If it’s in the NO list, it’s probably something you should avoid. If it’s in the YES list, it will likely enhance your life.

The awesome thing is that there are probably many people in this world who have a lot of the items on your NO list at the very top of their YES list. Your YES and NO list enables you to figure out people’s strengths and work together to assign roles on projects. This can be great at the office, around the house, and in community organizations.

You hate coaching kids’ soccer games? Your friend down the street loves it, but has no desire to lead adult hiking trips on Sundays—something you really like doing.

Try it out and see what happens. You might be surprised by the insights you arrive at.

In the event you need additional assistance in simplifying your life, we have developed a free report that identifies implementable tips that you can act on immediately to begin simplifying your life. Visit www.simpleplanreport.com to download today!

Have a fantastic day and always remember to keep things simple!

Mark Landers is the creator of The Simple Plan Program and has been helping entrepreneurs simplify their lives for over 10 years. He can be reached at Mark R. Landers, CFP CHS, The Northridge Financial Group Ltd. at 416.705.6640 or mark@nrfg.ca.

Move to the front of the line and pay yourself first

It’s fun to spend money, and, as one of the core principles of economics states, human beings have unlimited wants. So the big challenge in life is maintaining a balance between saving for things you want to buy in the future, and spending on things today.

As certain reality TV shows reveal, most people are really good at spending but not very good at saving. Their approach to finances and budgets is to set a goal that, as of next month, they are going to begin to spend less and save more for the future.

The first of the month rolls around, and they begin to keep an eye on their bank account. They see their bill payments come out, and they commit to taking whatever funds are left over at the end of the month and allocating those toward their retirement plan. Throughout the month, they try to watch their expenses, but amazingly, by the 30th they are only able to get the bills paid.

The net result is no additional funds for savings. They then set the same goal for next month, and the cycle repeats. A few months later, they feel really frustrated that they are making little progress. So, in an effort to feel better, they invest in some “retail therapy” and enjoy a weekend shopping spree on their credit card! They then struggle over the next few months and scrape by to pay it off. The net result is an overall feeling of frustration and no progress toward their savings goal.

This is further complicated when owning a business. The combination of volatile cash flow and the constant need to reinvest in core business needs such as staff, technology and marketing do not make things any easier. This can lead to feelings of even greater frustration and even thoughts questioning the viability of the business itself.

Pay yourself at the start of the month

A simple solution, instead of trying to “pay yourself last” at the end of the month with whatever is left over, is to “pay yourself first” at the beginning of the month—before everyone else gets their hands on your cash. This means having money automatically routed at the beginning of the month to a designated savings vehicle. This works great personally or inside of your business. If you can allocate a percentage of your income into savings this way, it will shock you to see how you can still get your bills paid every month despite having a bit less money to do so. Setting up payments to be automatic is the key!

This can be done in a number of ways:

1. Automatic transfers from your chequing account to savings or extra payments to credit cards, through online banking or telephone banking.

2. Pre-authorized withdrawal programs with investment or retirement savings providers.

3. Extra mortgage/debt payments by contacting your lender and requesting they increase your regular payments (even $100 monthly can make a big difference over time).

4. Payroll savings plans. This one is really easy; your payroll service withholds a portion of your paycheque and directs it towards a savings plan before it hits your bank account.

The great thing about many of these automatic savings vehicles is that they are flexible and can be increased or decreased any time. So if you have a very profitable quarter, adjust your transfer to be a bit extra for a couple of months. Or if your business is seasonal, turn off your savings plan and restart it a few months later.

How much to save

Everyone wonders what the “magic number” to save every year is or “How much do I need invested to retire?” This is truly an individual question, as there are so many different scenarios and goals. For advice tailored to your own circumstances, speak to a qualified financial planner.

A rule of thumb I typically use with my clients is to save 10-20% of your income every month. For me personally, this is what I strive to do….some months more successfully than others. Of course, 20% is a fairly large percentage if you are not accustomed to this type of investing. It’s no different than exercise……if you are not habituated to regular exercise it’s tough to jump off the couch and run a marathon. So, start nice, easy and small: possibly 3% or 5% of your income. Set a goal to increase by 1 or 2% every few months. A few years later you’ll look back and have a nice chunk of cash set aside! Remember, every little bit counts.

Have a fantastic day and always remember to keep things simple!

Understand your strengths and focus energy towards them.

Early in life we discover we are great at some things, OK at other things, and not so great at many things. But our tendency is to try to become great at the things we are weak at. We work hard, and tough it out, all in an effort to get better.

Of course, it’s always good to try to improve ourselves and become more proficient. But for those things we’ve always been weak at, we may be wasting our efforts.

That’s because there are only a few things we do on this planet that excite us, engage us and provide us with enough energy to keep doing them for hours on end. Conversely, there are many things in life that drag us down and can frustrate us in mere minutes.

The trick is to focus on our strengths and delegate tasks we are weak at. This way, we can make the best use of our time and energy and ensure our businesses operate as efficiently as possible.

The challenges of delegating

Delegating may seem difficult at first. Many people feel guilty about it. Or we are worried that no one can complete the delegated tasks as well as ourselves. You may feel you do not have the time to train a team member on a process. It can be hard to let go and trust people you delegate to. But it’s not good for your health to try to do everything.

A more optimum situation is to recognize that there are likely many people on Earth who are just amazing at tasks that you or I have no natural ability towards.

Thus, the ultimate, most effective team is comprised of people with complementary strengths and weaknesses who can work well together.

Take the Kolbe test

A great tool to understand your natural strengths is the Kolbe A index <Link to: www.kolbe.com>

Try taking the Kolbe A index for insight into how you naturally initiate when solving problems. Ask your team members to take the test as well. Or even your spouse.

The results will amaze you. It was such a breakthrough when I received my results. It really gave great context to many of my reactions to past experiences in life. The test results can also help you best leverage working with your team so that everyone is focusing on their strengths and not spinning their wheels trying to get better at their weaknesses.

The optimum team

You might then have to make some adjustments. For instance, a five-person team of big-idea people with no aptitude for the small details may not be very effective. If you want to come up with ideas and have other people execute them, you need to surround yourself with people who can best compliment the areas that you are not as natural towards.

According to Dan Sullivan, founder of The Strategic Coach, everyone has one Unique Ability that no one else has. He defines it as “a superior ability that other people notice and value; second, we love doing it and want to do it as much as possible; third, it is energizing both for us and others around us; and, fourth, we keep getting better, never running out of possibilities for further improvement.”

You may want to block off some time to sit down and make a list of the things you are really good at, and which you are better at than anyone you know. From that introspection, you can gradually understand what you should be focusing on, and what you need to delegate to people around you.

As Dan Sullivan says, it’s all about guarding your time and prioritizing: “You need to protect your time and attention, reserving it just for those decisions, relationships, and opportunities that need your particular skills and wisdom. If you don’t do this, your business (or life) will be limited to what you, personally, can do on any given day. But …. develop a team whose abilities complement your own, and you’ll suddenly find yourself with more time….”

Have a fantastic day and always remember to keep things simple!

Invest Time in Relationships

What makes you feel more excited: anticipating dinner with your best friend, or finally getting that new smartphone app you’ve heard so much about?

Technology is a powerful tool, and you can either use it to keep your distance from other people or facilitate stronger connections with them. It should never be subservient to the relationships you foster with friends, family, your team members, and clients—even though we’re all constantly bombarded with new ways to electronically communicate: email, text message, Facebook, instant message, Facetime, Skype, and probably many more in the near future.

These easy means of communication are often utilized in place of personal, one-on-one contact. So we are increasingly forging more fleeting electronic relationships and fewer genuine personal relationships—which can lead to a sense of social isolation.

E-confusion

Have you ever used electronic communication to avoid an in-person confrontation? It seems like a good idea in theory, as we can spend time rewriting and editing our point of view before we send the message.

But many times these written messages just lead to confusion, as the written words are unable to convey emotions and thoughts as accurately as talking in person, face to face. It’s so easy to press “send” or “post,” but the ensuing confusion is often more difficult to deal with than looking someone in the eye and discussing things carefully. It takes more sophisticated interpersonal skills to deal with an issue in person, but these skills are definitely worth learning and building on. Of course, many companies, sectors and industries have relocated to other parts of the world, which means you have to work harder at communicating effectively with colleagues on different continents.

The best plan is to take advantage of the efficiency and speed of electronic communication, while always choosing the best way to craft the content of your message.

Outmoded systems

Many people feel that to thrive in today’s business world, they need to become expert at the next great piece of technology—such as a new purchase order system or a new accounting system. Then by the time they’ve mastered it, a new system has come along, or the system is updated and they’re back to the drawing board learning something new. Sometimes these new systems become so robust they end up replacing entire businesses or industries. Therefore, if we can position our businesses in areas that are mainly focused on interacting with people, creating value, and creative thinking, we will have a lot more longevity than if we specialize in a specific product or system.

Relationships always in style

No matter what direction technology takes, people and businesses will always have challenges and problems to solve. As Dan Sullivan says, “Microtechnology, no matter how fast and powerful, will never replace two uniquely human capabilities: the ability to create infinite number of new things, and the ability to relate to other human beings in an infinite number of new ways.”

To be well positioned for growth, align your business with this approach. Take the best of technology and use it to your advantage for its greatest features. Just remember that your most valuable investment is in relationships. They never seem to fall out of style!

Have a fantastic day and always remember to keep things simple!

The power of time, compound interest, and tax-free investing

Does investing seem difficult and challenging to you? If your goal is to save enough money to sell your business and retire comfortably without ever running out of money, you likely have spent some time focused on how to get the best rate of return on your investments. You may meet with a number of advisors at various financial institutions, attend seminars, and read articles in magazines and on the Internet. You may even obsessively research a “hot tip” a friend shared with you after a few cocktails at a dinner party.

The result may be an unstructured approach, duplication of effort, overwhelming complexity, high stress, and uncertainty about being able to exit your business and meet your basic financial needs in retirement. This lack of confidence may hold you back from pursuing some of the things you really want in life!

But building an investment plan based exclusively on high rates of return is only one piece of the puzzle. There are three other pieces, including:

· The amount of time money is invested

· The effects of compound interest

· The rate of taxes paid on various investments

A simple example with a toonie

Let’s say you decided to invest just a toonie (a CA$2 coin, for those of you south of the border). Let’s also suggest you could find a fantastic investment that would enable you to double this $2 every year for 20 years. So, after one year you’d have $4; after two years, $8; after three years, $16. This growth on top of growth is the compound interest.

Now, let’s also include a rate of tax. In Canada the top tax rate is about 46%, so that’s what we will use for our example. Can you guess how much this investment would be worth after 20 years? The answer is $10,673. Not bad for 2 bucks, eh?

How going tax-free makes a big difference

Here is a super-interesting spin on this example. Let’s say we find an investment vehicle that enables the money to grow on a tax-free basis. In Canada, we have an awesome opportunity called the Tax Free Savings Account (TFSA), created by the Canadian government in 2009. You can invest money, allow it to grow tax-free, and eventually withdraw it tax-free! Similar opportunities also exist within RRSPs, as well as cash-value life insurance. And if your business is incorporated, cash-value life insurance can really maximize returns if paid for corporately.

Adding the tax-free spin to our example, $2, doubling every year for 20 years without any tax, would be worth a whopping $2,097,152. The difference is truly amazing!

I will be the first to admit this is a magnified example. There are very few opportunities to invest long term and double your money every year. But this example truly does highlight the impact that taxes can have on investing.

When planning for a comfortable retirement, it is imperative to evaluate investment options beyond just the sticker. The sticker in this case is the rate of return. The impact of this investment on your overall financial plan is really what counts. It goes much deeper than which product to buy. Rather, you need to layer all the right pieces of your plan to ensure a lifetime of financial security.

And remember: The value of developing a proper retirement income plan with ongoing input from an experienced financial planner will go a long way to reduce stress about your retirement. When was the last time you reviewed the funding of your retirement plan? If you are like most, it’s been a while! Take a step today to reduce stress and simplify your finances. You’ll be very happy that you did!

Have a fantastic day and always remember to keep things simple!

Five Principles To Live By To Be A Happy Business Owner

It’s been said there’s nothing better than being your own boss. However sometimes the weight of “wearing all the hats” can be emotionally and spiritually draining. So next time things seem a little overwhelming, refer to these five principles every happy business owner lives by.

Don’t focus solely on the money. Sure money is important. And assuming you’re providing a product or service people want, it will naturally come if you invest energy into cultivating relationships, treating people well, and enjoying what you do. Making every decision based on ROI or keeping costs to a minimum will only hurt your business in the long run.
Get a life. One reason you’re in business for yourself is so you don’t have to answer to anyone. So take advantage of it. Don’t be afraid to take the occasional three day weekend, long lunch, or a real vacation. It will keep you refreshed and focused
Hang with your own kind. Join an industry association, chamber of commerce, or any group where like minded people gather to share ideas and knowledge. You will find that the more you share the more you will learn.
Don’t say yes to everyone. Some clients will cause you heartache. Some suppliers will give you a heart attack. It’s okay to turn them away. Surround yourself with those that support your ideas, value your skills, and want to share in your success.
Know that $#!& happens. Even as a business owner, you can’t control everything. Sometimes unforeseen and uncontrollable things will change the course of your business or your life. Do not dwell on what could have been. Instead, focusing on what can be.

Marc Gordon is a recognized marketing expert, speaker and strategist. His articles appear in over 200 publications worldwide. Visit marcgordon.ca or his online show at marctv.net for more business tips.

Five Business Tools to Help you Get More Done in Less Time

If you’re like most business owners, you’re probably wearing far too many “hats” – taking on responsibilities like sales, marketing, purchasing, et al. While you already know you need to delegate more, let’s face it, it likely won’t happen any time soon. So let me share with you five tools that will save you time while still allowing you to manage every detail, no matter how small.

Accounting software. Today’s accounting packages let you keep track of expenses, receivables, payables, and contacts. And you don’t even need to know accounting. Online versions allow you to check your books, pay bills, and send invoices from anywhere, even from your smartphone. While these won’t replace an accountant, they can make you more aware and efficient.
A VOIP phone line. A voice over internet line (VOIP) usually costs less than a conventional phone line while providing an abundance of useful features such as line roaming, multiple voicemail boxes, call transferring, conversation recording, unlimited long distance, and the ability to provide you with an area code of your choice.
CRM tool. A customer relationship management (CRM) tool lets you manage and document all your interactions with customers, suppliers or anyone. Set reminders when to follow up, create tasks, generate reports and sync emails all from a single tool. Many CRM programs such as Insightly and Bitrix24 are available free to single users.
Email marketing service. Using programs such as Gmail or Outlook are great for sending and receiving individual emails. However, using them for mass emails could potentially get you flagged as a spammer. You also have no way of knowing who opened your email and there’s no way for people to opt out, which is required by law under CANSPEP and CASL. Email marketing services such as Constant Contact and Mail Chimp allow you to safely and efficiently manage and create email campaigns. Best of all, you can customize your emails with your logo, images and different layouts for that branded look.
Alternate ways of talking face to face. While personal meetings are great, web based tools can make communicating just as effective and more efficient for everyone. Skype, Google Hangouts, and TeamViewer are all free services that allow for video conferencing and sharing files through your PC or mobile device. Meetings can be one to one or with groups of people from anywhere in the world.

Marc Gordon is a professional speaker and marketing consultant. Get more marketing tips on his website, marcgordon.ca and on his online show, marctv.net or visit Marc online at http://marcgordon.ca/.

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TORONTO EDITION: November 4, 2015: 2015 Toronto Entrepreneurs Conference & Tradeshow at the Chestnut Conference Centre in Downtown Toronto. For more information visit www.TorontoEntrepreneurs.ca.

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