Why You Should Start Estate Planning Today

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StrategyDriven Practices for Professionals Article | Why You Should Start Estate Planning TodayAt some point in your life, you’ve likely thought about what would happen to everything you own should you become incapacitated or experience death. These are not easy thoughts to have, but they are natural as death eventually impacts everyone. Planning ahead is important in order to make sure your assets are dispersed in the way you intended. You’ll want to make sure your legacy lives on through the people and charitable organizations that are important to you. An estate plan is an important plan to have at any stage in life. The more likely it is you have people in your life that may contest your wishes, the more important it is to work with an attorney to make sure your estate plan WORKS.

The Importance of an Estate Plan

A recent survey revealed only 4 in 10 Americans have an estate plan or will. As people get older, they are more likely to have a plan in place, but it still hovers around half. This is surprising given estate planning is important even when you’re young, especially if you have equity in cash accounts or real estate, or if you have young children. Accidents cannot be predicted and nobody knows how long their lives will be. If you were gone tomorrow, what would happen to your home, your bank accounts, and even your children?

Without an estate plan, upon your passing, your possessions would be dispersed based on the laws of your state. If you have young children but no spouse, or if you and your spouse should become deceased at the same time, the state would have to decide who cares for them. And if you were to become too ill to manage your money or make decisions regarding your care, a judge could be required to make the decision of who manages your bills and estate on your behalf. Not having an estate plan could leave your estate in chaos, vulnerable to claims by any blood relatives, some of whom you may not have been in contact with for years. Is that how you want to be remembered?

Not only is it costly to let the courts determine how your estate will be divided, it is time consuming and very public. It could take years for your rightful heirs to be identified and by then close relationships could be damaged forever. Creditors would also be able to access information related to the courts probate and could challenge it as well. As your estate remains in probate and creditors stake claim to pieces of it, the value of your estate dwindles.

An estate plan protects the people you love, who are the rightful heirs, and it allows your estate to pass on in private. Having a plan in place will also ensure your gift of inheritance is taxed as little as possible. The IRS will be more than happy to stake claim to part of your estate if no heirs have been identified by you personally.

The Pieces of Your Estate Plan

A solid estate plan is not an easy task to complete. It will require thoughtfulness on your part, and the assistance of an attorney to ensure it cannot be challenged later. Your estate plan should consist of the following important pieces:

  • A trust will hold property so that probate is avoided. That is, if it is set up correctly.
  • Your will will designate your heirs and how your estate is dispersed. If your estate is large, this could also include charitable beneficiaries.
  • A letter detailing your funerary wishes and disbursement of any smaller personal items of sentimental value.
  • A designated durable power of attorney should be someone you trust to take care of your estate and health decisions should you become incapacitated. This person should have knowledge of your health care wishes related to life and death decisions, which should also be included in a living will.
  • Keep a list of your assets and make sure your executor knows where to find it. This list should include any investment accounts, bank accounts, insurance policies and physical assets and real estate.

Who Should You Choose as a Durable Power of Attorney?

The person you choose to manage your estate does not have to be a relative. It can be a trusted friend. If you’re afraid of one person abusing your monetary accounts, a good idea is to designate a joint durable power of attorney. This way, two people you trust can ensure everything is managed honestly and as you would have wished.

Make sure that not only your attorney has a copy of your DPA, but also your financial institutions. Your bank may even have their own forms you’ll need to complete, so be sure to talk with your bank manager in advance regarding what they might require.

It’s important to know as much as possible about laws in your state as you plan your estate. For more estate planning information visit finitylaw.com’s resource hub.

The components of your estate planning are important pieces of your portfolio. You may change your plan through the years, as many people do and that’s fine, but it’s better to have a plan than no plan. Work through the process with your attorney and let your loved ones know when your estate planning has been completed. Having this knowledge beforehand will ease any panic should you pass and allow your heirs to focus on celebrating the life you lived rather than feeling overwhelmed with questions regarding what happens next.

How Co-working Spaces Could Benefit From the COVID-19

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StrategyDriven Managing Your People Article |Co-working Spaces|HOW CO-WORKING SPACES COULD BENEFIT FROM THE COVID-19The coronavirus pandemic has pushed the global economy into recession. Economists across the world are predicting the worst economic recession in history, as countries struggle to contain the deadly virus. GDPs are plummeting, and unemployment rates are rising worldwide.

Businesses, from large corporations and MNCs to small companies and startups, are forced to make significant operational and structural changes. Many organizations have embraced the work-at-home model, as offices are the top contenders for spreading the virus. People are focused on avoiding activity or place that encourages social interaction.

It brings us to an important question: Can co-working spaces still survive when social distancing is mandatory?

It most certainly can. Even though co-working spaces are currently facing reductions in revenues and memberships, they have an enormous potential to benefit. Economists and experts observe that a recession and the work-at-home situation can open up new opportunities for co-working spaces. Currently, co-working spaces are empty, and many have shut down due to a lack of demand. But this situation is expected to reverse as people thrive in social settings and seek out co-working situations.

In this article, we will discuss the potential benefits co-working spaces can draw from the ongoing pandemic and recession.

Here, take a look at these points:

1. WORK FROM HOME CULTURE

In the wake of the pandemic, administrations and businesses are fighting uncertainty, which has given rise to the work-from-home model. It is an attractive and feasible solution to maintain operations and productivity in the immediate future. Twitter, amongst other corporations, is allowing its employees to work-from-home permanently.

Apple and Facebook have also extended their work-from-home operations until 2021. The demand for co-working spaces in Australia is also increasing as remote workers need a professional environment. Organizations and professionals are increasingly embracing teleworking, and co-working spaces play an instrumental role in this transition towards remote working.

They provide remote workers with an organized and systematized space where they can operate and network within the industry.

2. DE-DENSIFYING OFFICES

De-densification is instrumental in ensuring a smooth transition out of the crisis and towards recovery. Organizations are likely to explore practical solutions to de-densify their offices and operations to future disruptions and safeguard their employees. Major corporations and companies are already taking measures to relocate their employees and operations to co-working spaces.

As the economy moves towards recovery, the trend of de-densification and relocation to co-working spaces also expected to increase. Businesses are likely to position their employees across multiple co-working spaces to reduce their expenses and avoid over-densification. Corporations have realized the benefits and cost reductions of remote working, and this trend is likely to continue in the future.

Remote working and co-working spaces go hand-in-hand because professionals need a supportive and facilitative environment. Many small businesses and startups that forced to shut down can also rely on co-working spaces. They can position their operations temporarily to save money and recover from the recession.

Many professionals are just getting comfortable with remote work. They realize the comforts and flexibility associated with working at home. However, eventually, millions of work-at-home professionals will seek to escape their home environment and work from a different environment. They will be attracted to co-working spaces where they can practice social distancing without being confined to their home environment.

3. LIFELINE FOR SMALL BUSINESSES

Co-working spaces are not only crucial for freelancers and teleworkers. They are an essential lifeline for small businesses, startup entrepreneurs, and self-employed professionals. They serve as a supportive environment that offers structured discipline for coordination and allows greater affordability.

Countless entrepreneurs are unable to rent office spaces and rely on co-working environments to sustain operations and enhance productivity. Co-working spaces can play an instrumental role in coordinating resources and offering community support to small businesses. They can aid small business owners in exploring grants and governmental schemes.

Co-working spaces can also function as a bridge between local business networks and small businesses. They can provide them enhanced access to government schemes, grants, and local organizations dedicated to relief. Co-working spaces ideally positioned to coordinate the relief resources offered by various local funds and organizations.

They can utilize their peripheral connections and positioning to aid freelancers, remote workers, and small businesses.

4. COMMUNITY SUPPORT

Co-working spaces create a community where remote workers and small business owners can cultivate trust, grow, and build relationships. They are dynamic economic engines that fuel the financial stability and market presence of millions of professionals. Co-working spaces create employment opportunities; they allow businesses to save money and raise equity capital.

Once the COVID-19 crisis boils over, federal and local leaders will work towards creating jobs and restoring office spaces. Co-working spaces will play an instrumental role in recovering the corporate community. Community dimension is significant for allowing a smooth recovery, and co-working spaces will aid in restoring the balance.

The recession has hit hardest on small businesses and startups, and co-working spaces will facilitate restoration. They will help entrepreneurs and professionals regain their stability by offering social networks and industry connections.

It is essential to understand that return to normalcy after the lockdown won’t be easy. Many businesses won’t be able to reopen, and countless entrepreneurs will struggle to raise capital and cover losses. Community support and strength will be crucial in rebuilding networks, reconnecting with associates, and restoring the economy.

Co-working spaces are community hubs that offer support and create a facilitative environment. They will be instrumental in rebounding from the coronavirus pandemic and transitioning towards normalcy.

CONCLUSION

Presently, all businesses are navigating through uncertain times with depleted revenues and increasing losses. The global industry has embraced numerous adjustments and extensive restructuring to cope with the crisis. Co-working spaces are a vital ingredient in this restructuring as they will facilitate local economies and act as community hubs.

Co-working spaces are local economic engines that support remote professionals and entrepreneurs, and their significance is likely to increase. They will play an instrumental role in recovery and rebound, as businesses work towards restoration and growth.

8 Software Platforms To Improve Productivity

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StrategyDriven Managing Your People Article |Improve Productivity|8 Software Platforms To Improve ProductivityYour business relies on maximum productivity at every level, whether it’s planning your marketing campaigns or improving your customer service. To support productivity and keep on growing what you need are the right tools.

1 . Infusionsoft

Infusionsoft is a top marketing solution, designed to help you deliver highly effective campaigns. Using Infusionsoft you can automate and improve your marketing, ensuring consistency and high levels of quality. The platform offers solutions for CRM, marketing automation and e-commerce. There are plenty of features to boost your productivity levels including sales reports, opportunity management, social sharing and inbuilt metadata. Infusionsoft also provides referral program management, and lead scoring.

2. LiquidPlanner

LiquidPlanner fuses collaboration software with amazing project management features. There are features for project managers, and separate features for marketing professionals and development teams. LiquidPlanner is adaptive depending on your needs. With this software you can take advantage of time tracking features, manage clients and resources, and create risk assessment roadmaps. Liquidplanner permits you to share data with your staff, partners and suppliers. Some of the best features of LiquidPlanner include baseline view and project analytics.

3. Zoho Cliq

Zoho Cliq provides video, voice and instant messaging options so your teams can collaborate better. With Zoho Cliq it’s possible to operate multiple channels, simultaneously. It’s simple to separate important posts from long threads with a setting called ‘fork’. You don’t need to waste time attaching files, just use the drag and drop function to transfer files via the chat window. Zoho Cliq can be integrated with Zoho Business, along with a few other useful integrations. With Zoho Cliq you can access features such as SSL encryption, task bot automation, and slash commands.

4. Periscope Data

With this powerful analytics platform you can visualize, report and analyze your data. The platform has an easy-to-use interface, complete with query tools. Using Periscope you can transform complex analysis into a simple task. The software saves you time, and improves the collection and cleansing of data. You don’t need to mess around with lots of code, Periscope makes it easy to conduct simple calculations, and arrive at insights faster.

5. Hubstaff

Hubstaff is a fantastic time tracking platform, helping you to create reports, send invoices, and track time. The software permits you to oversee scheduling and track staff activity. Hubstaff allows staff to monitor the time they are spending on various projects. With this data you’ll gain productivity insights. When you’re running a business it’s vital to make the best use of all your time, and with Hubstaff, you’ll make that task considerably easier.

6 . Microsoft Azure

Microsoft Azure is a powerful cloud platform, offering businesses the best solutions in storage, cybersecurity, networking and more. The platform offers cloud-scale analytics, helping companies turn data into valuable insights. There are robust disaster recovery and backup features, meaning you’ll have a cost-efficient way to minimize disruption. Need a digital marketing solution? With Microsoft Azure you can create high-performing campaigns and deliver them on a mass scale. Microsoft Azure Service Providers can help you to make the most of this software. To access all of the benefits it’s important to learn how to use and manage the software.

7. Crazy Egg

Crazy Egg is a fantastic website optimization platform, allowing you to gain insights about customer behavior. With the heat mapping features you can see how you customers behave on your site, and which parts of your website get the most attention. Some of the great features of Crazy Egg include conversion rate optimization, A/B testing, analytics, CRM, scroll map tools and a simple set up. Converting more consumers is one of the most important end goals, and with this software you can gain the knowledge you need to improve your campaigns. Improving your user experience is the best way to convert leads.

8. Sendible

Sendible is a platform designed for social monitoring, analytics and audience engagement. Using Sendible you can track ROI from the dashboard, providing you with a clear picture of your successes. The software helps you to automate your marketing and drive leads, plus there are some great CRM tools. With Sendible you can manage clients, schedule posts, build your brand, and improve customer engagement.

Boosting productivity relies upon creating the right environment so that creativity and innovation can thrive. It can be helpful to ask your team for feedback about how to improve productivity. With the insights of your team and these powerful tools you’ll improve the efficiency of your business operations.

How to Maximize Your Online Visibility

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StrategyDriven Online Marketing and Website Development Article |Online Visibility|How to Maximize Your Online Visibility There are very few businesses without some kind of presence on the internet nowadays, but that does not necessarily mean that all of these businesses are getting tangible benefits in return. It is easy to waste a lot of time on digital marketing with no real return on the investment, but that is not a reason to shy away from it altogether. Whether you are trying to establish your brand, attract inquiries, or boost profits, you need to maximize your online visibility. This guide outlines effective marketing activities you can adopt to ensure you stand out from the crowd in a digital marketplace and attract the perfect customers.

Write a blog for your website

One of the best ways to increase your online visibility is to ensure your website has a blog. The blog is your space to show existing and potential customers your expertise, experience, skills, personality, and value. Your blog posts should be unique, helpful, informative, and/or entertaining. Every blog post you create is an exclusive page which adds to your website’s presence on the internet and increases the likelihood that you will rank for keywords relevant to your business.

Blogs should be posted regularly but avoid posting content for the sake of keeping to a schedule if you have nothing new or useful to add. All the content should be of high quality, even if that means you only publish once a month. If you are concerned that your writing skills are not up to scratch, consider hiring a freelance writer to create content for your blog, which you can check for accuracy afterward.

Share and curate relevant content

You can also share content which other businesses or individuals have published, (as long as you acknowledge your source) you could add you own points of view or commentary to add value, or simply direct your followers or visitors to useful content elsewhere on the internet. If you find helpful content that is relevant to your business, try commenting, and starting a conversation. By sharing useful content, you are not only increasing your visibility but also showing yourself as an expert in your field who is in touch with the industry and customer needs.

Invest in search engine optimization (SEO)

There is no denying that SEO is a complex topic with many digital marketing agencies devoted to the practice. Essentially, it involves applying specific techniques to the design of a website and the creation of content to boost your website in search results. This can include, but is not limited to:

  • Writing high-quality content which is centered on keywords and phrases relevant to the business and searcher intent
  • Using descriptive and unique page titles which include the desired keyword
  • Include keywords in anchor text when linking internally
  • Writing a descriptive alt tag for images using the keyword or phrase
  • Writing a high-quality meta description for each page to encourage searchers to click on your page rather than your competitors.

SEO can be a time-consuming task as the goalposts are constantly being moved in terms of what search engines are prioritizing. This is why so many companies turn to specialist SEO companies such as serendipity-online-marketing.co.uk to stay on top of SEO trends and maximize their visibility.

StrategyDriven Online Marketer & Website Developer Magazine


Encourage customer reviews

Customer reviews have never been so powerful. Whether the review or comment is left on social media, an official review site, or on your website, positive and negative reviews can make or break a business’ reputation. Unfortunately, most satisfied customers do not go out of their way to praise a company, but customers with complaints are much more likely to voice them. The more positive customer reviews you can attract, the better for your business, so it is essential to have a strategy for acquiring them. For example, you can ask customers for reviews by email or put a feedback form on your website.

You may get negative reviews, but these are not the end of the world. In fact, if you can respond and try to resolve the issue, it will show that you are committed to excellent customer service standards. Also, a company rarely has an entirely positive set of reviews without customers suspecting that they are fabricated, so some negativity is natural and healthy if you deal with it appropriately.

Embrace social media

It is true that not all social media platforms are right for every business, but rarely, a business does not find at least one to be useful – if used correctly. Social media profiles can appear in search engine results, boosting your visibility, so your profiles must be branded and professionally written. When your social media profiles include links to your website, you are also increasing traffic, which will again boost your rankings. You should be focusing on posting high quality and engaging content that encourages interaction – it is not necessarily about how many likes or followers you have.

Closing a Limited Company: A Guide

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StrategyDriven Managing Your Finances Article |Closing a Limited Company|Closing a Limited Company: A Guide Making the choice to close a business is never a simple or easy process, but that process is made much, much harder if you do not know what is coming your way. There is more than one way to close a limited company as it depends on whether the company can settle its debts within a reasonable timeframe. If the company can repay its creditors, there are two options: company dissolution or solvent liquidation.

However, if a company is not able to repay its debts and/or has liabilities that are greater than assets, this is known as an insolvent company. These companies must close either by a compulsory or voluntary liquidation. Liquidation is the selling of the company’s assets so that the proceeds can be used either to repay creditors or shared among shareholders.

This guide aims to outline the options available when closing a limited company.

Closing an insolvent limited company

Creditors’ Voluntary Liquidation (CVL)

An insolvent company is an option for companies that are in a lot of debt, which they will struggle to repay. They may also be concerned that creditors may sue them if they do not declare insolvency. Companies that are insolvent but do not prioritize repaying their creditors could find themselves under scrutiny from the Insolvency Service. A CVL can not only prevent these issues but can also enable directors to claim redundancy. A redundancy pay-out could go towards repaying some creditors or paying other professionals involved in the insolvency process.

If you think that your company is insolvent, you need to stop trading immediately so you can protect your creditors. Your shareholders need to vote in favor of a winding-up resolution (with at least 75% in favor).

The next stage is to put together a repayment proposal outlining how you intend to repay creditors. If the creditors vote to accept it, they can appoint an insolvency practitioner. The practitioner will take control of the sale of the company’s assets so that the proceeds can be used to pay creditors.

It is always best to seek professional advice when it comes to business finances and legalities to ensure you acting lawfully and in the best interests of your shareholders, creditors, and employees. If you would like further information about a Creditors’ Voluntary Liquidation, visit https://antonybatty.com/company-liquidation/creditors-voluntary-liquidation.

Compulsory liquidation

The other form of company liquidation is compulsory, i.e., enforced closure. Compulsory liquidation can be initiated by the company, a director, or by creditors. A creditor can petition the court for a company’s winding up if they are owed £750 or more. A winding-up petition needs to be submitted to the court to kick the process off. In some cases, directors of the company may be investigated to ensure that there was no fraudulent activity or misconduct, which led to insolvency.

Closing a limited solvent company

Members’ Voluntary Liquidation (MVL)

Members’ Voluntary Liquidation is an option when a company has naturally come to the end of its life, or when the owner or director of the business wishes to move on or retire, and there is no one else to continue running the business.

To start the MVL process, a Declaration of Solvency needs to be signed. This confirms that the company is financially solvent before it closes. When this has been done, the shareholders need to vote and pass the resolution, assuming at least 75% are in support of it.
At this point, a licensed insolvency practitioner (IP) needs to be appointed to manage the process. This could include the sale of company assets, paying creditors, and distributing any remaining funds amongst shareholders.

Company dissolution

Another option is to dissolve a company, but it must be a solvent company. It is a lower-cost option involving removing the company from the Companies House register. Before applying for company dissolution, several steps need to be taken.

The company needs to cease trading 3 months before it is removed from Companies House, close the payroll, repay all creditors and ensure all statutory liabilities have been met, such as National Insurance and tax.

The creditors also need to be informed that the company will be dissolving. This is an important step, as if not done correctly, a creditor could apply to have the company reinstated at a later date.

When these steps have been taken, a DS01 form needs to be sent to Companies House with an £8 fee. This can be done by post or online.

A notice should be placed in your local newspaper announcing that the company will be closing, with a formal confirmation of the closure three months after that.