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The Best Ways to Prepare for Retirement

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StrategyDriven Practices for Professionals Article | The Best Ways to Prepare for RetirementRetirement can be daunting, especially when considering a pension at the start of your working life. However, with the right preparation, you can make retirement a simple and relaxing process, devoid of money worries and other concerns that you will want to leave behind in the working world.

Your Workplace’s Pension Scheme

Firstly, you should ensure that you auto-enroll in your companies’ pension scheme, where possible. Although it may be tempting to opt out and receive the extra money now, employers contribute 0.8% of their gross income into your pension scheme. In the long run, this means that you benefit extensively by waiting to reap the rewards of your hard work.

Your Home’s Equity

Many people would suggest that relying on your home’s equity in retirement is a good idea. However, although a popular way to gain extra money during retirement, there are both negatives and benefits to releasing your home’s equity for this purpose. Instead, it is best to save beforehand and ensure that you are already prepared for retirement by the time your working life is over.

Save Throughout Your Life

Although your quarter-life crisis may seem too soon to start saving for your distance future, the best way to prepare for retirement is to start saving as soon as possible. Whether this is your first pay-check or a little bit later, saving early can give you the best rates on compound interest which can drastically increase your retirement fund.

For instance, if you save £100 a month over 40 years rather than double that amount over 20, you can make almost £48,000 more in interest.

Prepare for a State Pension

Although state pensions may feel as if you are being paid back for your hard work, state pensions only provide you with £115 a week to live on, which can be difficult if you are paying rent and other bills alongside this. You may also have to wait longer than expected for this, with the age correlating to current life expectancy, which means that the boundaries are constantly changing. Therefore, it is important to ensure that you have multiple funds to support you in your old age by starting an independent pension fund.

Check Your Pension’s Performance

Next, you should always check your pension’s performance to ensure that it is growing at the pace which you expect. Many pension schemes can change over time and affect the amount that you are putting away, and so ensuring that you track your pension’s performance over time is important to prepare for your retirement.

Compare the Best Annuities

The best annuities can often be found on the open market than through your current provider. Although many people rush into buying an annuity with their pension company, there are often 60% differences in annuity rates between the best and worst annuities available, meaning that it is important to look around for the best one.
For more pension advice, contact Portafina, or follow their social media on Portafina’s Facebook, LinkedIn, YouTube and Twitter.

Disclaimer: The above information is not financial advice. For any financial decisions you need to make, please talk to a qualified financial advisor.

3 Most Common Leadership Mistakes and How to Avoid Them in 2019

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StrategyDriven Management and Leadership Article | 3 Most Common Leadership Mistakes and How to Avoid Them in 2019 | business leadershipIt is no news that being a leader requires quite a lot of perseverance and personal strength. For some people becoming a leader has been a meticulous decision and a result of many years of hard work, whereas some others might have got a leadership position without ever striving for it. The luck of the draw!

In both cases, the expectations are high and the stress is unavoidable. Not only should a leader outperform themselves and make sure all the objectives are met but they should also ensure their entire team feels happy and satisfied with work. Not an easy task to do!

Regardless of how many years of professional experience and personal training leaders possess, all of them tend to commit certain mistakes because they are all human beings. But what distinguishes a good leader from the rest is their ability to be able to recognize their mistakes and find solutions to avoid them when they get a second bite at the cherry.

For those leaders looking to improve their leadership qualities, we have compiled a list of 3 most common leadership mistakes and ways to avoid them in 2019.

Let’s take a closer look at each mistake.

#1. Not communicating the vision and the goals

Having a vision and setting clear goals is one thing, being able to communicate those to your employees is a completely different thing. Many leaders think that if they have a clear vision, that is more than enough for employees to succeed. While there is some truth to that, constantly communicating the vision and the goals is more than essential to guarantee a successful team work.

Leaders should remember that their employees have different personality types and they do not necessarily function in the same way. In order to ensure that the whole team is on the same page, leaders should remind them about the significance of the vision and how it translates into everyday tasks for each employee.

Sharing the vision, sticking to it and showing how every employee can contribute to that vision every day is key to creating a successful working environment based on common goals.

Top Tip: constant communication of the vision can be executed through monthly email reminders, oral reminders during meetings or via audiovisual support materials like TV screens around the office. Make sure every employee knows the vision and knows how to contribute to it.

#2. Poor delegating of tasks

Poor delegating of tasks is equally harmful as not delegating at all. Recent research has shown that leaders who skillfully delegate tasks achieve three-year growth rates that are 112% higher than those who don’t delegate at all or who do so poorly.

Delegating tasks will not only let a leader concentrate on more important tasks of strategic value to the company but will also empower employees because by doing even the smallest task employees feel like a valued member of a team, especially when those tasks correspond to their strengths.

Here is how to delegate tasks successfully:

  • Identify the tasks to delegate
  • Choose who to delegate the tasks to, based on their strengths
  • Be clear about the tasks to implement
  • Monitor progress and give continuous feedback for improvement
  • Be able to redelegate when something goes wrong
  • Show constant appreciation

It has been proven that employees who have a chance to use their strengths and character traits are on average 74% more engaged at work. Moreover, the mere fact of knowing each other’s strengths makes the team 12% more effective.

Top Tip: delegating tasks based on strength finder results will help leaders achieve maximum efficiency. Sharing each other’s strengths can be of huge help to team members who work together as well as for leaders who manage those teams.

#3. Failing to adjust to changes

In today’s ever-changing world the ability to adjust to changes is crucial to successful leadership: continuous tech developments, new customer relationship management practices, employee motivation roller-coasters, and much more.

One of the main differences between a leader and a manager is the aptitude to embrace change. Real leaders know that change leads to new ways of growth and accomplishment. While there is no perfect formula for managing change, the secret of succeeding is realizing that change is inevitable and that growth happens when things change.

Top Tip: learn to be flexible as a leader: listen to your employees, constantly follow the trends and keep an open eye on market developments. Remember to surround yourself with people who can complement you in areas where your strengths are not enough to help you with your weaknesses.

There is no special school for leadership that teaches how to be a true leader. It takes a lot of everyday practice and a great deal of flexibility to be able to adjust to people, places and different developments.

“The pessimist complains about the wind. The optimist expects it to change. The leader adjusts the sails.”
John Maxwell

About the Author

StrategyDriven Expert Contributor | Anatoli ChernyaevAnatoli Chernyaev is a content marketing manager born in Armenia and currently residing in France. He writes about various topics such as self-awareness, positive thinking, personal development, and career advice.

Advice For Becoming A Better Entrepreneur

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StrategyDriven Entrepreneurship Article | Entrepreneur | Advice For Becoming A Better EntrepreneurWhile it’s nice to be able to say that you’re an entrepreneur, it’s an even better feeling to be able to prove to others that you’re a successful business owner. Luckily, you can use the following advice to help you become a better leader and boss so that you can experience a bright and prosperous future.

It’s ultimately up to you and your responsibility to overcome any obstacles you’re facing and improve in areas where you’re falling short. Remain patient with yourself because you’re more likely to develop as time goes on and you gain more experience and expert knowledge of your field and business. Most importantly, follow your passion and try to have a little fun while you’re at it!

Admit to Your Weaknesses

Become a better entrepreneur by admitting to your weaknesses and what you don’t know. For example, you may realize you need a digital marketing plan in place but don’t know the best way to implement one. In this case, work with a company such as Webpresence.Digital that can help your business thrive online by increasing leads, boosting sales and building more brand awareness. It’s not always about being able to perform each task yourself, but knowing who to turn to that can help you achieve your goals.

Learn from Others

Be observant and willing to learn from and listen to others if you want to improve your abilities as an entrepreneur. Be thirsty to take in new information and open to hearing different approaches to solving problems. Find a mentor who you can turn to for input and will keep you on track when you’re unsure of how to proceed in the future. Commit to nurturing long-term business relationships with other professionals and customers as well.

Proactively Manage Your Finances

The financial health of your company is one area you aren’t going to want to ignore as an entrepreneur. You need to know that you’re running a stable company and don’t want to be continuously encountering surprises when it comes to your money. Be proactive about managing your finances by setting budgets and holding regular meetings to discuss the status of your business and your profits. If your schedule is full or you need assistance, hire an accountant or financial director who can help you keep your books in order.

Take Care of Yourself

Another piece of advice if you want to become a better entrepreneur is to take better care of yourself. Running a company is hard work and will require a lot of time and energy on your part. Put your health and well-being first, and you’ll likely find you’re more productive during the day and don’t feel as tired. A few tips include:

  • Following a schedule
  • Eating healthy meals
  • Exercising regularly
  • Managing your stress
  • Getting plenty of sleep

Be diligent about putting your needs first above all else, and you’ll find you’re a lot more pleasant to be around and can reach your goals quicker. While your business is important, so is making sure you have a lot of natural energy and aren’t always getting sick.

Business Politics Players – Six Types of Personal Power

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StrategyDriven Business Politics Players Article | Business Politics Players - Six Types of Personal PowerPersonal powers are the mechanisms by which one influences the actions of others. These powers are bestowed by the institution (formal powers) and self-acquired (informal powers).

Each personal power differs in its degree of impact. While there is a generally accepted power strength order, an organization’s characteristics and culture will further determine which powers are more dominant. (See StrategyDriven article Cultural Shaping of an Organization’s Business Politics Landscape)

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Three Ways to Make the 4AM Club Work For You

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StrategyDriven Practices for Professionals Articles | 4AM Club | Three Ways to Make the 4AM Club Work For You“Early to bed, early to rise makes a [wo]man healthy, wealthy and wise.” – Ben Franklin

You’ve heard it said a million times before: the early bird catches the worm, and in the opinion of many highly successful people, the phrase is much more than a cliche. The benefits of an extremely early morning routine have been touted by so many self-made celebrities that the “4 AM Club” has become a part of the public vernacular. Any web search will pull up a dozen articles with contradictory research on the benefits and downsides of the routine, along with firsthand accounts of people “taking the 4 AM challenge.”

These trials are often full of negative impressions: disorientation in the dark hours before dawn; a mid-afternoon slump that belies productivity; and by dinnertime, the inability to form coherent sentences. And then, almost as quickly as it begins, the challenge is over, sworn off forever as an unrealistic, unachievable, and borderline inhumane goal.

Yet 4 AM remains the magic hour for many world changers like Oprah, Michelle Obama, and Tim Cook, and experience has taught me why. In my world, it’s a time of quiet, focus, determination and accomplishment.

My routine is not without naysayers. An 8 PM bedtime with a 4 AM wake-up call has made me the subject of much critique over the years. Many people feel uncomfortable with my choice, claiming that my practices are unhealthy and not sustainable for the long term. Yet I’ve found deep joy in the practice.

As an entrepreneur and the mother of a growing family, high-paced days at my desk and endless days on the road, are only outpaced by high-energy evenings and weekends with my family of five. My favorite use of this early morning time is for my own personal development and self-care so that I can be at the top of my game during the remaining hours of the day. By waking up at 4 AM, I’m able to routinely take time for myself. I work out while listening to audiobooks, I meditate while I stretch, I prepare a healthy breakfast — and most importantly, I tackle my most critical work of the day while enjoying my espresso — all before 7 AM.

If this is something you’ve wanted to try but haven’t yet managed to find success in, here are a few keys I’ve found to making this routine not only possible, but extremely enjoyable as well:

Check your DNA

Have you ever referred to yourself as a “morning person” or “night owl”? We typically use these terms to indicate our preferred time of productivity — but they can signify something much more fundamental to our being. Our tendency to be productive at certain times of the day is often hard-wired in us, an internal clock that’s determined by our DNA. This genetic predisposition is called our chronotype. If you identify as a night owl, then you can stop reading now. This method is not for you and it never will be. In fact, research shows a correlation to weight gain, diabetes, and heart disease if you try to force an extra early wake-time when your DNA is telling you otherwise. But if you feel like you do your best work in the morning, or maybe you’re not sure, than the 4 AM club could be for you.

Check your Watch

The key to making this system work, and to sustaining it, has everything to do with getting to bed at the right time each evening, and being consistent about it. Knowing the exact number of sleep hours that support your peak performance is requisite to success — mine is eight. While I can certainly make accommodations when my schedule forces me to get less sleep, more than a few nights of that in any given month effectively compromises all the systems that work together to make me successful in my day-to-day life. Without enough sleep, my motivation to exercise is zapped, my food choices start moving in a downward spiral, and my productivity at work takes a nosedive.

Check your Excuses

If you’re going to take a shot at creating a new early morning routine, you must go into it knowing that this is a no-excuses kind of practice. Follow the 21/90 rule — on average, it takes 21 days (or three full weeks) to form a habit. If the system seems to work for you, another 90 days (about three months) practice is recommended to turn it into a permanent lifestyle change. That said, you can bet your money on the fact that the first few days will be brutal. The first morning your alarm goes off at that other-worldly hour, your instinct will be to hit snooze with your inner voice pleading, “just a few more minutes.” A few more minutes inevitably turns into another hour or two, which is not getting you any closer to seeing if this system really works for you. Try combating this sleep trap by using the Rule of 5 as soon as you hear your alarm go off. When you hear the buzzer, count to five, pop up, and start moving out of bed, no matter how you feel about it in that moment. It’s totally normal to move through the motions of the first part of your morning like a zombie at first, but don’t let that stop you from making a routine of it for a least three weeks. Watch out for that sneaky 10-day slump too — for some people, the excuses come out after we feel like we’ve accomplished something, and we let our guard down.

Above all, know that every person is wired in their own way, and successful habits look different for everyone. Do not try to define yourself by what works for others — instead, let them inspire you to find your own routines that drive you toward your goals.

StrategyDriven Practices for Professionals Articles | 4AM Club | Three Ways to Make the 4AM Club Work For YouJudith Nowlin, Chief Growth Officer with Babyscripts. Judith created iBirth™, a mobile care companion for pregnancy, birth and postpartum, to help healthcare practitioners deliver better health outcomes for women and children in the United States and beyond. The original idea for the app was born out of her prior decade of service in maternity care. The technology platform she and her team built has since impacted nearly 1 million families on their journey toward optimal health and wellness during one of life’s most precious times. iBirth was acquired in June 2018 by Babyscripts, Inc., the leading virtual care platform for obstetrics. You can find her here