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How to Become a Successful Landlord in the Property Business

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StrategyDriven Entrepreneurship Article |Property Business|How to Become a Successful Landlord in the Property BusinessLandlord is an occupation that gets a lot of negative attention. According to popular opinion, they simply own a lot of buildings, charge other people to live in them, and make a great deal of money without much in the way of effort.

This is overstating things a tad. Acquiring property is far from easy – especially if you don’t have a sizeable amount of capital to begin with. We’ll look at some of the steps you might take to become a landlord. But first, let’s ask why you might want to do so!

Why Become a Landlord?

The category of ‘landlord’ is broader than you might think. If you own several properties, and you’re renting them out, then you certainly qualify. But, as far as the rules are concerned, you also qualify if you’re just temporarily letting out the house you’ve been living in, because you’re staying elsewhere for a longer period of time.

Landlords can make a sizeable income, if they’re competent. But it’s easy to understand and account for all of your potential costs ahead of time, and to set aside a fund that can act as a buffer if you find yourself overstretched.

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How to get there

A buy-to-let mortgage is an easy way to become a landlord. You fund the purchase of a property through borrowing, and pay back the debt over time. The difference between the amount you charge your tenants in rent and the cost of repaying the mortgage is your profit. Factor in the cost of maintenance, wear and tear, and the fact that the property might not always be occupied, and you might find that this margin shrinks considerably.

For years, lenders have been suggesting that the Bank of England’s base rate could rise, and thus variable-rate mortgages are inherently risky. The coronavirus depressed rates even further, and thus this advice rings truer than ever. Bear in mind that your rate of repayment will be more generous depending on how much you’re putting down as a deposit.

The first property is among the most important you’ll buy. Choose the right location and your career as a landlord will get off to the best possible start. Don’t rush into a purchase, and always be ready to walk away. Look at the amount you need to not only pay off the mortgage, but to expand into a second property, and then a third.

Insurance

When you have many properties, the risk of wear and tear and sudden damage is spread. When you only have a few, the danger becomes that little bit sharper. You can protect against sudden losses through landlords’ insurance.

Renovating

If you’re buying a property in need of renovation, then factor in not only the cost of the actual work, but the time it’ll take (during which you won’t be able to rent the place out). If you have the time to spare in daily life, then you might commit to overseeing the renovation personally. If this isn’t something you can commit to, then outsource the work to a professional project manager.

Managing Tenants

As your empire expands, you may have difficulty in handling all of the day-to-day problems which will inevitably arise. If you have half-a-dozen properties, then it might be only once in a while that a tenant phones up with a problem. If you have several hundred, then the administrative workload will become unworkable. If your margins allow, you might consider outsourcing your responsibilities.

Common Productivity Errors When Managing Remote Teams

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StrategyDriven Managing Your People Article |Productivity|Common Productivity Errors When Managing Remote TeamsTime is money. Or, to put it more accurately, how you use your time is money. And that’s as true for you as it is for every member of your team. Particularly in the current climate. Even in the best of times, every day is a battle for productivity, the wring the most out of every day, optimize output and ensure that your overhead costs (including the costs associated with your personnel) are maintaining an optimal ROI. In the current climate, however, maintaining and managing productivity has taken on a whole new level of importance.

After all, this is one of the most economically and commercially challenging times in recent history. Businesses of all shapes and sizes have had to implement radical operational changes almost overnight, or risk losing ground to competitors with potentially fatal consequences. Every customer and every sale seems harder won than ever, and your competitors are snapping at your heels more voraciously than ever before as they try to engage customers who have become increasingly loath to spend.

You’re likely still adjusting to managing your team remotely. And as a leader, it’s up to you to ensure that you get the most out of each and every one of them. That means avoiding these all-too-commonly made mistakes…

Assuming that productivity isn’t your responsibility

Your employees need to take responsibility for their own productivity, right? Your job is to oversee and facilitate, not to babysit and cajole? This mentality, while understandable, is an oversimplification that can cause serious lapses in productivity and profitability.

Yes, employees need to be accountable for their own productivity. But it’s your responsibility to provide a technological and operational infrastructure that allows them to get the most out of every day. And to give them support and guidance when they struggle with this.

Failing to use the right communications tools

Speaking of technological infrastructures, you’ve likely had to make some changes to yours in order to maintain connectivity and communications. Yet, while improved technologies have made it easier for teams to communicate, failing to use the right tools (or failing to use their full gamut of capabilities) can be damaging to your productivity and your ROI. The right tools can reduce misunderstandings, facilitate collaboration and multitasking and help to maintain social cohesion among your employees. Which brings us to…

Neglecting the importance of socialization

Your employees miss one another! They miss the sense of camaraderie they shared. The feeling of working together to achieve shared goals, and the sense of buzz and excitement that pervaded in your physical workplace. And while it’s easy to dismiss social cohesion as a by-product of a productive working environment, it’s actually the engine that drives it! Which is why it’s important for leaders and entrepreneurs to set time aside for social activities, even if necessity dictates that they’re carried out remotely. This link has some great ideas for remote activities for teams.

Maintaining rigid working hours

Structure is important. It helps members of your team to compartmentalize their time and their thoughts. It allows them to distinguish between “home mode” and “work mode” when working remotely and prevent team members from pushing themselves too hard, stretching themselves too thin and burning out. Nonetheless, that doesn’t mean that rigid working hours must (or should) need to be enforced.

Indeed, maintaining the same 9 to 5 working day could actually be counterproductive to remote employees. According to a 2020 study, a 94% majority of respondents said that they would benefit from increased work flexibility. Most commonly cited benefits included improved mental health / stress management, better ability to manage their home and personal commitments and happier working days.

A little flexibility can go a long way in keeping your team happy, healthy and a peak productivity.

Failing to recognize and celebrate employee achievements

Finally, it can be very challenging to keep your team motivated when they’re working remotely. Working from home means having to contend with a range of distractions from the urgency of housework to the allure of daytime TV. And when employees don’t feel engaged in their work, it’s very difficult to remain motivated. Especially when you’re not on-site to guide and support them.

The good news, however, is that recognition from leaders and peers alike can go a long way in facilitating engagement and motivation. There are a wealth of employee recognition apps which work just like social media platforms. Through them you can recognize, share and celebrate employee achievements. Not only does this help to engage employees, it also helps to build a greater sense of social cohesion amongst your team.

4 Pitfalls Of Digital Transformation

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StrategyDriven Managing Your Business Article |Digital Transformation|4 Pitfalls Of Digital TransformationWhether you enhance your digital presence or tweak your website, there’s a good chance that you’re transforming your processes for the sake of the internet. Online is so essential that you can’t afford to miss out, with everything from marketing to lead generation and communication receiving a boost. Even costs drop when companies invest in digital transformation practises.

Adapting to the digital world isn’t an afterthought since the failure to react could leave you in a tricky position. However, with all the benefits that digital transformation offers, it’s tempting to assume there are zero side-effects. This isn’t true. As with any investment, you must be aware of the pitfalls beforehand. Otherwise, nasty surprises may pop-up out of the blue.

The concern is that you don’t want to fall behind. Still, it’s smarter to be safe than sorry. In this post, we’ll walk you through the four biggest consequences of digital transformation and how to avoid them.

Improved Customer Experience

On the face of it, this only seems to be a good thing. As technology enhances the user experience, you can encourage more people to buy goods and services, boosting your conversion and click-through rates. Although this is true, and several companies have taken advantage, an improved UX sets a precedent.

Today, consumers expect a certain level of service, and if they don’t receive it, they’ll bounce to a competitor. As a result, you get one chance to make a positive first impression. If you don’t, your market share may begin to shrink. 92% of leaders are already developing advanced strategies, which highlights the need to keep up with the latest developments.

One way to do this is to enroll in college courses. Poetically, you can do it online to reduce the impact on your routine and save money. Attending seminars and networking events is a must as this is where you can make contacts and increase your knowledge base.

Raises Data Collection Processes

Again, collecting data doesn’t appear to have a dark side. If anything, you should hoard as much information as you can because it contains the answers to the questions that will stop the business from failing. As big data has proved, the right info will reveal the actionable insights that you can implement in real-time to improve the UX and raise awareness of the brand.

But, as you will see with organizations regardless of the size, collecting data is a contentious issue. Firstly, customers are wary of the practices after the Cambridge Analytica scandal that is alleged to have affected the 2016 election. Also, creating a data culture encourages you to collect information for the sake of it.

Once this happens, you take unnecessary risks. Why? It’s because lengthy registration forms turn-off shoppers to the point where they’ll abandon their baskets. Nothing is worth a lost sale, especially data you won’t use.

StrategyDriven Managing Your Business Article |Digital Transformation|4 Pitfalls Of Digital TransformationDigital Transformation Is Time-consuming

You’ve got to spend a lot of time digitizing records to complete the process. Of course, it’s massively time-consuming and only adds to your workload. Aside from the imbalance between your job and your life, you must consider how the extra responsibility impacts your focus and concentration levels.

As the boss, it’s essential to take care of the most important jobs. However, if you’re too busy overseeing the switch to digital, you may easily miss crucial meetings and deadlines. The answer is to outsource the role to a third-party since managed IT services are reliable and have many more resources.

Therefore, outsourcers not only use their expertise to improve the standard, but they cut money and time wastage by concentrating on a single job. Hiring one is a no-brainer. The trick is to work out which business or individual is the most suitable for your specifications.

Virtual Collaboration

Communicating effectively is something that managers attempt to iron out regularly. After all, when you and your team interact positively, there are fewer mistakes. Plus, everyone understands their job and what’s expected of them daily. Digital communication is varied, and that’s the potential pitfall.

With too many channels to choose from, it’s common for employees to miss vital notifications as they can’t check all their accounts every five minutes. And, which one people prefer is a personal decision as they may find an email more professional, whereas a text message is instant.

You must set policies that outline the platform workers should use during business hours. That way, sharing essential data and collaborating healthily will be the norm, not the exception that proves the rule.

Your business needs to go digital, yet are you ready for the potential consequences?

5 tips for a healthy work-life balance when working remotely

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StrategyDriven Practices for Professionals Article |Work-Life Balance|5 tips for a healthy work-life balance when working remotelyIt is no understatement to say that the 2020 pandemic has turbocharged the existing well-documented trend towards greater remote working. “Remote work may be the most influential legacy of the Covid-19 pandemic,” says a recent survey. Companies are now expecting a greater proportion of their workforce to remain working remotely, even after the pandemic has passed.

For teams and their leaders, the benefits of remote working can be significant. Cutting out the daily commute, spending more time at home and scheduling work around family commitments should make for a much healthier work-life balance. Remote employees work harder and are happier than office-based staff. Their engagement is higher than ever, thanks to new technology that allows for instant messaging, video conferencing, online collaborations and more.

However, if working from home is now becoming a permanent feature for many workers who were previously based at employer premises, it is ever more important to ensure that sensible boundaries are set to protect the delicate balance between professional and private life. Here are some useful tips on how to achieve this on a daily basis.

1. Create a consistent schedule

Regardless of whether you work at the office or at home, a set schedule will provide the necessary discipline to keep a reliable routine for work and off-work hours. Even if your organisation uses scheduling software, it may be worth investing in your own time management tool to keep track of the number of hours you are working and to organise your day efficiently.

While commuting may no longer be an issue, an effective morning routine to get yourself up and ready for work is highly recommended. It doesn’t matter too much what it is – some people get dressed in business wear to get into work mode, others are happy in lounge wear – as long as it gets you into the proper mindset.

2. Communicate, communicate, communicate

Working from home can be a lonely business, which is why regular communication within the team is critical for remote teams. In addition to daily stand-ups, weekly meetings and other regular team communications, make sure you don’t neglect informal messaging with your colleagues and line managers leaders. Remote communication tools such as Zoom and Slack have seen a meteoric rise in users in recent months, but there are many other suitable products.

One leadership coach has this valuable advice for team leaders in the current health crisis: “Now more than ever, it’s important for your remote teams to feel their voices are being heard. They’re likely to be feeling isolated, so encourage regular feedback and ideas. It’s important for them to feel you’re concerned for their wellbeing. You’re all in this together, so make sure you keep listening.” (Monkhouse & Company)

3. Ringfence and organise your workspace

A laptop on the sofa or the dining table may be a workable solution for the occasional WFH day. However, if you are working remotely on a more regular, permanent basis, you should create a work-only zone as a way to set up boundaries around your professional and private life. Whether you have a desk in the corner or separate home office, make sure your workspace is tidy and organised at all times.

Be open to the occasional change of scenery if you get stuck. Sometimes, a new environment can help to break the monotony, unblock your creativity and satisfy the need for social interaction. You could take your laptop out onto the patio on a summer’s day, decamp to a local cafe with free WiFi, or use a coworking space.

4. Take scheduled breaks

Punctuate your working day with regular breaks. These don’t have to be long but they should get you off your chair and moving around. Actively counteract the potential problems of a sedentary job with periods of stretching, walking around, even doing some housework. Short breaks here and there throughout the day are also mentally stimulating, making you more productive during the working day and less exhausted at the end of it.

Resist the temptation to snack rather than eat proper meals, or even forget to eat altogether. The occasional donut and caffeine-fuelled day as a short-term fix to meet an urgent deadline may be forgivable, but the consequences of a blood sugar crash will leave you empty and irritable. Better to focus on a nutritionally balanced diet and a proper lunch hour away from the desk.

5. Practise self-care

Remote working can take its toll on your mental health unless you pay attention to replenish your inner resources. While working at the desk all day can be exhausting, there’s nothing like physical exercise to get yourself out of your head and into your body. From a quick yoga routine to taking the dog for a walk, a game of tennis or session at the gym, regular exercise is proven to reduce stress, improve concentration, memory, creativity and sleep.

Finally, there is a lot of truth in the old adage that ‘all work and no play makes Jack a dull boy’. A healthy work-life balance requires you to pay attention to your off-duty needs such as making time for social interaction with friends, creative pursuits, gardening or just getting out and about!

Quick Eco-Friendly Alterations You Can Make To Your Business

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StrategyDriven Managing Your Business Article |Eco-Friendly|Quick Eco-Friendly Alterations You Can Make To Your BusinessWith finite resources, a polluted sea, and the greenhouse effect looming over, the world needs saving – and fast!

Thankfully some people are starting to adapt and make changes in their lives to support the planet. Moreover, multiple governments worldwide are setting new goals to reach to reduce carbon emissions. With that, businesses are taking a stance to reduce their carbon footprint too. However, while every effort helps, there’s always room for improvement.

If you’re looking for new tips to add to your existing eco-friendly business processes, this post can help give you a few ideas.

Recycle Cooking Oil

Would you believe businesses out there are prepared to purchase and recycle your leftover oil to save it from going to waste?

From vegetable oil to soya bean oil, used cooking oils recycling by GF commodities provides various oils a new life lease. If you’re in the food industry, this is a great way to manage waste and support the environment.

Switch It off

The amount of devices, PCs, lights, and so forth we’re guilty of intentionally and unintentionally leaving on in the workplace is phenomenal.

Wasted energy is bad for the environment, not to mention costly for the business. And so, from now on, if you or any of your employees aren’t using an electronic device at work, or light, for instance, encourage each other to switch it off.

Switching equipment off at work is particularly crucial at the end of the day when workers are likely to keep their PCs on standby or forget to turn off machinery in the factory.

While some laptops, PCs, printers, and other workplace machinery may take a while to power up the following morning, it’s much better than leaving a range of computers on all night to drain power.

Switch To Recycled Paper

If there’s anything mostly all companies are guilty of using too much of, it’s paper! Numerous trees are chopped down for businesses to scribble down food orders, draft architectural designs, and write out to-do lists for the day.

While paper may be necessary, newly processed paper isn’t especially when you can get recycled paper instead! By using recycled paper, your business can help to reduce the number of trees that need to be cut down for paper.

Renewable Energy Sources

Another way to protect the environment is to switch energy providers. Multiple energy providers today are using renewable energy to cater to an environmentally conscious world.

It may be something you haven’t yet thought about, but it’s quick and easy to do. You just need to find a suitable provider and ask to switch!

Your new supplier usually contacts your old supplier for you, so you won’t have to do much else.

The best way to begin making sustainable business changes is to start small and slowly integrate new eco-friendly practices as you go along. In doing so, the pressure to make your company completely green is less disruptive and overwhelming, and much more easy to do.