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How important is it For Small and Medium Businesses to Adopt Best Practices and New Visions for the Next Generation?

It is never easy to realize a dream. Founding and running a successful enterprise is always going to be challenging and full of hurdles. Moreover, in the competitive cut throat world that we live in, it is of utmost importance to have a razor sharp edge over your competitors in order to survive and embark on the journey leading towards victory.

That is why it is imperative to have a solid foundation of standard operating procedures clearly laid out in the charter of your establishment. It is unquestionable that any firm in the pursuit of excellence will always try to acquire the best talent, the best equipment, and the best infrastructure so as to catalyze its growth. So what can you do which is going to set your venture apart from all this? The answer is to imbibe new visions and best practices for the next era.

Such guidelines and precepts which specifically lay down the pillars on which your organization is to engage the desirable demography are the ones which will act as the backbone of your policy making in the long term.

But what are those recommendations which need to be adhered to? Well, here we shed some light on the goals that need to be met and the bushes that need to be pruned.

  • Setting team expectations: It is one thing to have an idea and know what to do. But quite another to get someone to do it. Setting team expectations and quarterly market capture targets is as important as the technical aspect of your endeavor. Road mapping for new visions and practices for the next era is of absolute importance for defining the motivation relying on which the people must perform. With a clear goal in site, there is more clarity and communication regarding the collective aim that must be achieved.
  • Formulating a conducive workplace without ego wars: Any organization is bound to hire the best talent out there. And with so much potential accumulated in one room, ideas are bound to clash and tempers are going to rise. It is more a question of when than if. In such situations, an able manager and facilitator must be able to break the ice, pull down the walls and instill a feeling of camaraderie and team spirit in the people.
  • Lucidity in decision making: Haphazardness and directionless working are detrimental to the team morale as well as the organizational hierarchy. There must be clear milestones in sync with the task at hand and individuals must be aware of the checkpoints to look for before celebrating any achievement. This way, efficiency increases, and productivity is boosted.
  • Having a firm base: There must be a tuning in between all the employees and the objectives of the firm. Any potential leader must analyze the first few people that he hires and see to it that they share the drive for the same kind of success and passion for common goals. Although, each individual has a different perspective on things but there must be a convergence point where people and opinions meet. Otherwise, chaos is inevitable.
  • Feedback is king: No business can survive negative reviews. Every leader must have a blunt collection of people around you who are not afraid to speak their mind and are frank about any and all shortcomings. It is important to have first impressions delivered in the most unaltered way possible. Early criticism paves the way for latter.
  • Record your deeds: Document every little thing. Be it a failure or a success, everything must be chronologically filed and preserved for the future. Not only does it inspire the future stakeholders but it also comes handy in times of crisis.
  • Pinpoint growth avenues: In this world, it is unavoidable to reach out and expand. Always keep your eyes open for anything which might assist in the betterment of your current holdings. Beat every competitor and acquire those whom you can’t beat. Make allies and initialize industrial co-operation where you can. But always maintain an upper hand. Being sly and a bit shrewd is as important as being a visionary.

Once all of these aspects are merged, there will emerge a sand model for sure success. It would make your strategy more effective and help your aspirations soar. Ultimately, you are your own master and only you can unlock the doors to your own conquest.

The Types of RESP: Which Should You Choose Today?

With the cost of education increasing every year, younger generations are finding it harder and harder to afford a college education. For a lot of parents, supporting their child is also not an option since this the time most of them have either already retired, or are on the last legs of their career and cannot afford to spend hundreds of thousands of dollars. The result is a sharp increase in debt for millennials just starting out. There are a lot of options for RESP and it can be very confusing. Heritage RESP lists three common plans that you can choose.

With the cost of education increasing every year, younger generations are finding it harder and harder to afford a college education. For a lot of parents, supporting their child is also not an option since this the time most of them have either already retired, or are on the last legs of their career and cannot afford to spend hundreds of thousands of dollars. The result is a sharp increase in debt for millennials just starting out.

There is however a better way to go about this. For parents starting out, Registered Education Savings Plan or RESP, is an amazing option.

What is RESP?
RESP is an investment plan for Canadian Citizens in order to save up for their children’s higher education. Though ostensibly for own’s own child, technically you can invest under an RESP for any child, as long as the money is used for the child’s education purposes. This is a tax-sheltered account and hence any interest accrued is ultimately for the owner’s use.

But the main benefit of this account is the grants commissioned by the Canadian Government based on your contribution. The government matches 20% of the yearly investments up to a maximum of $500 and a lifetime maximum of $7,200 for low-income families in order to facilitate education for someone who might otherwise have been deprived of it.

There are a lot of options for RESP and it can be very confusing. Heritage RESP lists three common plans that you can choose

Individual Plan
An individual plan is one of the simplest plans available. It is used for a single beneficiary and can be only used by them. You can even open it for yourself. There is a lifetime contribution limit of $50,000, but there is no requirement for a minimum amount. If the chosen beneficiary opts not to pursue a higher education, you may choose another beneficiary to pass on the investment to.

Family Plan
The family plan is for a family with more than one child who may pursue a higher education. For this plan, the one opening the account must be related to each beneficiary in some way (be it parent, sibling, grandparent, aunt, uncle etc.). All beneficiaries must be under 21 years of age at the time of opening of the account. Once again, there is no minimum deposit and you can invest up to $50,00 for each beneficiary named.

Since there are multiple beneficiaries, the account holder can choose how to divide the funds among the children. Moreover, if one of them chooses not to continue their schooling after high school, the money from the RESP can still be used by rest of the beneficiaries. Additionally, you can even transfer plans among siblings without tax penalties or grant deductions if the new beneficiary was under 21 at the time of opening of the plan.

Group Plan
Group Plans are generally more restrictive than either Individual or Family Plans. They are used for beneficiaries not related to you. The investment options are usually limited and the money is pooled together from other investors to be shared evenly amongst all the children in the plan. There is a fixed schedule for contributions and rules exist outlining what kind of education programs are applicable for the child to pursue.

RESPs are a great way to plan for a child’s future. Even without the lure of government grants, having your child’s savings in a different account helps stop errant expenditure. Choose the own that best suits your needs today.