Five Things You Are Messing Up in Team Building

There are a number of reasons why nearly every organization encourages teamwork. Research has proven that team building activities offer a good platform for companies to enhance high-impact learning, improve communication, boost employee morale and enhance overall productivity. Workers who embrace teamwork usually benefit by enjoying a sense of satisfaction in functioning a single unit to complete potentially challenging organizational tasks. What’s more, team building gives employees an opportunity to go back to the office with the new skill set and feeling reinvigorated as well.

It is also critical to mention that researchers have proven that having a strong team can potentially result in major gains for both small and established businesses. These long-term gains may include an organization’s ability to maximize profitability by enabling individual employees to better combine their skills to achieve improved results, being able to respond reasonably quickly to rapid structural changes, meeting cross-functional challenges. Team building provides an ideal chance for teams to participate together in a world where each one begins with an equal amount of knowledge about a given task. Equally, team building allows workers to become mission-oriented, a phenomenon that makes them achieve ideal results with minimum resources.

Most organizations will confirm to you that team building is always a daunting task to accomplish. It not only requires an experienced managerial team but dedication, sacrifices, time and energy. Even some of the best companies out there periodically make mistakes when dealing with people. In fact, it is quite common to find companies treating employees like kids and then ask why such workers so frequently fail to fulfil their potentials. What’s more, a significant number of organizations usually invest untold energy and massive resources in actions which ensure workers are unhappy! It is important for organizations to find effective ways of exhausting all the available strengths and abilities of people they employ.

Today in this post, we want to discuss in excruciating details, the five things organizations usually mess up in team building. Read on and enhance your knowledge.

5. Is your organization lacking leadership?

Quite often, discussions about team building revolve around effective communication, sharing a common goal and solving complex business problems. Even though these three factors are absolutely essential, one key factor which is often ignored is leadership! To come up with a strong and successful team, your employees must trust your judgment because this is when they will work efficiently even when you are not available. Of course, this doesn’t imply that you’ll have to be authoritative, instead, focus on fostering trust through humility, transparency, accountability, and honesty. If you didn’t know, it is too easy to dodge responsibility in team settings because you can easily hide in your sea of colleagues. This is where a leader comes in. In organizational settings, true leaders usually take full responsibility for a group’s final results. This means that the leader will be highly motivated to keep members accountable for their every action.

4. Neglecting your workers’ input.

This is a huge mistake a number of organizations do. Apparently, firms must connect team building with critical business drivers. Equally, you must set clear and achievable goals. However, organizations must understand that teams consist of human beings who have personal and different development needs which when fulfilled can potentially enhance the overall efficiency. Research has shown that focusing on the individual needs of a team strengthens your organization as a unit. On the other hand, putting much emphasis on the objectives of your business will only lead to short-lived benefits but does not foster sustainable development due to ineffective teamwork.

3. Unrealistic organizational objectives.

To create a strong and focused team, you must first set clear goals and share with them your objectives. Explain to your team members what you expect of them. Many businesses usually fail to set realistic goals thus leaving employees figuring out the likely outcomes. Set your goals according to your potential. Carry out an analysis of your available resources, assess the ability of your staff and set clear and achievable goals. To create a functional and reliable team, you must set clear goals and inform your employees about those goals. When every worker knows what is expected of her/him, teamwork becomes a success!

2. Failing to seek the opinions of your employees.

The key to team building is to understand and embrace this term: None of us is as smart as all of us’. Teams enable individuals to achieve things far much beyond every member’s individual potential. Bring every team member on board by asking for their ideas, opinions and suggestions. Equally, you should be able to implement those continuous improvement suggestions and empower them as well. Finally, you must provide relevant feedbacks regarding whether those ideas were implemented or rejected. Always make decisions after asking your team members for their input.

1. Failing to celebrate successes while acknowledging failures.

Recognizing and celebrating your business successes and milestones not only brings your team together but allows your employees to realize that people can achieve great things by working as a team. Learn to congratulate a team member who does something extraordinary. This helps members to feel visible and loved and acknowledge that their contribution is appreciated. On the other hand, if your team fails, come together and direct your thoughts and efforts at solving the problem. Remain positive and never turn your team discussion into a blame game. If you want your team building journey to become successful, you must avoid these five things at all cost.

Best Strategies for Saving on Flights and Hotels

As a business owner, you always look for ways to save money when running a business. Amongst all areas business travel is one key area where you can find savings on flights and hotels. By following the best booking strategies and utilizing affordable options, travelers can reduce the cost of their business trip.

Here are a few ways to save on hotels and flights:

Saving on Hotels

Book hotels and flights together

Online travel booking sites offer price breaks for purchasing a flight and hotel together. Combined packages are mostly used by vacationers but also offer great value to business travelers with flexible preferences.

Surf online, book over phone

To get the best deals, browse through various online booking channels and figure out your preferred option. Get in touch with the hotel and ask them to reduce the rate further. This works as many hotels will go lower to avoid paying third-party booking fees.

Advance fees

If you are sure about your travel plans, nonrefundable hotel reservations offer the best price. Paying advance can save up to 20% on bookings made directly with hotels.

Take advantage of refundable bookings

Alternatively, you can make a refundable booking by looking for the best prices online. Hotels usually don’t have any cancellation fees like airlines.

Use corporate discounts

Businesses often negotiate with preferred hotel vendors and get discounts up to 40%. So, using corporate booking tools can give you the lowest possible fare when booking.

Last-minute travel

If you are booking in last-minute, you can find deals on unused rooms. Talk to your preferred hotels to know about possible cancellations. Also, searching last-minute booking sites such as Hotel Tonight can help you get other options.

Say no to cookies

Travel sites maintain cookies to identify customers with strong intention to buy. Clearing your browser history might give you more favorable prices.

Flight Saving Strategies

Travel during off-peak hours

Flights are cheapest between 5 am to 7 am and after 8 pm. Businesses can save an average of $116 per flight by flying at peak times.

Fly on specific days

Reports from recent studies revealed that Tuesdays, Wednesdays and Saturdays are the low cost days to fly. Flying on these days can save you money.

Take connecting flights

Direct flights are convenient, but flights with layovers will cost you less. Taking connecting flights is one of the strategies that can help you save money.

Check out from less expensive airports

When you search for flights, check the box “include nearby airports”. You can choose alternative airports that cost you less than others and not necessarily farther away.

Make early bookings

Tickets booked fewer than seven days before departure will cost you an average of 44% more than if they had been booked 15 or more days in advance.

Book on the right time

Airfares fluctuate throughout the week. Studies revealed that the best time to book air travel is Tuesday at 3 PM ET, the time when airlines will release their discounted seat inventory.

Leverage refund rules

Bookings made at least 7 days in advance can be canceled within 24 hours. This creates a grace period in which you can cancel your bookings if your travel plans are not final.

These strategies can help you save money while booking flights and hotels.

What to Read and When

Either you need information or you desire entertainment. In either case, a young person’s time fills with activity. Yet, young people stumble and fumble through their early lives because they have not experienced the pitfalls and rabbit path trails of work, love, finances, and real estate. Young people should read voraciously to get an edge on what comes next in their lives. An older person might have more time in the day, but less time in life. Older people possess the wisdom to be selective in their reading. Rather than seeking an edge of knowledge, an older person might juice more sweetness from life by identifying with a fictional character who came out on top by living a moral life in spite of torment and misfortune.

Consider this: regardless of your age, the media bombards you with plenty of information on daily news that will enable you to converse socially. Are you an online social media aficionado? You know that it only takes a few glances and a tiny bit of reading to keep up with current events with your friends. In your profession, yes, you should read to advance your knowledge, but realize that by only reading yesterday’s technical guidance, you neither prepare well for today’s technical problem, nor do you advance technically for tomorrow. Besides that, the technical go-to-person in a company receives visits from people who have technical problems. Unless that person interacts socially with the managers and employees, he or she will not be remembered for promotion. However, the technically astute person who brings fun, happiness, charisma, and stands like a moral rock, might slice through company politics like a hot knife through butter, to advance beyond his or her peers. Read fiction to learn how to be that person.

Why read a made up story? Most fiction writers create interesting stories based on what they know – things that have happened to them. The singer, Prince, famously said, “Before I dreamed it, I lived it.” He meant that he had a better story to tell through song because he sang about things that happened to him. You learn his story, appreciate his experience, and possibly get an edge for yourself while he entertains you with his song. You can get that by reading fictional stories too. Don’t limit yourself to stories that closely align with your life. It will do you little good to read what you have experienced. Instead, if a writer piques your interest in the first five pages of any genre: thriller, mystery, romance, science fiction, drama, history, or comedy, acquire and read that novel. Especially, if you feel a hook in your mouth that pulls you into wanting to read the rest of the story, do it. Don’t walk away with regret.

The time and setting do not matter. A 200-years-ago story on the planet Mars can be relevant to you today, as well as entertaining while you read it. You will perk up when you read about a character who faces a nasty experience similar to one that happened to you at work or at home, yet, he or she determined the effect wanted amid chaos, planned, then acted on a plan that switched them from victim to world-shaper. That information may be far more useful to you than today’s news story or your friend’s latest Facebook photo. Like Prince, you might live it, then dream it. Find a lifetime of free fiction novels online, but understand that inexperienced authors break into the writing business by giving their work away. Don’t deny yourself the better read by being stingy with vending machine snack money. #TAG1writer

Estate Tax Planning & Family Limited Partnerships

The general partner(s) manage the assets contributed to the family limited partnership. Limited partners generally have no rights with respect to the assets held by the FLP. The lack of Marketability and the fractional ownership of the limited partnership interests held by the limited partners are two of the well-established reduction principles that diminish the value of the taxable estate. The discounts allowed by the restricted rights provides for the reduction in the value of the assets held by each limited partner, but also increases the amount of annual tax-free gifting that can be attained. The current high marginal estate tax rates allow for wise and prudent planning which is necessary to preserve the family’s wealth.

Centralized Management of Family Assets
When using a corporation as the general partner, the general partner controls all of the assets in the partnership. This corporation can also employ family members and others. It will call meeting, conduct training sessions and facilitate wealth management. With a corporate general partner, continuity must be ensured even in the event of the husband and wife.

Minimize Probate
By using an FLP, the time and expense of probating an estate can be greatly reduced. When a Living Trust is also used, then there is no probate. Living Wills are not public record and therefore no one but those involved in the family know of its contents.

Cure Title Defects
The procedure for transferring assets to an FLP can help with the discovery of title defects. This can be a significant issue for real estate assets if not discovered and corrected.

Tips to Set-Up Your Own Company As a Foreigner

There’s nothing like setting up an offshore company, but you also need to understand the limitations you have. The primary restriction being the laws in the foreign country, you will need to make sure the support of a legal expert. Though you can read articles and books on the business laws of your desired country, the chances of knowing them all are less.

Law, as you may know, is ever-changing and you can’t really do much about it other than keeping yourself updated with the nitty-gritty. Therefore, you must have a trusted legal partner with you who will work for your interest. Here are a few tips to help you find a good legal expert;

· Review Online Listings of the Lawyers: There are websites that give free reviews of the businesses.

· Ask for Recommendations and Referrals: Speak to your friends and family members who have had recently worked with lawyers. Ask them who they hired, what kind of service they have opted for and where they happy with the services. It is equally important to ask whether they would recommend.

· Make a List of Potential Attorneys: While doing so, jot down the attorney’s name, contact number, address and website address. This way you can organize your search.

· Review Attorney’s Website: Every website usually provides information about each attorney who is working for the firm. It is suggested to check the attorneys’ educational background as well as the work history. Typically, you should seek a lawyer with at least 3 to 5 years of experience in practicing the kind of law you need help with.

· Write out Questions about the Lawyer’s Practice: Generally, you will find the basic information about the lawyers online, say such as; how long she/he has worked and/or where and when she/he went to the law school. But there are certain areas that you will need asking questions; like not every firm states their pricing online as that may vary from one lawyer to another.

Plus you will need to know about the time frame, right? You should ask them a tentative time period for the delivery of work. Similarly, you need to ask about their availability. Ask how quickly the attorney can start working on your assignment and then decide so.

· Bring Documents to the Meeting: If you have fixed a meeting with the lawyer, he/she may ask you to bring the documents. Make sure you have them with you. Show it to the lawyer so that he can have a better understanding of your situation.

Once you have ensured these, you will in a place to take a wise decision.