Are company meetings getting you down? Do you find yourself hoping for a productive meeting but wind up stuck in a conference room for an hour (or more) wondering what the point was? Is half your day stolen away from you due to one meeting invite after another and you feel obligated to attend? Bring meaning back into meetings with these 4 tips to help make the most of them. Getting together with co-workers to make progress is possible if you implement changes that will move the needle rather than having you feeling like you're being poked in the eye with one!
1. Have a Clear-Cut Objective
What's the plan, Stan? Your meeting needs a plan and purpose. As per Forbes, "Before you send that calendar invite, ask yourself: What do I seek to accomplish?" Not only will this give a clear-cut definition of what your motives and goals are, but your attendees will come prepared with useful tools and talking points.
As Effective Meetings notes, "The more concrete your meeting objectives, the more focused your agenda will be. (Another) benefit of having specific objectives for each meeting is that you have a concrete measure against which you can evaluate that meeting."
Learn what works and what needs improvement. The next meeting and those thereafter will be more fine-tuned and worth the effort.
2. Come Prepared
Speaking of arriving well-prepared, both the meeting organizer(s) and the invitees must have adequate time and resources to best position themselves to bring well-thought out material, information, and data to the meeting in order for it to be as effective and fruitful as possible.
According to The Muse, "Figure out what you already know about the topic of the meeting, and determine if there's anything you need to research and learn beforehand. Jot down a few questions that you plan to ask in the meeting."
Without pre-planning, the meeting may not deliver the results expected. Participants who come with ammo are the ones who will collectively shoot for the stars with the most accurate aim.
3. Watch the Clock
A meeting needs a defined start and end time. There are only so many hours in a day, and people have work to do. Be sure your meeting starts promptly and is run in a fashion that allows for a resolution once the bell rings. Like Entrepreneur notes, "If you don't start your meetings on time, chances are you won't end on time. Then the next meeting starts late. Before you know it, the entire day is off schedule."
Be sure to create and stick to an organized agenda. Forbes notes, "Create an agenda that lays out everything you plan to cover in the meeting, along with a timeline that allots a certain number of minutes to each item, and email it to people in advance." Entrepreneur adds, "By sending the agenda 24 hours in advance you give people a chance to prepare and make most of the time."
By making it clear that you value and respect the time of your co-workers, they will reciprocate. This creates a harmonious workplace and a day that delivers results by closing time.
4. Follow Up
Meetings have a goal to make something happen, so you'll need to follow up to be sure all assigned tasks are underway or completed. According to Entrepreneur, "Before you end your meetings make sure you recap any immediate actions and assign them to the appropriate owners."
After the meeting, send a brief email to all participants with the meeting's highlights and takeaways. As per Meetings.org, "Meeting minutes are very helpful as a reminder to everyone of what happened during the meeting and what is meant to be done now, by whom and by what date. It is good practice to circulate the minutes as soon as possible after the meeting has taken place."
Following up will keep participants accountable and responsible for their portion of the workload and keep everyone in-the-know about the projects and plans moving forward. With proper follow-up, the meeting's initial goals will be kept in check and reached with a solidified group effort.
Now it's time to plan your next meeting that will be smoother and more successful than in the past. But before you reserve the conference room, read "Can This Meeting Be an Email" and save everyone some time.
When you take out a loan for a car, charge something to your credit card, or get a personal line of credit, there is going to be an interest rate that applies to your loan.
A lot of different factors go into what you will be charged, including your own personal credit score. But even those with flawless credit still see a minimum charge that they can't get around. That all goes back to the Federal Funds Rate.
One thing consumers rarely realize is that all of our banks are lending money to each other every night. Banks are legally required to maintain a certain percentage of their deposits in non-interest-bearing accounts at the Federal Reserve to ensure they have enough money to cover any withdrawals that may unexpectedly come up. However, deposits can fluctuate and it's very common for some banks to exceed the requirement on certain days while some fall short. In cases like this, banks actually lend each other money to ensure they meet the minimum balance. It's a bit hard to imagine these multibillion-dollar financial institutions needing to borrow money to tide them over for a bit, but it happens every single night at the Federal Reserve. It's also a nice deal for those with balances above the reserve balance requirement to earn a bit of money with cash that would normally just be sitting there.
The Federal Reserve
The exact interest rate the banks will charge each other is a matter of negotiation between them, but the Federal Open Market Committee (FOMC) (the arm of the Federal Reserve that sets monetary policy) meets eight times a year to set a target rate. They evaluate a multitude of economic indicators including unemployment, inflation, and consumer confidence to decide the best rate to keep the country in business. The weighted average of all interest rates across these interbank loans is the effective federal funds rate.
This rate has a huge impact on the economy overall as well as your personal finances. The federal funds rate is essentially the cheapest money available to a bank and that feeds into all of the other loans they make. Banks will add a slight upcharge to the rate set by the Fed to determine what is the lowest interest that they will announce for their most creditworthy customers, also known as the prime rate. If you have a variable interest rate loan (very common with credit cards and some student loans), it's likely that the interest rate you pay is a set percentage on top of that prime rate that your lender is paying. That's why in times of low interest rates (it was set at 0% during the Great Recession), a lot of borrowers should go for fixed interest rate loans that won't increase. However, if the federal funds rate was relatively high (it went up to 20% in the early 1980's), a variable interest rate loan may be a better decision as you would be charged less interest should the rate drop without the need to refinance.
The federal funds rate also has a major impact on your investment portfolio. The stock market reacts very strongly to any changes in interest rates from the Federal Reserve, as a lower rate makes it cheaper for companies to borrow and reinvest while a higher rate may restrict capital and slow short-term growth. If you have a significant portion of your investments in equities, a small change in the federal funds rate can have a large impact on your net worth.
Whether you're leaving a job involuntarily, departing for something new, or just want to prepare for the unknown, it is smart to understand all your options regarding your 401k.
Frugal gifting often gets a bad reputation. However, this shopping method does not make you cheap — it makes you practical. Frugal gifts often avoid waste and overspending and can be just as meaningful (if not more so) as any other present.
With the National Retail Federation predicting each consumer this holiday season to spend upwards of $1,000 on holiday gifts amidst an economic recession —this year might be the perfect time to reconsider your spending budget. We've formulated the ultimate list of frugal gift-giving ideas to get you started.