Small business owners are wise to be jacks of all trades. It's helpful to have a base knowledge of accounting, law, and marketing, even if their true passions lie elsewhere. And until they reach a certain breaking point, a single-person business is a smart way to keep down overhead and reap all the (eventual) profit. But what happens when entrepreneurs are working twenty-hour days and need twelve cups of coffee to stay alert enough to answer the phone? What they need is trustworthy employees and an excellent manager, so that they can focus on the stuff they were born to do.
The scary part is finding the right team. It's kind of like hiring a nanny to watch your young child for the first time. Are good references and a good interview enough to prove that your precious cargo will be in excellent care? A good manager will instill this trust almost immediately. Here are some tips on how to recognize a partner that will be with you for the long haul.
They don't flower you with empty and general phrases.
Job interviews, even though we might like to think so, are not representative of how an employee will behave at all times. Know that potential managerial candidates will be pulling out all of their tricks to get noticed. But it's up to a good employer to be able to parse conversation for disingenuous or negative words as well as body language. They could fulfill a number of generic "good" qualities like a high level of experience and creativity, but what will make them stand out is if they not only talk about their own accomplishments, but talk about how they want to help the company. They need to demonstrate familiarity with the history of your business and professional endeavors, and a specific interest in this sector (and you).
Empty phrases such as, "I was asked to do a number of leadership tasks at which I excelled" are yawn-worthy. A manager will not tell you how they will behave in this position, but will show you.
They also have to have a team-oriented spirit, rather than an individual one. According to Forbes's Jacob Morgan, the model is changing from a hierarchy to a level playing field: "In the past managers said 'jump' and the employees said, 'how high?' Now, the managers are jumping with employees." You will be able to recognize this ability in your potential manager if he or she mentions words like "we" and "team" instead of solely, "I." It's important that your manager is a leader, but also that he or she appreciates the importance of business development: that ultimately, your success is dependent on more than one person.
They share your ambitions and goals.
Your manager doesn't have to, and should not, be your clone. But he or she should share your business ethics and values, and see the same end goal. You want to find someone that will be on your side, though disagreement should not be seen as a negative. In fact, finding someone that will disagree with you on certain points can be a ripe opportunity to explore new avenues and test new strategies you couldn't have thought up on your own. We seek romantic partners that share our values but that are not the same as us. We should look at our business partners with these same criteria in mind.
If you are an employer that avoids confrontation, it will be a good idea to seek a manager that is direct and who efficiently (and peacefully) passes down concerns to employees. Know your weaknesses and seek out a person that will make up for them.
Sharing ambitions and goals for the company will allow you to confide in your manager freely, and perhaps even consider making him or her a business partner or successor to the business in due course.
They can relate to and inspire their team.
A manager is only as good as how much respect he or she has. That means, a manager cannot work in a vacuum. Having "people skills" is not enough for someone that will stick around for long. He or she has to connect to their team so that they feel always encouraged and motivated to perform. By employing concrete deliverables and making informed decisions, a manager can both increase the efficiency of his or her team and make meaningful relationships.
According to Aaron Schwartz of Modify Watches, "empathy" is one of the most important qualities when looking for an exceptional manager. He says, "Strong managers work well with their teams to set priorities, and then encourage their direct reports to go execute them...It's critical that a manager cares about her team—and that the team knows this—to keep everyone positive and working together." And we all know that a happy group of employees is one ingredient to a successful business.
Hiring a manager is a huge job, but the rewards will be fruitful. Knowing that you can trust someone to take care of the daily tasks while you map out the future of the business is an invaluable resource.
For more on how to get there, click here.
The National Financial Educators Council (NFEC) surveyed young adults in 2017 and asked them what high school level course would benefit their lives the most.
The majority responded that money management was the course that would be most beneficial.
With personal debt is at its highest record and COVID-19 threatening to have the hardest economic effects on youth, understanding money and finances is an important life lesson that should be taught to children at a young age.
The following is a list of the best financial literacy lessons and tips to teach children throughout different life stages.
I thought I had a pretty good handle on my finances out of school. I worked several jobs while attending university and had little to no problem managing my income. However, once I graduated, I realized how much more complicated personal accounting could really be.
There were so many variables I needed to keep track of. Biweekly bills, monthly charges, and general necessities amounted to a heap of confusing numbers that were often impossible to decipher. The funniest part was that I was actually trying to do this by hand (I don't know what I was trying to prove to myself, either).
After messing up for the 17th time, I decided to give Microsoft Excel a shot. I used Excel a bit in school and I knew all the big-wig finance people used it, so what could I possibly have to lose? The answer is about six hours of my precious time. Excel isn't much of an improvement over handwriting and it's still dependent on the user to manually input all of the information. It's like doing everything by hand with the slightest help, meaning that it still required a tremendous amount of time and concentration. Well that was all for nothing, I guess.
It's sort of funny. I was certain that I could manage my personal finances with ease, when it's practically a full-time job. I was already stressed out enough with my first job and I knew I didn't have enough time to give my finances the attention it deserved.
That's why I decided to try out a budgeting app. My best friend told me that he uses an app called Truebill to manage his finances. "What does it even mean to manage your finances?" I asked him. He told me that Truebill was the personal financial assistant I wished I could have. It could aggregate all of my account information into one place and give me specific insights and actions.
I loved the idea of having full control over my finances, especially during a time of financial uncertainty, and I realized that Truebill would be the easiest way to accomplish this. The user interface is incredibly simple and intuitive, so it doesn't even feel like a finance app! Truebill offers a multitude of features, with their most popular being the ability to cancel subscriptions with the press of a button.
Okay, I had no idea how many subscriptions I was still subscribed to. In fact, I wasn't even using a quarter of the subscription services I was signed up for. Subscription boxes, streaming services, my old gym, and even an old subscription to my favorite magazine--it was all there and I was livid. How could I let myself waste all of this money and how did I never catch this? Thank goodness for Truebill.
Truebill also offers bill negotiations. There is a 40% fee based on how much you save and Truebill even claims that there is an 85% chance that they'll be able to lower your bill once a negotiation is requested. Why wouldn't I take them up on this? There was zero risk and I would only have to pay once my bill was lowered (which means that I would be saving money regardless).
More standard features of Truebill include the ability to generate a credit report on-demand and even request a pay advance. I only used the pay advance feature once when I wanted to buy a gift for my mom, but didn't have enough cash in hand and Truebill automatically reimbursed itself when I got my next paycheck.
The credit report is another fantastic feature and practically taught me what good credit meant. Truebill's credit report basically shows you which financial decisions have the most significant impact on your credit score and ways that you can improve your credit month-over-month. I've never had such control over my credit and it feels good.
I'll be the first to admit that I was extremely naive coming out of school. I figured that as long as I was attentive, I could manage my finances with ease. We manage money to some extent throughout our entire lives, but once you're thrown out on your own, it's a completely different story. With Truebill, I've finally been able to take control over my finances and stay on top of all of my responsibilities.
My buddies and I always try to make it out to a game, but we never really care which one we end up at. Obviously we have our favorite sports and teams, but it was rarely about what game we went to or who we saw playing. It was about watching the game live.
In the early months of lockdown, all we had was Korean baseball, and trust me, we loved it. The only issue was, none of us had any idea what the commentators were saying. Even then, a few of my friends weren't huge fans of baseball. They were into sports like football and basketball, ones that moved at a quicker pace with less down-time in between plays.
We decided to see if there were any other events going down and came across horse racing. Yes, horse racing. It was perfect--short, fast-paced, and most importantly, an opportunity for betting.
I had never really considered watching a horse race any time other than the Belmont Stakes, but the prospects of the sport seemed exhilarating. Even better, with horse racing we knew we could still recreate the atmosphere of a race track. Salty snacks? Check. Stale beer? Check. A simple and easy way to bet? Check.
One quick Google search later, we came across TVG, powered by FanDuel. It's an online betting platform that takes you right to the heart of the action. We were a little apprehensive about using a mobile app to place our bets, but TVG's ability to bet on live horse races from all over the world was too good to pass up.
Here are 5 reasons why we are obsessed with horse racing thanks to TVG:
1. Betting has never been easier
Use your phone or computer to watch and bet on live horse races in real-time. TVG offers a bunch of features to make betting even simpler--live odds and handicapping tips leverage recent learnings to help you make your best bet. Not to mention, TVG's exclusive race content and wagering guide offers an under-the-hood look into the strategy behind horse race betting.
2. The biggest selection of horse races out there
If you're looking to drop a little dough on a horse race, chances are your best option is your local race track. But watching the same few horses races over and over again isn't the most exciting thing. With TVG you have access to over 150 tracks worldwide with races happening consistently throughout the day.
3. Get a generous sign-up offer when you place your first bet
Once you register your account, you will be eligible for a $200 risk-free bet. All you have to do is place your first bet and you're covered. If you happen to lose, TVG will insure you for up to $200 as a sort of wagering credit. I may have been a little trigger happy when placing my first bet, so having this insurance was a great perk. There are also a bunch of promotional offers available year-round.
4. Making deposits and cashing out at the touch of button
With a ton of payment options such as PayPal, BetCash, debit/credit, wire transfers, and other third-party services, making a deposit is a breeze. But what about the payout? Depending on your deposit method, your withdrawal will be available in a few days. No more waiting in-line to collect your winnings!
5. Watching live races with your friends while betting is exhilarating
Even when we were watching Korean baseball, Zoom calls with my friends were a little dull.
With TVG, we haven't had this sort of fun in months! Every weekend we'll turn on a race and throw our bets in. After a few races, and quite a few drinks, we'll tally up our winnings to see who won the most! Sometimes it's not even about making money, but just having a good time.
TVG is the perfect way to add a little excitement to an otherwise mundane afternoon. It introduced me to the world of horse racing, a sport I never would have considered otherwise.
The races just keep ramping up and thanks to TVG, I can always get in on the fun.