Savings and Investments Series: Balancing Risks With Rewards

HOW DO I BALANCE RISKS WITH REWARDS?
Risks and rewards are difficult to assess with any accuracy, and investing in any asset involves a degree of risk. But because there are so many different savings and investment products around, with a little research, you’re bound to find a product, with a risk level you feel you’re comfortable with.

Investments vary from the very secure (deposit accounts) through collective funds (with profit life funds, unit trusts and investment trusts) to individual stocks and shares, property, and specialized investments such as antiques, artworks and other collectibles. Even collective funds can carry a varying degree of risk, depending on what they invest in and how they are managed.

Savings and Investments Series: Investing for Growth

HOW DO I INVEST FOR GROWTH?
The aim of the growth fund is for the value of the shares it holds to increase over time. Investing in this way for five years or more could help you achieve long-term goals such as buying a second home, paying a daughter’s wedding, or funding a university education. A well-managed growth fund may be capable of financing major life goals beyond the means of a savings account.

Savings and Investments Series: Choosing the Right Strategy

HOW TO CHOOSE THE RIGHT INVESTMENT STRATEGY
Before you invest, you need to consider your circumstances and how these may change. If you tie up money in an investment now, will you need to have access to it in the next few years? Are you planning any major expenses – like having children, moving to a house, or both?

Ask yourself how much of a risk you’re prepared to take. The longer you plan to invest, the more risk you can normally afford to take

Savings and Investments Series: Equities/Shares…

EQUITIES, SHARES…
Shares, also known as equities, are the preferred ‘real’ asset for many investors. Buying shares in a company provides you with a portion of the company’s value and a stake in its profits, which are distributed yearly or half-yearly to shareholders as dividends.

Broadly speaking, the value of a company should keep pace with inflation value because the prices it charges for goods and services rise with inflation. If you invest in a company for a long enough time, and if the company succeeds in growing the overall of its business, the value of its shares may grow faster than inflation. This can provide you with substantial capital growth.

Of course, the opposite may happen and the share value may fall. Investing in shares always carries a degree of risk, although as we shall see, there are various ways to reduce this to a level I find acceptable.

You can buy shares yourself through a stockbroker. If you have experience of a particular industry, you can use it to your advantage when you make an investment decision. But deciding which shares to buy is difficult and, once again, time consuming. You will have to research potential stocks carefully. You may examine past performance, and be able to differentiate between sales growth and earnings. You must decide whether to invest in a company that has low growth at present but which has great potential for growing in the future.

You must be sure that the company you want to invest in has a healthy balance sheet. And you must be able to resist the urge to invest in the hot stock of the moment. Often, the ‘next big thing’ amounts to nothing.

Savings and Investments Series: Real Assets – Property

REAL ASSETS
So-called ‘real’ assets, such as shares and property, are those which, judging by past history, are likely to give a ‘real’ return: the value of your original investment is likely to grow in line with, or above, the rate of inflation.

Investing in a real asset gives you a stake in a business or in the economy as a whole which you hope is going to grow in value. All being well, you get a return above the rate of inflation, so increasing your spending power.

Should You Invest in Property?
Investing in commercial property through a property fund can be a sound long-term investment. It can provide you with a regular income which increases with each rent review, and the possibility of real growth in value over time. The risk is that what happens in the commercial property market and the economy as a whole could mean the value of your asset could fall.

If you can afford, you might choose to invest directly in commercial or residential property, renting it out yourself or through an agency. This can bring in a good income and, again, your investment is likely to appreciate over time. However, having to find the property to invest in, surveying it, making the necessary legal and financial arrangements to buy it, and then having to deal with tenants, even indirectly, can be time consuming and difficult. Bear in mind that you will also have to account for your income from letting property, and pay tax on it. This may involve paying an accountant and other financial consultants.

Savings and Investments Series: Planning Your Savings and Investments

SAVINGS AND INVESTMENT PLANNING – A QUICK TOUR
Before getting down to any serious financial planning, it is useful to have a working knowledge of the main types of assets in which you can save or invest.

There are many different types of assets, each with its own particular combination of benefits and drawbacks, but the most important ones are summarized below.

The three most popular savings and investments assets are cash deposits, bonds and real assets such as shares and property. Placing some of your funds into each of these is often a good investment strategy, because it balances security of capital with an opportunity for growth.

As well as buying these assets directly, it is possible to invest in them indirectly through funds which are managed by professionals. A fund is an investment vehicle which pools the money of investors and invests it accordingly to a defined set of investment objectives. For example, a company with profits fund can allow exposure to all these asset classes, while removing some of the risks involved in the timing of the investment using a process called ‘smoothing’.

However, the best option for you will depend on your own particular circumstances, preferences and objectives.

Savings and Investments Series: Why Invest?

WHY INVEST?
We all have goals that we want to achieve in life. Unfortunately, many of them come with a large and heavy price tag. On its own, the interest that you earn on your savings account is not usually enough to meet the cost of these long-term plans. Your cherished ambitions are likely to remain just that.

This is where investment comes in. Making the right investment now could help you turn your dreams into reality. You could pay off your mortgage, take early retirement, provide for your daughter’s wedding, support your children through university or college, take a career break and travel the world or buy a place in the sun. Whatever your dream, investing for it now should make it much more achievable.

How Long You Should Invest
Investing is not usually a ‘get rich quick’ scheme. You should think of it as a decision taken for a minimum of five years, and often for longer. Because of this, you need to think ahead, considering your circumstances not just now, but in the future. You also need to bear in mind that investment carries a varying degree of risk, and that the value of investments can go as well up.

Long-term investments aim to provide you with a ‘real’ return on your investment, one that beats the gradual erosion of the purchasing power of your money through inflation. This growth can take the form of regular income, long-term capital growth or a combination of the two.

You could also aim to choose a combination of savings (put aside where you can easily get at them in an emergency) and investments.

Savings and Investments Series: Savings – Expect the Unexpected

SAVINGS: Expect the Unexpected

We can all expect rainy days to come along in life, even though we don’t know when. Putting some money aside for unforeseen expenses or changes in circumstances is a sensible precaution.

Whether the ’emergency’ is minor, such as needing new parts for your car, or major, such as having an unpaid leave from work, it is best to be prepared.

As a rough guide, you may wish to put aside enough money to last you for at least three months, and the best place for such ’emergency funds’ is often a bank. So if the worst happens, you can get your hands on your money immediately.

 

How do I choose the right account?

Bank interest rates vary a great deal. Although most savings accounts offer instant access, some require you to give notice of withdrawal. By all means you, take advantage of this, but don’t automatically settle for a poorer interest rates or high charges. Make sure the right account that will suit you.

Safety In The Office

It’s fairly obvious that safety and health hazards can exist on worksites filled with heavy machinery and equipment, where employees often are required to engage in strenuous manual labor.

A job where most of the work tasks are completed while sitting in a chair in a climate-controlled office building would seem less fraught with danger. However, a surprising number of hazards can be present in an office setting.

Here are some steps you can take to reduce the risk of injury among your office staff.

Falls

Slips, trips and falls, the most common type of office injury, sidelined 25,790 workers in 2008, according to BLS. Several hazards contribute to these injuries, although most can be significantly reduced, often by raising awareness among employees.

Stay clutter-free
Boxes, files and various items piled in walkways can create a tripping hazard. Be certain that all materials are safely stored in their proper location to prevent buildup of clutter in walkways. Further, in addition to posing an electrical hazard, stretching cords across walkways or under rugs creates a tripping hazard, so ensure all cords are properly secured and covered.

Step on up
Standing on chairs – particularly rolling office chairs – is a significant fall hazard. Workers who need to reach something at an elevated height should use a stepladder. The Chicago-based American Ladder Institute cautions that stepladders must be fully opened and placed on level, firm ground. Workers should never climb higher than the step indicated as the highest safe standing level.

Maintain a clear line of vision
Workers can collide when making turns in the hallways and around blind corners or cubicle walls. The National Safety Council suggests installing convex mirrors at intersections to help reduce collisions. If workers can see who is coming around the corner, collisions are less likely to occur.

Get a grip
Carpeting and other skid-resistant surfaces can serve to reduce falls. Marble or tile can become very slippery – particularly when wet, according to the National Safety Council. Placing carpets down can be especially helpful at entranceways, where workers are likely to be coming in with shoes wet from rain or snow.

Struck/caught by

Another major type of injury in the office setting comes from workers being struck by or caught by an object.

Shut the drawer
File cabinets with too many fully extended drawers could tip over if they are not secured. Additionally, open drawers on desks and file cabinets pose a tripping hazard, so be sure to always completely close drawers when not in use.

Safe stacking
Proper storage of heavy items can help reduce the number of office injuries. Large stacks of materials and heavy equipment can cause major injuries if they are knocked over. It is recommended that you store heavy objects close to the floor, and the load capacity of shelves or storage units should never be exceeded.

Ergonomics injuries

Perhaps the most prevalent injuries in an office setting are related to ergonomics. Because office workers spend the bulk of their day seated at a desk and working on a computer, they are prone to strains and other injuries related to posture and repetitive movement. Ergonomics hazards can be difficult to detect. “Most office conditions that can be described as hazardous from an ergonomics perspective would appear quite innocuous to the everyday observer,” said Marc Turina, principal consultant for ErgoSmart Consultants in McKees Rocks, PA.

Provide adjustable equipment
One size does not fit all in an office workstation. “Adjustability is the key,” Turina said. “Chairs, work surfaces, monitor stands, etc., should all be adjustable in order to accommodate the widest range of employees.”

Train workers on how to use equipment
Providing adjustable furniture and equipment is only the first step in creating an ergonomically sound workstation. “A big issue that I have encountered a lot lately is employee inability to properly adjust their own office chairs,” Turina said. “Many times, employers can invest $500 in an excellent adjustable chair, but employees still experience a bad workstation fit.” The problem often is twofold: Workers do not know how to adjust their equipment, and they do not know the most ergonomically beneficial way to set up their workstation. Train workers on both the ideal setup and how to operate adjustable equipment accordingly.

Keep your feet on the floor
One of the first questions Paquette asks workers is whether their feet touch the floor when seated at their desk. “It sounds like an incredibly simple question,” she said, “but very often workers have their keyboard tray on the desktop, so in order to reach it, they need to jack up their chair so high that their feet can barely touch the floor.” She added that unless an employee’s feet are on the floor, a chair will not be able to reduce pain and discomfort. She recommended options such as adjustable keyboard trays or rolling tables adjusted to the proper height to eliminate this problem. Although footrests are a “second-best option,” their small surface may impede some of the worker’s movement.

Provide document holders
Frequently typing from hard copy can lead to neck strain if a worker is forced to repeatedly look down to the desk and back to the computer screen. Turina recommends providing document holders to reduce this strain. “These document holders are reasonably priced, and eliminate excessive cervical motion and help to prevent muscle imbalances,” he said. Document holders also are good for the eyes, according to the St. Louis-based American Optometric Association. Keeping reference materials close to the monitor reduces the need for your eyes to change focus as you look from the document to the monitor.

Correct mouse placement
Paquette often sees workstations where the computer keyboard is on a tray, but the mouse remains on the desk. “That spells disaster for the neck and shoulder on the side of that mouse,” she said. She recommends that the mouse always be placed beside the keyboard.

Source: https://www.safetyandhealthmagazine.com/articles/recognizing-hidden-dangers-25-steps-to-a-safer-office-2

Handling Customer Complaints

If you’re thinking about starting up a small business or you’ve just recently launched, fantastic customer service is undoubtedly on your radar.

You want your customers to come away from an experience with your company having seen you in the best possible light. In an optimal situation, the majority of them would not only become repeat customers but would also enthusiastically recommend your product or service to others.

This, however, is easier said than done. Handling customer complaints can be difficult, especially right when you start a new business. However hard it may be to take criticism, it’s extremely important to the growth of your small business. Even if a customer doesn’t necessarily give you easy-to-swallow feedback, learning to see past harsh words and hear valid complaints and suggestions for improvement is vital.

Don’t fret! Here’s what you need to know to handle customer complaints with ease.

How to look past negativity

Starting a new business can be scary. Investing your time, effort, and finances into a venture that might not be a sure thing can be intimidating.

However, customer complaints shouldn’t add any stress. Fear of failure is high on the list of reasons why people sometimes choose not to pursue great ideas. For some, criticism or complaints can be viewed as a failure—but they aren’t. They’re actually just the opposite; they are an opportunity to improve.

Maybe you’ve heard horror stories from other business owners about “their worst customer ever,” but you should know that these types of scenarios are rare, though memorable.

No matter what happens, remember, even when delivered unskillfully, your complaining customers are providing a treasure trove of information on how you improve your business and your customer service approach. If you view complaints this way, you’ll be able to better prepare yourself and your team for any challenging conversations.

Sit down with your team and make a list of realistic questions or complaints that you might receive or that you have already fielded. Brainstorm ways to respectfully resolve the most challenging scenarios. This way, you’ll all be ready when a really difficult one comes your way.

Working in customer service for over ten years, I can’t tell you how many awkward interactions I’ve had. I’ve had customers yell, use bad language, and attack me personally. Although, if I think back to exact instances where this type of thing occurred, I can really only think of a handful of times where I left the interaction truly upset. For the most part, I felt that I had the tools and experience necessary to handle difficult calls. Though, for some escalated instances, I felt completely lost. Looking back, the times when I wasn’t sure what to do generally came up when I hadn’t been properly trained. As the leader of a growing business, talking through the top one percent of toughest calls, even though they are few and far between, will make all the difference in your staff’s confidence.

For example, I was once on a call with a woman who was using just about every tool that she had to break me down and get what she wanted. I remember physically shaking because I had no idea how to calm her down; I simply hadn’t been taught how to handle this type of call.

At the time, I was working as a manager for a direct selling company. The customer felt that she had been cheated because she received alternate products to what was pictured in our starter kit—but the kit stated that products may vary. As I saw it, there was nothing I could do. Our product listing made it clear that it was possible that she would receive equal (but different) products in her kit and those of us in customer service had been told by our supervisors that we weren’t to bend on this subject. No matter how effectively I felt like I communicated this information to her, she couldn’t have cared less. I had to step away from the call for a couple of minutes to calm down. After about an hour of back and forth with this woman, I went to my supervisor and was told to give her what she wanted.

I was shocked and upset and felt like a fool when I got back on the phone with my customer. We had been told that we should be able to handle these types of calls and I wasn’t able to. I hadn’t been trained on what to do if a customer wouldn’t take no for an answer, but another part of the problem was my own stubbornness. I should have gone to my leadership team and brought the problem to their attention well before I (and the customer) became so distressed.

The reason I mention this is to point out the fact that it is imperative to have a plan in place when the one percent of truly aggravated and unimaginably persistent customers come your way. If the plan at the highest level is to give the customer what they want, think about implementing this at the foundation level of customer service—during training.

Empowering your employees is the absolute best thing you can do to stop negativity in its tracks. No matter how the call starts, if your employees have the power to solve the issue themselves, they will walk away feeling positive, empowered, successful, and ready to take on the next problem immediately, and you as the supervisor and owner of your business will also leave feeling like you’ve trained trustworthy and capable individuals to do the important work of caring for customers, even the difficult ones.

Finding the right balance

Sometimes, you’ll want to focus on the positive comments you receive, which likely far outweigh the negative. What I mean is that positive comments can have a greater impact on your team, so don’t gloss over them.

Often, satisfied customers are quiet about their feelings. You might not receive a flood of positive comments, so amplify and celebrate them. It’s easy for a company to get lost in trying to eliminate every single negative comment, but it’s just not realistic. Of course, that doesn’t mean that you won’t try your best to help each customer have the best experience possible, it just means that you understand that not 100 percent of customers will walk away delighted. Most will, but any successful company will tell you that sadly, you just can’t please them all.

An easy mistake to make is constantly showing your customer complaints team every single negative comment. Maybe it seems like a good approach, a way to help them see faults and get better (and sometimes that’s true). However, consistently focusing on negative comments can break down your team’s morale over time, especially if they’re presented simply as evidence of failure.

There’s nothing wrong with discussing negative feedback as a learning opportunity, but your team needs to feel like they have the tools to be successful in their positions, so make sure that you’re helping them use negative feedback to grow. This sense of empowerment is crucial when dealing with a difficult customer.

The last thing you want is for your team to essentially transfer negativity from past complaints on to future interactions with customers—you’ll begin to see morale issues that can escalate into even more complaints. If you’d like issues to be resolved on their first interaction, train your employees and empower them so that they have the tools and confidence to do their job well.

Take this opportunity to put an improvement plan into place. Don’t ignore the complaints; embrace them and study them. When you start to see a trend, make sure to track it. A pattern of similar complaints should tell you that there is an issue that you and your team need to look into. Be sure you also track positives and the improvement that your team makes over time. Share that information with the rest of your organization to help open a company-wide dialogue that can generate insight and new ideas that you would have otherwise missed.

The key to handling customer complaints is empowerment. If you create a plan for your company that works for your employees—not against them—you’re bound to be successful. Focusing on and rewarding positive achievements will only add to your employees’ ability to skillfully handle negative interactions.

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