Author: grsjones

“The action of working with an individual or group in order to achieve something”

Business today is all about collaboration and especially in these times of remote home based employees. Did you know that 86% of employees believe workplace failures are due to a lack of collaboration or ineffective communication. So why do companies find it so hard to implement Collaboration within their own structure? Let’s take a look at how to improve so organizations can actually excel at Collaboration.

So we have all heard the term “team player” and especially when companies are interviewing for positions to hire. That term is easily spewed by the company heads but can be difficult to execute if not taken seriously. Stanford researchers Priyanka Carr and Gregory Walton found that simply feeling like we’re working as part of a team makes us more motivated to persevere in difficult tasks. Across five experiments, participants who thought they were solving a puzzle with others worked on it 48% longer than those who thought they were on their own.

Three activities that stand out when improving Collaboration:

*Trust – Teamwork is based on relationships and for those relationships to work, there must be trust

*Self Awareness – Ask for feedback, good and bad. One must understand that we all have weaknesses and can improve

*Tolerance – You will be working with all types of personalities and backgrounds to which you may not always see where they are coming from

Having Collaboration means:

• Having a great Training program and a System to follow
• Employee Connection with team members that can mentor or help shape those that are in need of support. They can give advice about an employee issue, or some wisdom that comes from another employee’s experience.
• Recruit and have continuous training. Good help is hard to find, and it’s getting harder and harder to keep good employees. Keep your employees informed and updated on promotions, marketing programs, company updates, etc. Hold refresher and advanced training sessions.
• Communicate consistently. Brainstorm with your team, your communication style will largely dictate what kind of work culture you have, and culture has a lot to do with success or failure.

Many businesses were forced to adapt during COVID, Corporate-level management had to reach out to help employees, strengthen the team concept that makes for a successful Collaborative environment. It was a reminder that surviving and thriving in adversity is the best preparation for future success.

Life after Retirement, is it better or worse?

According to a recent survey 1 in 5 folks think their golden years are worse than they expected. Sometimes this feeling is brought on by the transition from working to retirement and the feeling like they have suffered a detachment. It doesn’t have to be that way for those who want to break the mold and take hold of their future.

The happiest retirees are those who have discovered and built a more meaningful life for themselves and found ways to invest their time. Today, many over 50 years of age are starting their own business and putting their life and their financial future in better shape.

There is a correlation between age and success, research by Age UK shows. More than 70% of businesses started by over 55-year-olds last more than five years, compared to 28% among younger entrepreneurs. In the U.S., the U.K., Ireland and Australia, the age group is launching more start-ups than any other cohort.

That stat comes from Elizabeth Isle, founder of the Global Institute of Experienced Entrepreneurs. She started the Institute at age 70.

A high number of those 50 plus business owners are fulfilling their time, energy and dreams through Franchise opportunities!

America has 11 million small-business owners 55 and older, according to the U.S. Small Business Administration, who have to balance their dreams of running a successful business with their goals of being able to retire comfortably financially.

Those over 50 have taken advantage of owning Franchise businesses due to the support that comes from a Franchise System and the many options/industries that the Franchise space brings to market. When people think of a franchise business, the first thing that comes to mind usually is a popular fast-food chain such as McDonald’s.

But the actual range of franchise opportunities extends well beyond restaurants – including options as diverse as home healthcare, business consulting, bird feed retailing and real estate.

That range is good news. It means that aspiring entrepreneurs can not only find a potential franchise business that matches their personal interests, but they also can find one that fits their budget, which may not be the case with a fast-food restaurant.

“There are a lot of different options out there for folks, and it depends on what they’re looking to achieve,” says Eric Stites. CEO and managing director of Franchise Business Review (FBR), a market research firm. “I see people all the time that are in their mid-50’s or so, and they’re thinking about their eventual retirement.

Franchising can give them a good 10-to-15-year window, where they can work hard for five years to get the business up and running. Then, they can kind of scale back a little bit and still own the business but not have to work as hard and still have that residual income long term in retirement.”

Anyone that has an interest in Franchise opportunities should turn to an organization or individual who knows the Franchise space very well. Let them help you understand the in’s and out’s of buying a Franchise concept. Just like todays top athletes, get yourself an agent who will represent your best interests and help you find the best organization to join.

For all you Investors looking to buy a business!

Franchise resale prices are higher than those of non-franchise resales!

Lets face it, individuals looking to start/buy a business are investors. Whether you are an owner/operator, semi-passive or passive, you are investing money for future return.

What most investors don’t consider when investing in a business model (but should) is the “Resale” value if they decide to sell. Here is some food for thought, “Franchise Resales” are proving to be more lucrative than non Franchise businesses that are on the market.

A study conducted at Palm Beach Atlantic University’s Rinker School of Business has documented that franchise businesses fetch more at resale than non-franchise businesses. Three PBA Rinker School faculty researchers examined 2,159 business resales that occurred over a decade. From the data, they determined that franchise resale prices were 1.5 times as much as those of non-franchise businesses. Small businesses in the franchise industry’s food/restaurant (non-grocery) category sold at .5 times higher price than other personal and professional small business categories

Franchise resales are big business in the 21st Century, and investing in such an opportunity presents certain advantages over independent business.

Advantages:

• You’re investing in a brand and system that has a track record
• Success in a product or brand that has been well received by the marketplace
• Brand recognition
• Instant cash flow
• Fully trained staff (if applicable), Franchise systems have detailed training for employees of the system
• Marketing support
• Bank support, most banks look favorably towards lending to Franchisees of established Franchise systems with track records

Most investors consider the up front investment to return of that investment over time but should also consider the Resale value once the end is in sight.

Psychologists have long known that success is fueled by grit, passion, and a growth mindset—a deep-seated conviction that you can excel at a new pursuit.

But grit—a combination of perseverance and determination—rises through middle age and peaks in your 70s, as do a number of other helpful intellectual traits. Harvard and MIT researchers who tracked the cognitive skills of 48,000 people over time found that while mental processing speed is already on the downswing by the time you depart college, your ability to perceive the emotional state of other people and your vocabulary, comprehension, and aptitude for math keep climbing until at least 50. Though short-term memory declines after age 35, the mind’s accumulation of facts and knowledge peaks around retirement age. In many ways, that’s when your mind is best suited to dominate on the job.

Such an overabundance of determination may be unusual, but gritty, later-life professional success is not. Starting a business later in life may be the smartest thing you have ever done for yourself.

How to Stoke the Fire

1. Make It Meaningful
Once you pass the half-century mark, avoid work you don’t find compelling. The pandemic provides the perfect occasion to ditch—or be fired from—a position that doesn’t do much beyond keeping the lights on and the fridge full. “When you lose that just-OK job, you have the opportunity to take a big risk,” says Boden. “Take all the good from your past ventures and throw them into the future.”

2. Move Your Body
“Physical activity is very important to keep the gray and white matter in your brain more functional,” says Sigmundsson. His studies show that successful older people are all physically active, including everyone mentioned in this article. Anything that gets your heart pumping, such as walking, swimming, yoga, biking, or weights, will do the trick.

3. Fight Weakness
Which is lowest: your grit, passion, or growth mindset? Help nurture your weakest trait by surrounding yourself with people and deadlines that bolster it. If your entrepreneurial passion is fading, find an enthusiastic business partner and/or join a professional group. Talk to a source that can help you find that right entrepreneurial opportunity.

“The person who risks nothing, does nothing, has nothing, is nothing, and becomes nothing. He may avoid suffering and sorrow, but he simply cannot learn and feel and change and grow and love and live.”
Leo Buscaglia (1924 – 1998) American Author & Professor.

“Avoiding danger is no safer in the long run than outright exposure. The fearful are caught as often as the bold.”
Helen Keller (1880 – 1968) Deaf and Blind American Author, Activist and Lecturer

“Security is mostly a superstition. It does not exist in nature, nor do the children of men as a whole experience it. Avoiding danger is no safer in the long run than outright exposure. Life is either a daring adventure, or nothing.”
Helen Keller (1880 – 1968) Deaf and Blind American Author, Activist and Lecturer

Politics is bubbling over into nearly every aspect of our lives, and the Corporate office is not immune. Corporate politics has been around forever, and it can be a detriment to ones career and future success. How many times have you been caught up in the bosses misuse of information, peer jealousy, and the old fashion “Rumor Mill”.

Overall, 55% of employees say they partake at least somewhat in office politics, with most of those doing so to advance their careers. The study found that 76% of workers believe that office politics affect their efforts to get ahead, up from 56% who felt that way in 2012. Gossiping and spreading rumors is the most popular form of office politicking. According to Accountemps’ survey, 46% of employees polled said it is the behavior they see most often. Gaining favor by flattering the boss, taking credit for others’ work and sabotaging co-workers’ projects are among the other, more common forms of office politics employees say they witness.

Do any of these look or sound familiar?

• Gossip Hound
• Credit Thief
• Flatterer
• Saboteur
• Lobbyist
• Manipulator

Take control, working for yourself is one way to leave the workplace politics behind. Since the pandemic hit our lives over the past 15 months, more and more individuals are starting small businesses and controlling their destiny. What this creates, is ones ability to use power and social networking within your own workplace to achieve changes that benefit you and your company. Think how much you could focus and accomplish without the Corporate baggage and disruptions that politics create everyday.

If you are interested in leaving the Corporate Silos, Hierarchies, and Manipulation behind, think about your small business options. Start on your own with a great idea, or work with a great and financially sound Franchise model that fits with your skillset. Both can help you leave the Corporate politics behind and allow you to take control of your future. To help with investigating your options, be smart and work with a firm that has the ability to look at all options and provide information.

If you would like to discuss your options, please contact me to have a discussion about your future.

Several reasons to make a life changing decision!

There is a long list of reasons for you to look at starting a business. I’m sure you have heard several of them, like “I want to make more money” or “I’ve always dreamed of being my own boss” but the reality is different people start businesses for different reasons.

Reasons to start a business

• Make more money
• Do things better
• Pride in ownership
• Expand skills
• Lower taxes
• Create jobs for others

But, one stands out from all the others, Independence.

Yes, Freedom is the promise of entrepreneurship, and on average, most business owners point to independence as the main driver to building a business. The International Entrepreneurship and Management released stats from a global survey of early-stage business owners and Independence was the most common answer for starting a business.

• Within the 25 countries, the study looked at, an average of 38% of beginning business owners cited independence as a motivation.
• Independence served as a reason for 35% of entrepreneurs in the US and 39% in the UK.
• In Australia and Japan, 57% of beginning owners pointed to independence as their motivator.

Owning your own business means being your own boss, deciding when you work, how you work, and what you work on.

Of course, business owners still do need to do their research and look at the market demand. But when you become the business owner, you choose how to do that. It gives you greater autonomy.

For those interested in business ownership and would like to discuss what options may exist, please contact me to go through our process to determine what may be a good fit.

Is Retirement a detriment to your health?

Working later in life can pay off with more than just income!

We are seeing more and more working later in life, which has a major impact on one’s financial situation and one’s physical ability to enjoy life.

The Aging Workforce:

The U.S. Bureau of Labor Statistics reported that 32% of people ages 65 to 69 were working, and 19% of people ages 70 to 74 were employed. The projection for 2024 is that 36% of people ages 65 to 69 will be in the labor force, far more than the 22% who were working in 1994.

There are many reasons why people are working longer, and some have to do with health. For example:

• Life expectancy has improved for people who reach age 65, and if you expect to live into your 80’s or beyond, it’s natural that you might still be working in your 60’s or 70’s
• Jobs require less physical work
• People in their 60’s are in better shape than 50 years ago
• People are better educated and those that are better educated are likely to work at any age
• Living longer means having to support that longevity financially

A study of 3,000 people, published in the Journal of Epidemiology and Community Health, suggested that working even one more year beyond retirement age was associated with 9% to 11% lower risk of dying during the 18 year study period, regardless of health. A study of 83,000 older adults over 15 years, published in the CDC journal Preventing Chronic Disease, suggested that, compared with people who retired, people who worked past age 65 were about three times more likely to report being in good health and about half as likely to have serious health problems, such as cancer or heart disease. Other studies have linked working past retirement age with a reduced risk of dementia and heart disease.

But, not all situations can be healthy for those working past retirement. If you find the work stressful, physically demanding or just plain boring, you may find these to be not so healthy or fulfilling. So, let’s point out that whichever side you choose to go with, it really depends on you as an individual and your circumstances.

What to consider:

• We do know that staying mentally, socially and physically active, which working may enable you to do, is good for health
• Mental stimulation and problem solving are good for maintaining thinking skills; social engagement is associated with staving off chronic disease; and staying physically active, even if it’s just walking, can lead to both better health and sharper thinking skills
• Does it mean you should keep working? Be smart about what you’re doing, don’t stay in a job you hate and try and find something that’s meaningful and gives you purpose. If you are happy at work, that’s a sign that work may be good for your health.

Please contact me If you would like to discuss business options that may be a fit and those that put off your retirement!

Why do we look for 100% comfort when making decisions

We are interested in the concept of overthinking choices. The term “Redundant Deliberation” describes occasions where an individual becomes stuck in a perpetual loop of considering all the various options, but diminishing returns on their cognitive effort. When individuals are engaged in redundant deliberation they tend to do two things. First, they keep seeking more information even though it is evident that in doing so there is nothing new that would help inform their choice. Second, they continue to oscillate between imaging alternate future states.

Procrastination: Consider how someone who is fearful about the outcome of a decision might behave. He or She may procrastinate, putting off the decision, and avoiding the outcome altogether. Procrastination is a major symptom of one’s inability to make a decision. As the poem goes,

Procrastination is my sin,
It brings me endless sorrow,
I really must stop doing it.
In fact…I’ll stop tomorrow.

Missing Information: None of us knows enough to avoid making some mistakes. Likewise, none of us could possibly gather all the information necessary to know everything before we make a decision. In fact, recent scientific evidence suggests that the more information, and time we have to make a decision, the less likely we are to make a good one. A the point where effort exceeds any new information to help inform choice, and where there are no useful differences to the imagined future modeled states, we argue that you can think too much about a problem. More concerning is that overthinking can lead to unnecessary delay and decision inertia. To which, failure to act in a timely manner (or at all), carries significant negative consequences.

Should I Go with my Gut: According to the American Psychological Association, recent evidence and theory suggest that affective strategies may be equally as effective as deliberate decision making. In four experiments they examined conditions under which affective versus deliberative decision strategies might result in higher decision quality. While consciously focusing on feelings versus details, participants made choices that varied in complexity, in extent of subsequent conscious deliberation allowed, and in domain. Results indicate that focusing on feelings versus details led to superior objective and subjective decision quality for complex decisions.

We get caught in the worries, thoughts, and emotions that swirl out of control, sucking our emotions downward. Getting caught in the torrents of negative thoughts, and emotions that overwhelms us, and prevents us from making decisions that can improve your life. These negative thoughts create an ebb and flow to our thinking, which in the end, does not allow us to make a sound decision.

What are some ways that a “normal” person could become wealthy?

You must begin to think in 2nd and 3rd order consequences.

“Normal people” make decisions based on what feels good right now, or what they can do to avoid feeling uncomfortable right now.
The Wealthy, on the other hand, do what is uncomfortable and doesn’t feel good right now to get what they really want in the long run.
This means sacrificing short term pleasure today in exchange for delayed gratification in the future.

Some ways you can do that starting today:

• Invest 25% of your monthly income (self-imposed tax)
• Live below your means by cutting expenses (downgrades)
• Educate yourself in business ownership, and decide on building your own wealth (give up that tired/secure job)

Q: Do these sound like fun to you?

A: Not if you’re thinking short-term.
The old adage “Look into the mirror and ask yourself where you want to be in 5 years” still holds water and anyone looking to achieve more should ask that question. If answered, MORE, then take action to execute NOW. Speak with those that can help you get an idea of what executing that plan looks like and how to achieve the goal.

Think-Plan-Execute for a better tomorrow. Wealth may not be the end all to happiness, but it will bring the freedom to make choices that align with your happiness. SO, get uncomfortable to build a better tomorrow!

For a free consultation on building wealth, please contact Greg S. Jones at Joshco Partners.