Still haven’t set your 2019 Goals? Read this…
This year I have chosen to try something a little bit different. Instead of writing down resolutions, I have decided to set goals for the year. What’s the difference? Resolutions are a decision to do or not do something. It could be giving up alcohol for the first month of the year, or resolving to go back to the gym after a few months of slacking. Goals, on the other hand, are an aim to achieve a specific result. This could be to run a marathon or take an online course. So why pick goals over resolutions? Well, resolutions really don’t seem to last that long into the year and they are usually founded in some displeasure with your current state of being/ living. Now don’t get me wrong, there isn’t anything wrong with setting out resolutions. More often than not people seem to struggle to keep them or even remember them by mid- January. Goals are more proactive, its a determination to achieve something. [bctt tweet=”Stop making New Year Resolutions. Set Goals Instead. Read this article to find out why. ” username=”SheLeadsAfrica”] So, Motherland Mogul, how do you set our goals for the year? First things first… Write it down! There are a couple of ways you can do this, journaling or if you are more of a visual person you can create a vision board. If you write your goals down somewhere you can see them everyday it helps you stick to them, a constant reminder isn’t to make you feel bad but more to remind you what you are working towards. A vision board is not only fun to make but can enable you to see your goals as an actual reality making it much easier for you to stick to them. Think of the short term and long term Set out goals that you want to achieve by the end of the year, by a certain month/ date. This means you can work on consistent goals as well as focus on the short term. This means you are not only waiting for the end of the year to see results but throughout the year you will have bursts of success that will continue to motivate you to achieve your more long term goals. So what falls into each category? Short term goals could include taking an online course in a certain month, running a marathon, reading a set number of books per month. These goals require you to train/ learn/ work to achieve them within a certain time frame, so get to work!! Long term goals such as the 52-week saving challenge, launching your own business, changing jobs or even volunteering on a monthly basis. These are goals that require consistency and usually take longer to achieve. The rewards may take a long time to reap but just imagine how it will feel to finally achieve a goal you have been working long and hard on. Categorize your goals Not all goals are the same, sometimes you have to realize what part of your life you want to improve or change. Personal and professional goals are the obvious categories that we can turn to but do not forget other aspects of your life that can give you joy. You can set out goals to travel to a new country (or a few), to complete a crafts project, grow herb garden or practicing daily gratitude. This helps you focus on your creative side and develop healthy self-care habits. Put in the work Each goal you set out is going to require a lot of work and determination by your part. what is important in realizing your goals is identifying what you have to do to achieve them. Let’s take the marathon for example. You can’t wake up on a Saturday morning and just run the marathon, you need to train in order to run the race. This would require you going for more parks runs and working out to build the strength and endurance needed. So you set a mini-goal, for example following a training program that guides you over a period of time. These mini goals help you determine what you need to do on your part to achieve your goals and provide small successes on their own. Be realistic You don’t want to run yourself into the ground trying to achieve your goals. They are not meant to tear you down or make you feel worse about yourself. Focus on goals that help build a better version of you, whether professionally or personally. Don’t set out goals too ambitious or far fetched, but also do not forgot to throw caution to the wind. It is not time to sit back but rather to step up for yourself in the aspects that matter. If you really struggle to hold yourself accountable, why not find a goal buddy? This person will remind you of your goals throughout the year and check how long it is taking you to achieve them. They may also provide you with great advice and be a support system when things seem hard. Reap the rewards I do not know about you but sometimes I need an incentive to work on something. And considering there is no one to hand out badge saying “Well done”, it’s up to you to set out your rewards. So let’s say you have finally managed to start your open your own business, why not throw a small soiree to thank those who helped you achieve your goal or even just to launch your business. Again, such rewards make the achievement of a goal so worth it, so why not reward yourself for all the hard work you have put in. Got some advice that can help others succeed in 2019? Click here to share.
Key steps to Maximizing Your next Cash Bonus
Everyone can relate to that feeling of excitement when receiving a bonus and all of a sudden, you feel that your financial problems have come to an end. However, after a month or two, not many can account for how the money was spent, it seems to disappear with every other money that comes into the bank account (i.e. regular earnings). It’s that time of the year again when most companies will soon start announcing their financial results and employees can expect to receive communication on bonuses. Most bonus payments these days are performance related so if you receive one, it comes with a feeling of success and fulfillment that your hard work is finally being recognized. Regardless of how much you are expecting to receive, it is important to carefully plan how you’ll spend it so that you can receive the most value out of it. Proper planning will ensure that you are able to account for every penny that comes in and motivate you to work even harder towards the next bonus. So how can you really maximize your bonus? First and foremost, you need to reward yourself for all the hard work. You have worked hard all year, dedicated your time and talent towards your company, and fully earned the bonus so you deserve to celebrate and treat yourself. Splurge on that expensive item that you’ve always wanted to buy or indulge in your guilty pleasure without feeling guilty for once. However, keep this to 10% – 15% of your bonus earning and try not to go over the threshold in order to fully maximize the amount. If you are a parent or working mother, you might feel the need to also spoil your family. Why not? They have supported you all year and been patient with you on those days when you’ve had to work late nights or work away from home so they also deserve to be rewarded. Spend about 5% to 10% on the family and kids and buy everyone lovely gifts to appreciate them for their support towards your achievement. Consider allocating the remaining 80% of your bonus in the following order: 1. Pay off any debts that you owe The cost of servicing debts is going to be higher than any income you are likely to receive on savings or investments. Except if your debts are non-interest bearing with no repayment commitments, it is more effective to pay off your all your debts before you think of saving or investing your bonus earnings. [bctt tweet=”Treat your bonus differently from your regular earnings” username=”SheLeadsAfrica”] 2. Put money into long-term savings or investments Any money left after you have cleared your debts should go into your long-term savings or investments. On average you should be putting 10% to 20% of your normal earnings into long-term (or retirement) savings or investments options on a monthly basis, so if you can, try to spend at least 10% to 20% of your bonus earnings in the same manner. The money can go towards your pensions, ISAs, other long-term investments products or even your personal business venture. This money is important for securing your future in the days when you don’t have the energy to work as hard as you are working now. Just as the saying goes to ‘make hay while the sun is shining’. If you have not already started saving and investing towards your future, then maybe you can start with your bonus this year. It’s never too late to start and $1 invested today can go a long way in the future with compound interest. 3. Top up your short-term savings or emergency fund If you still have money left after saving for the future, then you can use it to top up your short-term savings. This is the money you put aside for the short term emergency spend that you don’t plan for (i.e. unforeseen events) or the rainy day. Naturally, you should already be putting aside at least 10% of your regular earnings towards this account to cater for the unexpected spending commitment. The recommended practice is to have about three months of income in your emergency account as a minimum. Anything left can go into your miscellaneous account towards your next holiday or luxury spend savings (to fulfill your ‘wants’). To conclude, the bonus is a special earning that you’ve worked for and it’s important to treat it differently from your regular earnings. A fully maximized bonus is more memorable and being able to account for every amount makes it feel even more rewarding. A financial planner can assist you with savings and investments options that suit your goals, life commitments and risk profile (capital at risk). Good luck with the announcements. Hope you smile to the bank by getting a bonus payment that rewards all your hard work over the last year. Got a story you’d like to share with us? Share their story with us here.
Get these four mentoring elements right & reap the rewards
‘Get yourself a mentor!’ I bet most of you have heard this sentiment shared at one point or another during trying times in business or career. What always amazes me is the matter-of-fact way this is normally mentioned. When you get a chance to probe what precisely a mentoring relationship ought to look like, don’t be surprised to get a pair or two of blank stares. That’s the nature of buzzwords. Everyone throws them about but very few understand the process that one must follow to ensure a worthwhile mentoring relationship. When I started my business, I was told at the first business incubation meeting that no business succeeds without mentors. I bought into this; after all business advisors who have been in the game for some time said it. What they failed to mention though is the importance of structuring the relationship in a business-like manner to make it mutually responsive for both parties. ‘If it is not structured, it’s not going to work.’ Before we get some structure, let’s define what mentorship is. In its simplest form, mentorship is a relationship in which a more experienced or more knowledgeable person helps to guide a less experienced or less knowledgeable one. With this knowledge in mind, I went looking for a mentor and my criterion was simple: ‘experienced business owner who has made strides in the business world’. But guess what? The relationship never took off and I found it a tad bit contrived. Over the duration of my business, I have formed relationships with various mentors; some time-bound, others more regular and yet others sporadic based on need. I have also taken on mentees; some didn’t work out while others flourished. I have settled that structure makes or breaks a mentor/mentee relationship. Structure has been credited for the turnaround of Ford Motor Company when Allan Mulally, the former Chief Executive Officer (CEO) saved the company from bankruptcy. A structured approach to any intervention necessitates forward thinking. Without it, one is stuck in thinking in the now. Structure implies commitment and precision. And it is these two attributes that I found lacking in my previous relationships. I have, to my great dismay, found that lack of structure tends to be the norm in such relationships. Over the last two years, I have learnt that for a mentoring relationship to succeed, four elements need to be present. 1. Approach your potential mentor thoughtfully Check the mentors’ track record with prior mentees to ensure that they have added value to others. It also helps to have a specific request to approach them on and go there with a proposal on how you as the mentee hope to work with the mentor. 2. Have an agreement in place For some reason we think it’s okay to have written agreements for all other interventions but not for mentoring, which is why, in my opinion, these relationships do not work to their full potential. You need clear guidelines on time, boundaries and work plans. I have found that when you have it documented, both parties are held accountable to keep their end of the bargain. Most importantly, this enables you (and the mentor) to review the relationship periodically. 3. Understand your mentor beyond the surface Just as we are always advised to understand what makes our bosses tick, the same principle applies to mentors. Know what works best with them; do they prefer email communication, are they best called in the morning etc? Know what is important to them and how having you as a mentee is an added value to them. 4. You want the relationship, take charge of it The assumption is you wanted to have a mentor for a specific reason to ensure that you fulfill your goal. Doing so, requires you take control of the relationship. The mentor will not run after you, you need to do the running (until you’ve proven your value). Being timid will not get you anywhere neither will aggression. The trick is in striking a healthy balance. When you approach a mentoring relationship in the same structured way you would coaching or training, you force yourself and your mentor to put priority to the union. When your needs are clear, the mentor knows exactly how they can support you. The best part is both parties are accountable to each other, and with accountability comes measurement of impact and that is golden!