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Entrepreneur Series – Lesson 6 – Poor Staffing Decisions

One of the first things I heard when I got into management in my career is the phrase “you have to put the right talent on the bus”. While I understood its meaning, it took many years to realize how important hiring decisions are to grow an organization the right way. I also felt the pain of making poor hiring decisions, and how much time and productivity you can lose from just one bad hire. No entrepreneur lives in the panacea of having zero turnover as sometimes they might like to make it seem, but certainly making the right staffing decisions by putting people in the right roles can allow your start up venture to get off on the right foot. One of the critical questions to ask yourself early in your venture is what role do you (the CEO/owner) play in your firm. If I was to use a baseball analogy, what jobs are you going to be a ...

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Your Kid Has An I-Phone. Who Pays The Data Plan?

I’m pretty sure Apple can’t be hurting even though Steve Jobs is not at the helm anymore.   My kid’s went back to school last week and mentioned to meet the glut of Apple products that other students got from Santa Clause over the holiday season.    Apparently, even the elementary students stocked up on I-Pads, I-Touch, and the middle/high school students racked up on the I-Phones.     We all know that none of these technology gadgets are cheap to buy.    However, one of the topics that people don’t like to discuss is who will bear the cost for the data plan.  This is where the real dollars and cents add up over the long term. Parents will have varying opinions on this, but I’m of the opinion that when you child hits high school that you want to have them own part of the monthly data plan.  Each year that they get older, you should have them bear more and more of ...

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Smart Financial Moves After A Divorce

Divorce is one of those life events that may be one of the most difficult transitions any person has to make.  Some of the divorces end up amicably, while others end up with such irreconcilable differences that the two parties never speak again.   While lawyers usually end up in the middle of the finances when a couple gets divorced, here are five things I would recommend you consider reviewing after a divorce. 1. Check Your Credit Report–  When people are married, it isn’t always discussed on who is the owner of a particular credit card or loan obligation.  Reviewing all of your credit cards and loan obligations to make sure you are not joint on any of those items after the divorce, and ensuring your credit report is in good standing is an important step to take. 2. Review Your Beneficiary Designations–  Remember that items such as your 401(k), IRA’s, and insurance policies have a named beneficiary.  Despite what your ...

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