Set Business Expectations

A recent article in Parade magazine suggests that one of the eight characteristics of a good school is to have “high expectations for every student.” Research suggests that the mere existence of goals increases performance.

In his best selling book “First, Break All the Rules,” researcher Marcus Buckingham says that the most important question anyone at work should be asked is: Do I know what is expected of me at work?

Believe it or not, in far too many business organizations, this question is never asked by those that supervise and manage. Many supervisors believe that people are paid to do a job and once they are on the payroll, they should know what to do, to what quality standard it should be done to, and when it should be completed. Some employees shy away from bring held accountable. Some employees will never ask the question of their supervisor to “tell me what you want me to do.”

What happens as a result is that those employees fall into the trap of assuming that those around them will teach them what they need to know and do. This creates a culture of the status quo. The result is an organization of mediocrity.

Make the decision today to set marketing expectations for every employee. These need to be put into writing. They need to be clear and simple, so specifically written that there can be no misunderstanding of what the expectation is. The expectations need to be jointly agreed to between the supervisor and the employee. Expectations should be set high enough so that people can reach what is agreed to, but to do so, the employee should have to stretch, grow and learn. As an individual grows, they become capable of more.

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Probate Versus Living Trust

Probate Versus Living Trust. Would you rather have your estate go into probate at the time of your death, or are you going to set up a living trust in order to avoid probate? It may be best to consider the pros and cons of both processes before making a decision.

Probate is a legal process
that aims to protect the surviving family members who have a legal claim to a deceased person’s properties. It is the process of settling the estate by first validating the authenticity of the last will and testament of the deceased and distributing his properties in accordance to that will.

A living trust, on the other hand, is the act of transferring ownership of one’s properties to a private trust, which will still remain under his control and may be revised at any time he deems necessary. In the event of his death, ownership of the properties held in trust is automatically given to the beneficiaries specified in the trust.

The choice between probate and living trust is primarily affected by three factors: money, time and privacy.

Probate is expensive. In Valencia, California alone you could be required to pay statutory fees of up to 8% of the value of your estate. In addition to this, there are still attorney’s fees to take care of. Setting up a living trust may be less costly in the long run since the process does not involve such a high amount in fees. It does not, however, save you from having to pay estate or inheritance taxes.

A probate may take at least six months, which could take a considerable emotional toll on the heirs. In comparison, properties held in a living trust could be distributed in a matter of weeks.

Probate is a public process and anyone can have access to information about the deceased and his family. On the other hand, a living trust is a private matter and does not fall into the control of probate court, hence only your lawyer and heirs will have access to all information.

Now that you have compared and contrasted the two processes, you are ready to make your decision and rest assured that your loved ones will have less of a burden in the future.

Mortensen Law
Tax, Trust & Estate Attorneys, P.C.
24300 Town Center Drive Suite 390
Valencia, CA 91355

(661) 799-8035
(661) 799-8838 fax

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Focus attention on Business

From the January 30, 2006 issue of Sports Illustrated (www.SI.com):

February 2006 …For a tactical decision (Pittsburgh Steeler Head Coach) Cowher made the day after that Cincinnati loss set the team on course for Detroit (to the Super Bowl Game to be played on Sunday, February 5)… …In a meeting room at the football team’s practice facility, there’s a board that charts the Pittsburgh Steelers’ performance week by week, a statistical tracking kept by most NFL clubs.

On Dec. 5, the 48-year-old coach Bill Cowher went to the board and removed all references to the first 12 games of the season and the last three, leaving only that week’s opponent, the Chicago Bears, for the players to ponder when they arrived later that day. “Clear your mind,” Cowher told them in the meeting. “The slate’s wiped clean. Forget the past. Forget the future. Only one thing matters: Chicago. Every week’s an elimination game now.”

The Bears, on an eight-game winning streak, went down in a snow squall 21-9. When the Steelers reported to work to prepare for their next opponent, the Minnesota Vikings (on a six-game win streak of their own), there was no evidence that Pittsburgh had even played Chicago.

The Steelers rolled over the Viking 18-3. Same story before the 41-0 rout of the Cleveland Browns and the 35-21 whipping of the Detroit Lions.

That 4-0 run down the stretch earned Pittsburgh the final wild-card spot, as the Chiefs limped home 2-2 and the Chargers staggered in 1-3.

“Coach put us in a playoff mode with four games left,” said Porter. “With some teams that works, with some maybe it doesn’t. But we’ve got guys who really respond to that.”

The live-in-the-moment vibe carried the Steelers through their 31-17 wild-card win at Cincinnati and their 21-18 upset of the top-seeded Indianapolis Colts in the divisional round.

Alone outside his locker room, after the Denver game, Cowher sounded like a preacher, extolling the virtues of this elementary approach. “You’ll be amazed—amazed—how fresh you feel when you forget everything in your life except what you’re doing right now,” he said.

In Susan Scott’s book “Fierce Conversations” she suggests that it is impossible to have a meaningful conversation of any consequence unless the participants are “here and nowhere else.”

Coach Bill Cowler of the Pittsburgh Steelers subscribed to that approach and his team will be playing in the Super Bowl.

Imagine how powerful, insightful and focused these interactions might become if you were “here and nowhere else” doing any one of these tasks: conducting a job interview; performing an evaluation of an employee; calling on a vendor; having a conversation with a coworker about a project; speaking and listening during a telephone conversation; sitting in a staff meeting; making a call on a client; working on an assignment at your desk.

Forget about multitasking and focus on the task at hand. Not only will you be more focused, but more will be accomplished at a higher quality level.

Manufacturing

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Business Employee Bus

Using the analogy of a bus as a business, starting from point A and going to point B, Jim Collins in his best seller Good to Great states that any organization that wants to improve itself should start by getting the right people on the bus and the wrong people off of it.

The owner of a business would be wise to heed Collins when he says “Great vision without great people is irrelevant.” It makes sense when considering that many owners have visions of grandeur and then get frustrated because they do not have the people on their team that will help them get to the goal.

In many industries, having strong employees is the only vehicle for success. The owner has to plan to build an exceptional team at the outset. It means taking a leap of faith and bringing people on board who may know more, may have more experience and expertise in specific subjects, and may be strong enough to challenge the ideas and plans of the owner. For many owners, those thoughts are downright scary.

Years ago a skeptical reporter asked a presidential candidate how he would insure success if he was elected. The candidate’s reply was, “Surround myself with the very best possible people, listen to them and then get out of their way and let them do what they are on the payroll do to.”

Hiring strong employees requires considerably less work once they are on the job. Strong employees are, by nature, self motivated, demonstrate initiative and are risk takers. While the owner might counter that with a comment about the nature of the risk (as in, in the end, it becomes the financial and legal responsibility of the owner if things don’t work out) the reality is that strong employees feel that the company is theirs just as much it is the owners. And a strong employee is certainly more concerned about the success of the organization than those who are less engaged.

Collins writes of the five levels of leadership. At the lowest level is the highly capable individual, who makes productive contributions using their talents, knowledge, skills and demonstrates good work habits. At Level Two, the individual becomes a contributing team member, working to advance group objectives and effectively working with others in a team setting. Level 3 individuals are competent managers, organizing people and resources toward effective and efficient pursuit of pre-determined objectives. The fourth level is that of an effective leader, someone committed to the vigorous pursuit of a clear and compelling vision, stimulating higher performance of those around them, including those that report to them and those that do not. At Level 5, the individual has developed to a genuine executive, a person who is building greatness through a combination of personal humility and professional will.

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