Monday, June 23, 2014

Protect Your Home From A Garage Door Break In



How well do you lock up your house before leaving in the mornings? Do you check all the windows and doors? What about your garage door? If not, then you should because your garage door is one of the easiest points of entry into your home. Thieves are aware of this, and have already mastered how to get inside in less than 8 seconds, using only a wire coat hanger. Homeowners rarely take the steps needed to protect their home from the infamous garage door break in. The steps are relatively simple, and can protect you from losing your valuable possessions. But first, let’s examine how exactly a robber would go about breaking into your home through the garage door:
  • Step 1: Loop the wire hangar through the release mechanism cord, or the mechanism itself, and open the door.
  • Step 2: If an alarm system is installed, go inside and hide in the garage, and close the door.
  • Step 3: Wait for the authorities to come investigate the scene, while a friend plays look-out in a car up the street. Security will find nothing out of the ordinary, and will only do a quick inspection.
  • Step 4: The friend tells you when security has left, reopen the garage door, and load up the car with someone else’s belongings.
This is how easy it is for a stranger to get inside your home. Luckily there are only a few things you need to do to protect home:
  • Acquire a piece of wire cable. Hook it through the top and bottom holes of the release mechanism and disable it.
  • Or secure a zip tie around the entire mechanism, also disabling it.
  • Detach the release cord entirely.
Garage doors with windows are the most easily targeted. The robbers can see into your garage and examine how your release mechanism works, but your home is still at risk if it doesn’t have windows. Keep your home safe, and ensure that you will never become a victim of a garage door break in. If you have any insurance related questions, Insurance Policy Centres! Insurance Policy Centres is sure to meet all of your insurance needs!

Friday, June 13, 2014

Dissecting Sales Commission: How To Read Your Paycheck




When I found myself reading my first sales paycheck ... I stared back at it in confusion. 

This dazed look appeared on many first time field reps on my team over the past three years. Since I started walking them through how to understand their paychecks, I figured I'd share that information here.

So, let's say you work at My Culture Company, where:
  • You get paid twice a month -- on the 15th and last day of the month.
  • Your commission is only included in the second paycheck of each month.
Your paycheck would likely look like the example below, which illustrates a sales paycheck from the end of your first month on the job.

Note: This is simply a mockup with many of the components your paycheck would likely have, but not an exact replica of various check formats. 



Other sections you might see: Pre-tax Deductions, Post-tax Deductions, Employer Paid Benefits, Taxable Wages.

The top and bottom section of the paycheck are self-explanatory. Meanwhile employee taxes vary based on your location. But there's that middle-left section on "earnings" that throws people off. So let's define each component of that earnings statement. 

Regular (Base Salary)

Regular refers to your base salary. Your base salary is a fixed amount of annual income that will be evenly dispersed across your paychecks. If you are paid bi-monthly, take this number and divide it by 24 to see how much you’ll receive each pay period. Jill's base salary is $24,000 annual, or $1,000 per paycheck. 

Comm (Commission)
Comm refers to commission. With sales commission, you’ll have a goal or target, with each sale on that goal contributing a certain percentage to your paycheck. Commission payouts are reflective of your performance -- an on target commission is 100% of the goal set for your position. Jill's first month quota target was $1,000 in monthly recurring revenue (MRR) sales. Since she achieved that, she reached 100% quota attainment and was paid $500 in commission.

Now what if she didn't hit 100% of quota? Or what if she overachieved? That's why it's important to understand commission rate. Commission rate calculates how much of each sale you make contributes to how much you get paid.

Total Annual Commission / Annual Sales Goal = Commission Rate

Jill has an annual base salary of $24,000 and annual sales goal of $48,000. So for her, this would be:

$24,000 / $48,000 = .50

This means Jill will earn $0.50 for every dollar of new business she closes.

Draw
Now when a field rep's livelihood is dependent on quota, there may be some fear of lacking a steady flow of income. That's fortunately why draws exist. 

Jill's company provides a new sales employee ramp up period to help new reps build their sales pipeline. For the first four months on the job, she's given a much lower sales quota target. In month one, she's accountable for $1,000 in new recurring sales -- aka 1/4 of her full quota of $4,000 monthly recurring sales. The rest of her commission is paid in a draw amount of $1,500.

It's important to note here that there are two types of draws:
  • Recoverable Draw: A recoverable draw is an advance payment to help you cover your monthly expenses when starting a new job. However, this is money you owe the company. Once you're past your first few months on the job and can cover your own expenses, this money will be taken out of a future commission earning. Recoverable draws are mostly used for positions with longer sales cycles to help new field reps earn money upfront. 
  • Non-Recoverable Draw: A non-recoverable draw is money paid out at certain times to help keep income stable for field reps. This is often used for new employees getting started or to cover times when work is slow, such as vacation periods or seasoned business cycles. This money will act as an add-on to your base salary and won't be paid back to the company. It simply helps stabilize your flow of income over the course of your employment. 
If you're still confused ... well, you were smart enough to get the job, so you'll figure it out :-)

                                                                      ********

Wednesday, June 4, 2014

DOCUMENT CHECKLIST

You may find this Document Checklist of assistance in your planning. Please contact my office if we can be of further assistance.
Document Location
Personal
Birth Certificate
Marriage License
Pre- or Post-Nuptial Agreement
Will
Trust(s)
Living Will(s)/Power(s) of Attorney
Mortgage Papers
Automobile Titles/ Papers
Income Tax Returns
Gift Tax Returns
Insurance Policies
Employee Benefit Documents
Passport
Military Records
Medical Records
Citizenship Papers
Warranties
Current Bills
Funeral/ Burial Documents
Other:_______________
Business Ownership
Partnership/ Incorporation Documents
Buy-Sell Agreement
Section 303 Stock Redemption Agreement
Business Valuation/Appraisal
Business Tax Returns
Other:_______________

Thursday, May 29, 2014

Keys to Becoming Indispensable at Work



There are times when every business is going through a restructure. Some companies seem to do this every few years, some every year, and some seem to be undergoing one eternal restructure!

Have you ever noticed that some people are restructure proof? Fear does not grip their body at the mention of that word. They never leave. They never get demoted. They are important to the company.

This reminds me of a story. Please excuse me; I am an insurance agent, so there is always a story.

A big corporation hired several cannibals. "You are all part of our team now," said the HR manager during the welcome briefing. "You get all the usual benefits and you can go to the cafeteria for something to eat, but please don't eat any of the other employees."

The cannibals promised they would not.

A few weeks later, the cannibals' boss remarked, "You're all working very hard, and I'm satisfied with you. However, one of our customer service representatives has disappeared. Do any of you know what happened to her?" The cannibals all shook their heads, "No," they said.

After the boss left, the leader of the cannibals said to the others angrily, "Alright, which one of you idiots ate the customer service representative?" A hand rose hesitantly in admission. "You fool!" said the leader. "For weeks, we've been eating managers and no one noticed anything, but noooooo, you had to go and eat someone important!"

Are you someone important to your company? Would they miss you if you were no longer there?

When most people hear that dreaded word ‘restructure,' fear fills their mind and the thought arises: “Am I going to be made redundant?” This is generally followed by a blubbering cry of, “Who will hire me? I have a mortgage to pay, car payments, and I need money to wash the dog!” (FYI: I do wash my own dog)

How can we make sure that we are someone important? What can we do to be in the best position to remain in the company? How can we be one of those people that are indispensable?

In my preparation for writing this blog, I decided to get some wisdom from people I respect — senior managers who work for other companies. These people have walked the walk; they have been bulletproof when it comes to restructure.

These are their 5 Keys to Becoming Indispensable at Work:

1. Hold the mindset that change provides opportunity. 

There is an ancient wisdom etched into Chinese vocabulary. The Chinese ideogram for crisis consists of two separate characters. One means danger; the other means opportunity. The proper translation is that a crisis is a dangerous opportunity. When confronted with a crisis, you need to recognize both the danger and the opportunity. Often the danger is more readily apparent, while the opportunity can be deftly concealed. The thing to keep in mind is to look for the opportunity as well as the danger. Crisis holds the potential for both.

In studying many famous people, whether politicians, sportspeople, business people, or spiritual leaders, I have found that crisis comes to every person in some way. Those who rise in the midst of crisis and see it as an opportunity to change and grow become greater and more powerful. They reach heights that they would never have attained had they never experienced that crisis. As masterful innovator Walt Disney put it, “You may not realize it when it happens, but a kick in the teeth might be the best thing in the world for you.”

When change is imminent, hold the mindset that change provides opportunity, remain positive, and don’t dwell on the danger but dwell on the opportunity.

2. Do not over focus on the next job position but rather on the skills to be developed. 

I think that most people today are aware that the company does not have the same amount of loyalty to you that they used to a few years ago. There was a time the company would have a track for your life. You could go and meet with your manager and they could tell you where you are going and when you will get there.

Today, you are your manager and you need to plan out your own career path to your dream job. Therefore, it is important that you are not focused on the job position, but rather on the skills required.

I like to say it like this: “You have to do the job before you get the title.” In other words, if you want to be the COO, then you need to develop the hard and soft skills required for a COO; you need the education of a COO, you need to start dressing like a COO, acting like a COO, speaking like a COO, and then one day, when you have had the right amount of experience, someone is going to say, “I think Molly would make a great COO!”

3. Building relationships with key decision makers.

It’s not only what you know but whom you know. I have seen people scoot all the way up the ladder of a company through being connected closely with key decision makers.

Think of football coaches: they build their team and work with players for years, and then they get headhunted to another club as head coach, and what is the first thing they do? They try to get their key players to move to the new club, as well. They are like a positive cliché. Where one goes, they all go. Some coaches and key players move together all the way through their playing life.

Why? Because just as the players think that the coach has made them succeed, the coach thinks that the players have helped him or her succeed. They are a powerful team, and they feel powerful together. Sir Edmund Hillary needed Tenzing Norgay to climb Everest. We all need to find an “internal coach” whom we can work with and who would support us to climb our Everest.

4. Exhibit the ability to get ‘stuff’ done. 

How do you build these key relationships? You build them by working on projects with key stakeholders, complimenting their skills, and making them look good.

As one senior manager put it to me, “Over the years, I’ve had the opportunity to work for some great ‘blue sky’ leaders, but they couldn’t project-manage their way out of a lunch bag. While I’ve probably not been the best at brainstorming new and creative ideas, in many situations I’ve been able to take their ‘kernel’ of an idea, pour some fertilizer on it, and make it grow and flourish into a great program and actually implement it.”

In projects, there are two key parts--the front end and the back end, people and tasks, marketing and operations, talkers and doers. If the key stakeholder is a talker, then you need to be a doer. If you are the key doer to the key stakeholder, then you aren’t going nowhere fast! They need you to keep making their projects succeed.

5. Treat everyone with genuine respect.

It’s not just about managing well, but also about how you treat your peers, team members, and vendors alike. You never know who you may be working for or with some day, so treat everyone as you’d want to be treated and keep confidences when someone confides in you and wants some advice. As one senior manager in a local company put it to me, “I believe in creating good karma with those you interact with.”

Along with the other things I have mentioned, this will stand you in good stead with decision makers and bring you allies and supporters in the organization. When business takes a turn for the worse and they’re considering who to cut, you often won’t make the list if you have built those relationships and have shown the ability to deliver with quality over and over again.
********

Thursday, April 17, 2014

LTCi “To buy or not to buy" close


Here's a great technique for advancing the sale of long-term care (LTC) insurance with your clients. Once you have identified the need for LTC planning and have presented options to your client, try using this strategy.

"Mrs. Client, with this insurance you can make one of two miscalculations..

1.     You can purchase the coverage, pay premiums throught the years, live a good long life.. and then die without needing the care. Actually, this is not so bad. Except you've lost out on the opportunity cost of the capital (premiums that could have been invested elsewhere)... OR

2.     You don't plan for LTC (you don't purchase a policy) and you end up needing care services. In this scenario, I see many families face real emotional and financial hardships because they have not planned for a care event. They do what they can, but there's no easy solutions.. and assets can be drained down.

So I guess this really comes down to: which one of these scenarios would you consider more painful?"

·         If your client chooses the second option, sale complete.

·         If your client should happen to choose the first option, then it's time to consider flipping over to a hybrid life/LTC solution