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Business management styles you should avoid

Posted on February 17, 2021 by admin

The business management style you adopt will depend on the needs of your business, what motivates your employees, and your style of work. Therefore, you do have some flexibility when it comes to the choices you make and how you manage your business. However, there are some which you should always avoid due to the relationship they foster between employers and employees. 

Autocratic

This style of top-down management leaves all decision-making to managers and expects full cooperation from employees. Any sort of criticism from employees will be received with public disapproval. This management style relies on fear and guilt and seeks to micromanage employees rather than allowing flexibility. 

This sort of strategy limits innovation and inhibits employees’ loyalty and personal motivation to progress as employees do not share the company vision. 

Servant

This type of management values people first and tasks second. Overvaluing emotions and wanting to avoid conflict at all costs is detrimental to effectively completing work. 

This sort of strategy places no focus on success and goal completion. It can damage the business if performance is not to par and employees are not encouraged to do their best at the tasks assigned to them. 

These two management strategies sit on opposite ends of the spectrum when it comes to valuing employees. You should regularly make an effort to interact with employees and ask them for suggestions to improve company performance as collaboration can be extremely valuable. However, don’t get carried away in developing personal relationships with employees that can be detrimental to business success. 

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What Is A Retirement Planning Scheme?

Posted on April 21, 2021 by admin

With a significant number of Australians approaching retirement and looking at the best ways to maximise their retirement assets and income from their super for it, retirement planning makes sense.

Unfortunately, there are those who want to target people approaching and planning for their retirement with schemes designed to ‘help’ retirees and prospective retirees avoid paying tax by channelling their income through a self-managed super fund.

Retirement planning schemes are designed to help people avoid paying tax on the income earned through their assets (often in an illegal manner). Those schemes may seem like a simple get-rich-quick solution in maximising assets and income for retirement but can put people’s entire retirement savings at risk.

Anyone can fall prey to a retirement planning scheme. Anyone who is looking to put significant amounts of money into superannuation can be at risk of being ensnared, particularly those who are over 50, and who are:

Checking for standard features of retirement planning schemes can be an excellent way to avoid becoming tangled in one. Retirement planning schemes usually:

Currently, there are a number of schemes targeted towards those individuals who currently have an SMSF, as they have a high level of control and autonomy in the way that their retirement savings are invested (subject to applicable tax and super laws).

Some examples of retirement planning schemes include:

To avoid becoming a part of a retirement planning scheme, seek professional advice on super or SMSFs from an accountant.

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