The TK Advisor - The TK Group Ottawa Blog about Life Insurance, Critical Illness Insurance, Wealth Management and Estate Planning

10 Mistake Buisiness Owners and Professionals Make

They believe that they are not  "big" enough to plan so they will wait until they have more assets !

Focus all their attention on working in the business rather then on the business !

They believe that competent professional advice is too expensive and what they have is " good enough " !

Financial advisor's they have come to know do not provide them with unbiased products from a number of leading suppliers !

They do not take the time to fully understand the product and services they need to seek out !

They do not take time to create a written plan or a road map which needs to be reviewed on a regular basis .

They overlook the tax planning and do not think that their work would qualify for R&D Credits !

They do not have a advisory team of professionals that work together serving their distinct needs.

They do not involve family members  and other stake holders in the planning process !

They are huge procrastinators when taking care of their personal needs !

Branding is more then a add or a cute web page !

Weare working with Don Hewson to better brand our firm and more effectively present to the public what we really do . What does this mean ? While we do have a web site www.thetkgroup.com , I have been told by clients who have now know what we really provide for them that our web does not come close to showing that expertise . We have decided to hire Don Hewson and his firm to create a total solution for us . What did we experience ? Our initial meeting was one of the best 5 hours of planning I have been involved in . Don and John guided us through the process which helped us identify where we needed to improve certain things while also identifying our core strengths .

Emails or Phone calls ?

In this fast paced world we have forgotten how life use to be before cell phones , emails and voice mails . Those days are certainly gone today as we have all these tools but is our life any better today due to " improved " ability to communicate . Do you ever get frustrated writing emails for which a simple telephone conversation would be much more effective and quite frankly fun ? Working with successful and busy people makes life extremely difficult just to arrange an appointment using email ? After the emails go back and forth to get something done often I just get frustrated by the whole process . I am reverting back to working more on voice contact  via phone and use emails more sparingly . Call a friend to ask them how their day is going rather then email and see what happens ! Try to get your children to call you rather then tex ting you for everything , maybe wishful thinking on that one but I am sure not impossible . Happy conversations !

Business world is sometimes changing at turbo speed !

So many times I see businesses trying to do things the way they have always done things . Saying I am making money so why should I change is like fool's gold . We need to always look at efficiency and what is it our clients need . We are going through a branding exercise which will have us be more efficient in numerous areas . Our clients were interviewed , our staff and all partners . Legislators are sometimes able to turn our world upside down with changes they implement in our respective businesses . As much as I like things to be stable in business , I continue to work towards improving myself , my team and my company . Sometimes going outside our industry we can learn lessons to help us improve our organizations . I am thankful for being close to many of our clients that let me into their world and learn lessons which help our firm be better .

Team Building in a organization is just like building a sports team !

As the book Good To Great says " get the right people on the bus , get people on the bus in right seats and get rid of the ones that do not fit . Soon , I am coaching football again and have the difficult task of choosing young men that will represent themselves and Cumberland Panthers in the Ontario Varsity Football League . Team has to be the focus and not individuals . Together a team effort will win every time on football field as it will in the board room . Each player , as in each member of a organization , brings a part of themselves into the organization and that is what makes it unique as well as special . Losing games is not a bad thing as losing opportunities in business is the same as long as you learn a lesson . Winning on the field is important as it is in business . Trusting your team players is essential as you can not do their job while being responsible for your job . Football teams have a  quarter back to lead offense and defensive captain to lead defense . In business , leaders are needed to lead organizations and they need to be motivators and committed to the game plan . TK Group is similar to a football team : specialist in chosen field of expertise , leaders are focused on well being of our clients as well as our team , we create a game plan and make changes when necessary and passion is evident throughout the firm.