Professional Equities - January 2019

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FROM THE DESK OF

Bill Moist

3 BUSINESS INITIATIVES T o P ropel Y ou T oward Y our B est Y ear E ver

The above photo was taken whenmy daughter, Allison, and I were inTeasdale, Utah. Allison loves Alpacas and says they make her happy. Their fur is super soft whichmakes great sweaters and hats. Alpacas don’t have lower teeth, so they couldn’t hurt someone if they tried. As a result, herders will have a couple guard dogs to protect them. Alpacas can do no harm. That reminds me of self-storage. Self-storage has a low impact on the neighborhood where located. Most renters show up every couple years just to check on their property. Also, self-storage pays more in property taxes than services required. No kids live there so the school isn’t burdened. Not much police protection is required. One larger property I am familiar with pays more than $200,000 a year in property taxes. It has been estimated, the self-storage industry pays $7.6 billion in local property taxes each year. This is a major net gain for the taxing authorities where it is located.

It’s the time of year when business owners and their leadership teams sit down to draft up their plans and goals for the coming year. Some businesses use this exercise as a chance to nail down their trajectory, while others engage in the process simply because they feel they have to. If you fall in the latter camp, you could stand to devote a little more time and energy to determine how the coming year will look. After all, it’s hard to guide your teams forward when you don’t have a destination in mind. As a business owner, it’s up to you to set the tone for how the next 12 months will look for your organization. While every company’s goals will be unique, there are a few universal aims that will affect nearly every business in 2019. With that in mind, let’s take a look at three New Year’s resolutions that you should consider adopting. According to benefits-consulting company Hodges-Mace, millennial employee turnover costs the American economy upward of $30 billion per year. The number is so big because recruiting, hiring, and training new team members is an expensive and time-intensive process. Holding onto your talent matters regardless of the economic climate, but it’s especially crucial when the job market is strong. When good people walk out your doors during a talent shortage, you’ll struggle to replace them with candidates of equal caliber. Don’t assume that your staff’s eyes will never wander. According to Fortune magazine, 86 percent of currently employed workers are actively looking for better opportunities. To help keep valued staff in place, you need to provide them with competitive pay, appealing RESOLVE TO RETAIN EMPLOYEES

I wish you a happy and prosperous NewYear!

–Bill Moist

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