Category: Finance/Careers

How Can You Benefit From Interns In Your Small Business?

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There are so many ways that we can benefit from having interns in your small business. The importance of interns is sometimes overlooked simply because of the word; intern. Not only can interns be of assistance to small business owners; interns can benefit greatly from having the opportunity of participating in an internship. Internships are an opportunity to network with great people and sharpen your skills before entering the workforce. They also help tremendously with figuring out your true passion. Companies often look at them as a way to gain experience and exposure to make a smooth transition into your role when hired (Forbes, 2022). The amount of experience and knowledge that can be gained from an internship is so valuable to the individual participating within the business.

We know the importance of internships for those who partake in them but let’s dive into the benefits of having an intern. Almost all businesses and companies have internship programs and offer the opportunity to those who are interested in joining the specific field. Most companies bring on interns to assist and gain much needed support for their businesses and employees. While providing internships, companies are able to invest in their future success and seek out newer talent needed for upcoming positions. While having an intern is beneficial in many different way; most interns are known for taking on smaller tasks that allow higher-level employees to focus on their other work. Now that we are venturing into more jobs offering multiple services; interns are often take on responsibilities that are much greater than administrative responsibilities. Employers often time want to hire interns to broaden their resumes but also to increase the value of the company.

Here are five great benefits to gain from interns:

 A larger workforce

Interns are valuable support and help to current employees, even if tasks given to them have modest levels of responsibility. By taking on tasks as an intern, other colleagues can pursue creative or more advanced projects. As an intern, you can expect tasks that help you learn a new skill or more about the industry and work with fellow employees on specific projects, research or campaigns. Most internships have supervision to provide you with feedback on your work.

Mentorship opportunities

Internship programs give current employees an opportunity to mentor future leaders in the field, and it can promote a healthy work culture and build company morale. Helping teach and develop individuals new to the career can motivate employees and reinvigorate their passion or work ethic and increase effective leadership within the team.

A new perspective

Interns offer a fresh look at a company’s day-to-day business and procedures and can share ideas on strategy, plans, policies and more. As an intern, you can be part of brainstorming sessions and meetings or give input and suggestions to company or internship leaders. You can help organizations apply the latest strategies and techniques in your chosen career field through your education and knowledge. With the growing presence and use of social media, for example, interns can apply their technology skills to bring creative opportunities and ideas for social media marketing or engagement.

Positive publicity

Communities and industries often commend those who provide internships to the next generation of business people. Companies that offer internships can establish or grow their connections with universities and colleges, increasing their visibility on campuses and ability to recruit other students. Internships can also promote community involvement and presence through teaching the prospective workforce and having an impact.

 An employee candidate pool

Companies can select and develop future talent through internships and increase their staff retention rates, since many interns secure job offers after their internship ends. As a former intern, you assimilate into the new role faster than an external hire might. Employers can hold various social activities and professional development seminars to learn more about each intern and how they may be a good permanent addition to the team (Indeed Editorial Team, 2023).

Personally, I like providing internships in my company because it gives others the opportunity to see what it’s like to work in a field that they enjoy. It also gives them a chance to understand the ends and outs of how a company may work. There’s so many benefits of interns and internships. Having the right intern(s) for you will assist you in growing your business in more ways than one! Everyone can benefit greatly from an intern and internships.

References

Forbes. (2022, August 12). The Importance Of Internships And The Invaluable Relationships They Bring. https://www.forbes.com/sites/forbeshumanresourcescouncil/2022/08/12/theimportance-of-internships-and-the-invaluable-relationships-they-bring/?sh=2bea8f287fd1

Indeed Editorial Team. (2023, March 10). What Are the Benefits of Interns and Why Do Companies Hire Them? https://www.indeed.com/career-advice/career-development/why-docompanies-hire-interns

How Important Is A Business Plan?

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Have you constantly contemplated starting your own business? Do you not where to start or which resources are the most valuable? Are you questioning whether or not you need to create a business plan? Let me start off by telling you that ALL businesses need to create a business plan! This is one of the most skipped steps when starting your business and it is also one of the most important steps to create a thriving business. Let’s dive into some of the biggest resources of having a business plan.

Do You Really Need A Business Plan?

A business plan is a very important and strategic tool for entrepreneurs. A good business plan not only helps entrepreneurs focus on the specific steps necessary for them to make business ideas succeed, but it also helps them to achieve short-term and long-term objectives.

A business plan is a very important and strategic tool for entrepreneurs. A good business plan not only helps entrepreneurs focus on the specific steps necessary for them to make business ideas succeed, but it also helps them to achieve short-term and long-term objectives. Benjamin Franklin once said, “If you fail to plan, you are planning to fail.” (Benjamin Franklin).

While a business plan is essential to entrepreneurship, not every entrepreneur sees the need for one. Many are reluctant to have their plan written down and there are numerous articles online claiming that the business plan is dead or irrelevant. Of course, not everyone agrees with that. A large number of business funding experts support the idea that having a good business plan is not enough. Even excellent business ideas can be useless if you cannot formulate, execute and implement a strategic plan to make your business idea work. If you are looking to raise funds from institutional investors and lenders, keep in mind that having a good business plan is extremely valuable. You should aim to have a well-documented plan that speaks for itself. It needs to be clear and easy to read and understand.

Before writing a business plan, it is important to consider two important factors:

  • Who will the reader be?
  • What do you want their response to be?

For example, if you are interested in raising capital, investors will likely be your target audience. If you are interested in partnerships or joint ventures, your potential business partners will be your audience. Whoever this audience may be, focus on the key message you want them to receive in order to get the response you want.

Four Reasons to Write a Business Plan

1. To raise money for your business

Potential investors or lenders want a written business plan before they give you money. A mere description of your business concept is not enough. Instead, ensure you have a thorough business and financial plan that demonstrates the likelihood of success and how much you will need for your business to be successful in the long-term.

2. To make sound decisions

As an entrepreneur, having a business plan help you define and focus on your business ideas and strategies. You not only concentrate on financial matters, but also on management issues, human resource planning, technology and creating value for your customer.

3. To help you identify any potential weaknesses

Having a business plan helps you identify potential pitfalls in your idea. You can also share the plan with others who can give you their opinions and advice. Identify experts and professionals who are in a position to give you invaluable advice and share your plan with them.

4. To communicate your ideas with stakeholders

A business plan is a communication tool that you can use to secure investment capital from financial institutions or lenders. You can also use it to convince people to work for your enterprise, to secure credit from suppliers and to attract potential customers.

Creating a business plan involves a lot of thought. You need to consider what you want to do and use that as a starting point. It does not need to be complicated. At its core, your plan should identify where you are now, where you want your business to go and how you will get there. Writing a good business plan does not guarantee success, but it can go a long way toward reducing the odds of failure. Besides, even if you are not looking for investment, your entrepreneurial plans will fall flat quickly without a plan to guide them.

How Long Should a Business Plan Be?

This is a really good question!

It should be as long or as short as it needs to be.

There is no hard and fast rule. Some past grant winners have had very short business plans with their applications while other winners have had very long business plans. Simply provide the best business plan that will demonstrate to the review committee what your business and/or organization does and how you operate.

Shouldering the Weight of a Legacy: The High Stakes of First-Generation African-American Wealth Building For Black Women

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As we close out Black History Month 2023, I speak to my melanin sisters. As Black women, we are no strangers to the pressures of familial and communal responsibility. It’s a weight that we carry with us every day, as we strive to build a better future for ourselves and our loved ones.

However, this sense of responsibility can also be a double-edged sword. On one hand, it motivates us to work harder and achieve more than we ever thought possible. On the other hand, it can lead us to prioritize the needs of others over our own financial well-being. This is especially true for first-generation wealth builders, who may feel a heightened sense of obligation to support their families and communities.

The reality is, building wealth is not just about taking care of ourselves – it’s about creating a legacy of financial stability and prosperity that can benefit future generations. This means that we must strike a balance between our obligations to our families and communities, and our own financial goals.

As Black women, we are uniquely positioned to lead the charge in building generational wealth. We are often the primary breadwinners in our families, and we have proven time and time again that we are capable of achieving great things. However, we must also recognize the importance of taking care of ourselves in the process.

One way to do this is to prioritize our own financial well-being. This means setting aside time and resources to invest in ourselves and our own financial goals. It may mean pursuing higher education, starting a business, or investing in the stock market. Whatever path we choose, it’s important to remember that our own financial success is not just for our own benefit – it’s for the benefit of our families and communities as well.

Another way to strike a balance between our obligations to others and our own financial well-being is to prioritize intergenerational wealth transfer. This means passing down assets and knowledge to future generations, so that they can continue to build upon the foundation that we have laid. It’s not enough to build wealth for ourselves – we must also think about how we can pass that wealth on to our children and grandchildren.

Of course, this is easier said than done. Many of us may feel that our financial resources are already stretched thin, and that we have little left over to invest in our own financial goals, let alone those of our families and communities. However, it’s important to remember that building wealth is a long-term process, and that every little bit counts.

One way to start building wealth is to focus on small, achievable goals. This could mean setting aside a portion of each paycheck for savings or investing in a low-cost index fund. Over time, these small steps can add up to significant wealth-building opportunities.

Another important factor to consider is the role of financial education. Many of us were not taught about personal finance or investing in school, so it’s up to us to seek out that knowledge. There are plenty of free resources available online, such as personal finance blogs and podcasts. You can also consider taking a course or working with a financial advisor to create a plan that fits your unique situation.

At the end of the day, building generational wealth is not just about money – it’s about creating a better future for ourselves and our families. As Black women, we have a unique opportunity to lead the charge in building a more equitable and prosperous future for our communities. By prioritizing our own financial well-being, focusing on intergenerational wealth transfer, and seeking out financial education, we can create a legacy of financial stability and prosperity that can benefit generations to come.

In conclusion, the sense of responsibility that first-generation African-American wealth builders feel towards their families and communities is understandable – but it can also be potentially costly if it leads us

Debt Management in December

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$timulating Tips

Debt is when you owe money. You can owe money to someone, a company because you borrowed money, used your credit card or have some type of outstanding loan. There are many types of debt, but it all means you owe money.

One year for Christmas I purchased gifts for all my nieces and nephews, my children and friends, while I paid to travel out of town. I have never done that again! I was trying to be generous and was not aware of how much I spent until I got home and started adding up all my receipts. It took me until February to catch up from all the extra money I spent.

During this holiday season, let’s make a serious attempt to manage our debt wisely and pay it off sooner. Here are some tips to consider before you shop.

Don’t buy it, if you really can’t afford it.

If you need to use your credit card to purchase a gift, make sure you consider having enough money left on the card in case of an emergency.

Pull names, instead of trying to purchase gifts for everyone in the family (10+ nieces and nephews)

Try a secret Santa for the older adults.

Agree to shop after Christmas for extra savings.

If you sew, knit or crochet, make the gift instead.

Use reward points to purchase gifts.

Tying some of these alternative spending options will help you manage your spending and debt wisely.

Sharing these monthly financial stimulating tips has been a joy! I want to thank Pretty Women Hustle for the opportunity to serve you through this platform for this 2022 year.

I wish you all a very blessed Christmas and a prosperous New Year! You know what to do….keep your mind on your money!  God Bless.

Dedra Porter

L.A.L.A. Nonprofit Org. www.lalanonprofit.org

OCTOBER / OVERDRAFT / OVERDRAWN

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Overdraft protection is a feature a financial institution or a bank provides to customers when the balance in the account does not have enough money to pay for the most recent transaction(s).This feature may or may not cost extra.

Example: You purchase a pair of new shoes. The total amount for the shoes is $98.56. The purchase is approved, but you only have $86.32 in your checking account. The difference of $12.24 will be paid by the bank, until you deposit the $12.24. If you have ‘overdraft protection’ on the account.

If you do not have ‘overdraft protection’ your account will be overdrawn by $12.24, and additional fees may be added for you to also pay because you now owe the bank $12.24. When an account is overdrawn, banks add fees because, you did not have enough money in the account. Additional fees can start at $5 and up. These additional fees can increase daily until the money is collected from you to cover the $12.24, which will have increased because you did not have enough money in the account to begin with.

As we approach the holiday season, be mindful of the balance in your account(s). Check your balance daily and keep a record of what you are buying and the amount. Hint “there’s and app for that”.

As always keep your mind on your money! www.lalanonprofit.org

Delise Whitfield on Financial Freedom

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Growing up, we all wished we learned more on how to manage our money. As the years roll by, a lot of us wonder what our future will look like. Will I have to work forever? How will I take care of my family? It is important to know that the best time to start working on your finances is as soon as you start working, the sooner the better. If you learn how money works and have good investment habits, the possibility of financial freedom is inevitable.

Delise Whitfield is a New York Financial Advisor, certified and licensed in Money Market Investments. She is apart of the Primerica Insurance Company family and has worked her way up to Regional Vice President. She also has branched out into her own and started a business titled RocNation Financial. She does a lot for the youth in her community by holding informative workshop classes for teens. She teaches them the value of money and the tips and tricks to hold onto it. She is a Boss Women who isn’t afraid to seal the deal and teach other adults how to do the same in the Financial Industry.

Mrs. Whitfield gives us a little insider on Money Affairs.

1. Why should people get Life Insurance? 

Life insurance is a way to protect your family from financial devastation when the unfortunate happens. It’s also the cheapest way to create generational wealth. Life insurance is designed to replace your income and protect your assets until you have built your own wealth.  

2. Why is it important to have insurance on your home? 

There are two sides to renters and homeowners insurance. The first reason is the obvious, for something major or catastrophic happening like a fire or a flood. However renters insurance can also protect you from things like robbery, theft, repairing items or even hotel stays if your home is  damaged or uninhabitable. 

3. What investments do you recommend? 

Generally most clients need 3-6 months of monthly expenses for emergencies in a money market or bank account. Then you will need a long term investment account that you would use for your goals and dreams; buying a home, vacations or buying a car. Last but not least, some kind of retirement plan based on needs and income.  

4. How has being an advisor changed your life? 

Becoming an advisor has changed my life in so many ways. I believe the two biggest impacts were; giving me freedom to run my business around me and my children’s lives instead of a 9-5 schedule. Then giving me the capability to close the wealth gap in my community and provide knowledge on how to take steps towards financial freedom. 

5. How can someone join your team ? 

If anyone would be interested in becoming a Financial advisor or Life Insurance Agent they can come by my office 1577 W Ridge rd Suite 214. Or go onto my website and schedule an interview http://www.primerica.com/delisewhitfield&origin.

ASSETS IN AUGUST $timulating Tips

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For this month of August I want to introduce you to the word asset. Asset is something that you own free and clear that is of monetary value. For many adults, an asset can be a home, a car, or jewelry. How quickly you can turn something into cash may also be considered an asset. The most valuable asset is cash!

For a younger person that is still in school or college and does not have the assets listed above, you still have other types of assets. Your personal items, your clothes, your shoes, your jewelry, your iPad, your cell phone, your laptop, your school books, your bike, a hover board or a skate board are all considered assets. These are all assets that can produce monetary value if necessary.

Also another important asset that we often don’t consider is our knowledge. Knowledge is power and knowledge is an asset! The more knowledge you have, the more assets you have. The type of knowledge you have, may help you increase your material / tangible assets.

Remember if you do not have any of the physical items mentioned above, your knowledge is a very valuable assets. Keep obtaining knowledge and physical assets will grow! We can also Leave A Legacy Always, by passing our knowledge onto others.

https://www.lalanonprofit.org

Dedra Porter

JULY – Joint-Venture – $timulating Tips

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We have now completed half the year of 2022. Look back at the previous six months and consider what you have learned. Also, consider any victories you have accomplished.

We jumped into January with the S.M.A.R.T. Goals. In February, we learned that staying in the black is ‘where it’s at’ regarding our bank balances. In March, we discussed maximizing our natural talents, or maximizing our goals, skills or other interests that will allow us to become healthier individuals.

In April, we discussed the “T” account usage in accounting and how it relates to balancing our finances. In May, we reviewed how to minimize different types of expenses. In June we celebrated!

This month of July, I want to briefly explain a “Joint Venture”. It’s summer, school is out and you may have extra time on your hands. You and your buddy or cousin decide to make some money by asking neighbors in your area if they need any yard work done or help walking the dog. These are just two examples, it could be anything different. The two you agree to do the work together and share the money earned from working. This is the basics of a joint venture.

Keep in mind that you should always write down what each person is responsible for doing and the amount of profits you will spilt or share. Have an adult review what you have written down and when each of you agree to everything, sign the form and stay committed to the agreement. There may be some challenges along the way. Keep communication open and discuss your feelings about the jobs you have agreed to do together. Always keep an adult involved to help guide you through the process.

You may surprise yourself and discover that this is something that can grow into more than just a summer past-time. Keep your mind on your money!

https://www.lalanonprofit.org

Leave A Legacy Always

D. Porter

JOYOUS JUNETEENTH -$timulations

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Greetings and blessings to everyone!

We are at the half-way point in 2022! I want to take this month to reflect, appreciate and congratulate!

Reflecting and expressing my sincere appreciation, to our ancestors. Their accomplishments, sacrifices and struggles, are what created many opportunities for us today. Please continue to set positive goals for yourself and surround yourself with love, peace and joy. Have patience. Remember to be kind, humble and continue to increase your faith. Also know, there will be long-suffering but we must have self-control. These are the fruits of the Spirit.

Congratulations to all the graduates of this year! Please! Continue to educate yourselves no matter what. Stay healthy in mind, body and spirit. Never allow you or your mind to become idle. Don’t waste time, time is money.

Happy Father’s Day! Your presence is required, needed and most appreciated.

HAPPY JUNETEENTH

https://www.lalanonprofit.org

Leave A Legacy Always

Dedra Porter

$timulating Tip for Teens

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Minimize in May

A strategy to assist with maximizing financial health is to understand your income and your expenses. We know what income is; any money received or earned. After you receive or earn money, often there are expenses that need to be paid. There are different types of expenses

Fixed expenses: are the same every month. Each time you pay that particular item, the amount is the same. The rent or a car payment, these are considered fixed expenses.

Variable expenses: these are bills that are different each time you pay them. Perhaps the electric bill, or the water bill, sometimes it is the cell phone bill.

Periodic expenses: these are specific expenses that are only paid once every three month or twice a year or any time that is irregular. A birthday or anniversary gift for someone or car repairs are considered periodic expenses.

Planning ahead and budgeting for these expenses can help minimize your debt/bills/expenses.

You ALWAYS have the option to pay early or in full on certain expenses like credit cards or cell phones bills. Remember to read the contract associated with the expense. There are certain contracts that may penalize you for paying early. 

Until next time….remember to Leave A Legacy Always.

Dedra Porter

lalanonprofit@gmail.com