Eight Tips for Effective Leadership

Trying to be an effective leader is admirable, but you might not be sure how to achieve your goals. Thankfully, there are eight tips that you can follow to help yourself become an effective leader. Read about the tips below and then do your best to put the advice to good use. 

  1. Try to Lead by Example

Leading by example is a great idea, and it’ll show your team members that you’re willing to put in the hard work. When employees see leaders working hard, it’s going to make them want to try their best as well.

  1. Focus on Your Goals

Your goals matter, and you need to make sure that you focus on them. Ensure that your team members understand the goals that everyone is supposed to be striving toward. 

  1. Own Your Mistakes

You might make mistakes sometimes, and it isn’t going to be helpful to try to shift the blame. Own your mistakes, and try to learn from them so that you can do better next time.

  1. Give People Credit

Give people credit when they do good work, and they’ll be much more motivated. An effective leader should be ready to praise employees and shouldn’t try to hog all the glory. 

  1. Develop Your Team

Your team might need some help along the way to develop into an efficient unit. Work with individuals to help them get better in key areas that will help the team as a whole. 

  1. Work on Communication

Communication is a crucial element of leadership, and you’re going to be responsible for coordinating communication for the entire team. Work on your communication skills and understand that sometimes communication involves taking the time to listen. 

  1. Learn to Be Assertive

You won’t be successful as a leader if you’re a passive individual. Being assertive is necessary when you’re in a leadership position, and you should be ready to take charge. 

  1. Confidence Is Important

Being a confident leader is essential, and people always prefer to follow individuals who exhibit confidence. Try to believe in yourself and your abilities so that your team will believe in you. 

The Alphabet of Market Recovery

Timothy P. Lofton, Managing Partner – Cornerstone Consulting Group | CEO – The Retirement Blueprint™ | Author | Speaker

Published on March 25, 2020

There is much debate surrounding the current market correction.

The two most commonly ask questions are:

1) “When will it end?”

2) “How quickly will it recover?”

The answer from experts should be “I have no idea”, however that will not get you TV. So, the prognosticators are making their bets on what the ‘other side’ of this might look like. With that comes an explanation of letters that symbolize the different types of recoveries.

Market corrections come in many shapes and sizes. However, economists tend to refer to the following four shapes the most:

– V-shaped recovery

– U-shaped recovery

– W-shaped recovery

– L-shaped recovery

V-Shaped Correction

V-shaped correction are corrections that begin with a steep fall but then quickly find a bottom, turn back around and move immediately higher. A V-shaped correction is a best-case scenario.

We most recently experienced this 3rd Quarter 2018 into 1st Quarter 2019.

The correction of 1990 to 1991 and the correction of 2001, both of which only lasted eight months and are considered to be V-shaped corrections.

U-Shaped Correction

U-shaped corrections begin with a slightly slower decline but then remain at the bottom for an extended period of time before turning around and moving higher again.

The correction from 1971 through 1978 when both unemployment and inflation were high for years is considered a U-shaped correction.

W-Shaped Correction

W-shaped corrections are corrections that begin like V-shaped corrections but then end up turning back down again after showing false signs of recovery. W-shaped corrections are also called “double-dip corrections” because the economy drops twice before a full recovery is achieved.

A W-shaped correction is painful because many investors who jump back into the markets after they believe the economy has found a bottom end up getting burned twice once on the way down and then once again after the false recovery.

The corrections of 1980 that double dipped in 1981 and 1982 is a great example of a W-shaped recovery.

L-Shaped Correction

L-shaped corrections are corrections that fall quickly and fail to recover. An L-shaped correction is a worst-case scenario because they offer no hope of a quick recovery.

The Japanese recession that began in the early 1990s is considered an L-shaped recession.

Well there you have it. Four of the possibilities for the market future. The “L-Shape” recovery has a lot of traction with the economist I follow and I tend to lean towards this one if I have to make a choice. My reasons are this, we simply do not know the long-term global impact of Covid-19. At this point we do not have the proverbial “light at the end of the tunnel”. Once we can see an end to this it will be easier to predict the future.

So I am saying what the experts should be saying; “I have no idea”. In 25+ years and all my economic study I have not seen anything quite like this. Since I am not on TV, I am allowed to actually be honest. For me, I would sit this one out. Cash is king and only giving up the returns from 2019 to not put myself in harms way of all the unknowns seems like good strategy at this point in the game.

Best of luck, stay home, wash your hands, love your family, call your friends and we will get through this together.

Tim Lofton | CEO | The Retirement Blueprint

Timothy P. Lofton, Managing Partner — Cornerstone Consulting Group | CEO — The Retirement Blueprint™ | Author | Speaker

Not Kidding!

If I ask you to guess which was a lie: 1) The Bengals will win the Super Bowl or 2) Taxes are not due this year till July; you would probably be say BOTH! Well here is a hint – I think the Buc’s are going to win the Super Bowl in 2021. Check back …

By Timothy Lofton, Founding Partner and COO at The Cornerstone Group

If I ask you to guess which was a lie: 1) The Bengals will win the Super Bowl or 2) Taxes are not due this year till July; you would probably be say BOTH! Well here is a hint – I think the Buc’s are going to win the Super Bowl in 2021. Check back in a year …

In an unprecedented move the IRS and Treasury Department just released guidance on deferring IRS tax payments. This provides some clarity to tax preparers and taxpayers as more fallout from the coronavirus continues.

This release of guidance comes a day after Treasury Secretary Steven Mnuchin announced that individuals will be able to defer up to $1 million and corporations will be able to defer up to $10 million for 90 days without penalties and interest.

Specifically, individuals, corporations and the self-employed can defer tax payments due April 15 until July 15. It states that the $1 million limit applies both to single filers and to married couples filing joint returns.

This extension applies to both taxpayers’ 2019 taxes due on April 15 as well as federal estimated income tax payments due on that date that pertain to the 2020 tax year. 

Please note that the deadline to actually file tax returns has not been extended and remains April 15. As is the case every year; people can request 6-month extensions with the IRS to file their returns.

The filing deadline extension is designed to help taxpayers financially and to make sure that people have access to the tax-preparation assistance they need. Tax professionals have been encouraging the extensions for several weeks.

Mnuchin said in a statement that the guidance will help to ensure that “hardworking Americans and businesses have additional liquidity for the next several months.” He also encouraged people to file their returns by April 15 “because many will receive a refund.”

This on the heals of the U.S. Small Business Administration approval of the State of Ohio’s application to qualify for the Economic Injury Disaster Loans as a result of the COVID-19 pandemic. Small businesses and nonprofits can now apply for up to $2 million in low-interest loans at DisasterLoan.SBA.gov.

— Published on March 20, 2020

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