Helpful Contracting Tips from Mike Figliuolo, managing director at thoughtLEADERS, LLC
Through Mike Figliuolo’s course in LinkedIn, you will learn what different contracts mean, pricing and payment terms, warranties and liability terminology and expectations, and insurance requirements. He also lets you in on what you should consider when defining your project scope.
The following content is a mixture of copied text and personal interpretation. The purpose of this blog post is to share our experience taking this course and highlight it’s value and availability to access through LinkedIn’s Learning portal.
We know contracts are not the sexiest topic of conversation in business, but boy are they life savers. We have been writing contracts for years now here at YBB and we enter into contracts for a significant majority of our collaborations, specifically ones that span over months or years time. Event if exchange of services is the primary payment detail, we highly suggest you start entering business relationships with a contract agreed upon by both parties before any work or exchange is done. Through Mike Figliuolo’s course in LinkedIn, you will learn what different contracts mean, pricing and payment terms, warranties and liability terminology and expectations, and insurance requirements. He also lets you in on what you should consider when defining your project scope.
Helpful contracting tips the highlights are:
Minimize the size of numbers.
“Instead of saying, "The client will pay $60,000 for 300 hours of services," say, "The client will pay $200 per hour of services rendered. "The consultant will provide up to 300 hours of service."
Those are much smaller numbers. That's a lot easier to accept and approve on the client side.”
Specify expenses in words verses in numbers.
“If you say, "The client will pay up to $15,000 in travel expenses," they'll likely negotiate that number. It's a big dollar amount. If, instead, you say, "The client will reimburse "for actual travel expenses," it's more likely to be accepted as written with no negotiation.”
Require a minimum purchase of services.
“A lot of effort goes into selling, proposing, and contracting for an engagement. You don't get paid for that time. If the client uses 60 hours of your time contracting and then only does a six hour engagement,you've made a pretty poor hourly rate. Require the client to pay for a minimum number of hours,whether or not they use them. It'll at least guarantee an acceptable return on your sales and contracting time.”
Define your classes of travel.
“Many consultants spend a lot of time on planes and in hotels. The client will want you to choose the cheapest accommodations possible. Don't sacrifice your lifestyle unreasonably. Specify acceptable classes of travel in your contract. At thoughtLEADERS, when we travel internationally, we specify that we travel business class. My instructors are on the podium for eight hours, teaching a class to up to 35 people. I cannot put someone on a plane for 20 hours to go to Singapore and teach a class back in economy in the back of the plane. It's specified in the contract the class of travel that we'll use.”
Use terms like in its sole discretion, or as mutually agreed upon in writing.
These terms can simplify contracting and improve negotiating success. The terms are advance permission to make a decision without further approval, or they get the contract done sooner and leave the smaller points for future discussion and mutual agreement.
If you’re interested in taking Mike’s course on LinkedIn, here is a list of learning objectives you will learn:
Learning objectives
Identify effective consulting contracting techniques.
Explain how to evaluate an attorney for legal counsel.
Compare and contrast different types of major contracts.
List the major players in a contracting process.
Define payment terms.
Define warranties and liability.
Scope a consulting engagement.
Describe how to negotiate major contract points.
Let's Talk Condos with YBB Member Andrijana Jakovleska
Let’s talk Condos. There’s somewhat of a negative connotation towards condos and the “condo fees” that come along with them.
Let’s talk condos!
There’s somewhat of a negative connotation towards condos and the “condo fees” that come along with them.
Condo fees include maintenance, landscaping, management of the condominium and in some cases utilities. They can be beneficial for certain buyers who want complementary maintenance/landscaping & want to be part of a community within the condominium.
The $ amount of condo fees varies based on the type of building (apartment, townhome complex, etc) plus the size of the perspective unit and what is included in the condo fees. The negative connotation mainly comes from the fact that you as a condo owner do not have a say in the increase of the condo fees at any time because even though you own a unit or units you are essentially buying into a condominium business run by its board members and investors.
A tip that can benefit your condo ownership, is to become part of the condo board or become an investor so that you have a say in the decision making.
Apart from the above, a condominium if managed correctly can be a great opportunity & investment for a buyer. Especially townhome complexes, since there’s not as many units as an apartment building and condo fees are more likely to remain low over the years.
In prime areas, your condo investments will increase in value, especially if managed well.
Always have your REALTOR gather all of the condominium documents for review before purchasing a condo. Knowing as much information as possible will aid into making the right decision. It is the seller of the condo’s responsibility to give all condo documents to your REALTOR.
Submission By:
Andrijana Jakovleska
REALTOR®
Residential | Commercial | New Builds
780-937-6346
andrijanarealty@gmail.com
andrijanajakovleska.com
How Your Ego Is Getting In Your Way! - Juli Wenger
Have you ever tried to make a change or create a new habit only to realize that after just a few days you're feeling so much resistance that you're ready to just give up?
Photo Credit: Christina Louise
Have you ever tried to make a change or create a new habit only to realize that after just a few days you're feeling so much resistance that you're ready to just give up?
Well, say hello to your ego. No, no, not the “I think I'm the bomb.com” kind of ego. The ego I'm talking about is your sense of self, your perceptions, and your “programming”.
Our ego is made up of all of our upbringing, conditioning, and the “rules” we have learned along the way about how to be loved and accepted in the world - how to get our needs met. And ultimately it's about ONE thing - keeping you SAFE, which in ego talk means staying the same and staying in your comfort zone.
This is why making a change often comes with A LOT of internal pushback. It’s your ego trying to keep you in the same seemingly comfortable place that you've always been. It keeps you repeating the same old patterns on auto-pilot, so when you disrupt a pattern, you better believe your ego is gonna show up and have something to say about it!
This is where that feeling of being “stuck” comes from. You're thinking new thoughts and attempting new things while your ego is holding up a big red stop sign and screaming “Danger! Danger!” because this newness is not part of your programming. It feels unsafe to your ego EVEN IF it is the right thing for you.
If you are stuck in your stuckness, let me be very clear…you’re not feeling stuck because you are weak, or not good enough, or not confident enough or not brave enough. You’re feeling stuck because there is literally a tug-of-war going on between your conscious mind (the part that wants to change and knows it’s right) and your subconscious mind (where your ego and self-protective patterns live).
Photo Credit: Christina Louise
We DEEPLY desire transformation. That's consistent for all of us. We all want to be our best and most joy-filled selves. So we try and try to create change, only to fail more than we succeed. And every time we fail, we give ourselves proof that this BS belief that WE ARE a failure is true. (psych term = confirmation bias) But here’s the really sh*tty part, we take that failure on as an identity.
But your performance is not a direct line to who you are. Your performance is a reflection of your ego and subconscious patterns that are trying to keep you safe and the same. Your identity exists above all of that.
So the question then becomes - beyond my ego fears, who am I? What is my identity?
And to answer that, we have to start interacting with our fears, patterns, “limiting beliefs”, and stories, which in and of itself can be scary, especially if you’ve never done it before because choosing not to believe them anymore goes against how we've learned to function up until now. (Remember: NEW = SCARY to the ego) It brings up a fear that we humans have been conditioned to listen to that says…"stay safe", “don't rock the boat”, “what will they think?” It's really easy to get stuck here and convince yourself that it is safer to not draw attention to yourself, to not make other people uncomfortable, to not make the change… That's defaulting into old ways of being - aka living your life on autopilot.
No shame here. It's a choice that SO many people make because the process of UNLEARNING and choosing new beliefs, well, it's hard. And autopilot seems easy. That is, when you don't factor in the pain of staying the same anyway. But God calls us to much more than just living on autopilot. He calls us to move beyond all that stuff and be rooted in our identity and purpose.
Here’s the thing, we all have a history. We all have a past. We all have things that have happened to us, some big moments that we may be able to look back at, and combinations of small moments that built up over time. Regardless, we've all built patterns around those moments. We've put up walls. We've created defences. And now your ego is holding on to those patterns for dear life and convincing you that those patterns are you, and that your identity is found in your patterns. (Hint: it’s not true!)
So what do we do? We open our hearts and we get clear on WHO WE ARE, that's what! When we know who we are, our lens on life starts to shift. We can more easily disconnect our behaviour from our value. And then we can start to detach our identity from our behavioural patterns. That's where the soul-searching fun is! (Ok, well, it's mostly fun and also not so fun sometimes, but the transformation gets me all fired up).
How do you do that? Other than call me, which is totally an option, you need to start to answer this question: Who am I without my roles and titles? When I take them all away, what is left?
Start there. Stay curious. See what comes up.
Photo Credit: Christina Louise
Submission by:
Juli Wenger, The author of “Fired-up, Fulfilled, and Free - Know who you are. Get out of your own way. Live Your Purpose” (releasing May 31, 2022), a Certified and Internationally Credentialled Coach, Human Ecologist, Speaker, Podcaster, Certified Breathwork Facilitator, and student of the Enneagram. She is devoted to guiding impact-driven humans through their journeys to powerfully and courageously live out their callings.
When you’re a busy entrepreneur juggling work and family life, it can be overwhelming to add holiday shopping into the mix.