There are several different types of business structures a company can choose from. In this blog post, Samir H Bhatt goes over the four most popular structures and discusses the pros and cons of each. So, if you’re wondering what structure is best for your business, read on!

Different Business Structures and Their Pros And Cons:
There are four popular business structures, according to Samir H Bhatt, that entrepreneurs can choose from a sole proprietorship, partnership, limited liability company (LLC), and corporation. Each structure has its own advantages and disadvantages, so it’s important to choose the right one for your business.

Sole Proprietorship
The simplest type of business structure, sole proprietorship, is the most common type of business structure as well. It’s easy to set up, and you’re not required to file any paperwork with the state. The downside is that you are liable, personally, for all the business’s debts and obligations. This means that if your business fails, creditors can come after your personal assets, such as your home or savings account.

Partnership
A partnership is similar to a sole proprietorship, but there are two or more owners. Partnerships can be either general partnerships or limited partnerships. In a general partnership, all partners are equally liable for the debts and obligations of the business. In a limited partnership, there is at least one partner who is not liable for the debts of the business (known as a “silent partner”).

Limited Liability Company (LLC)
A limited liability company (LLC) is a business structure that offers personal liability protection to its owners. This means that if the LLC owes money or is sued, the owners’ personal assets are protected. LLCs are also easy to set up and maintain, and they offer taxation flexibility. The downside is that they can be more expensive to set up than other business structures.

Corporation
A corporation is a more complex business structure that offers its owners limited liability protection. This means that the owners are not personally liable for the debts and obligations of the corporation. A corporation is also a separate legal entity, which means it can enter into contracts, own property, and sue or be sued in its own name. The downside of a corporation is that it can be more expensive and time-consuming to set up and maintain than other business structures.

Now that you know the four most popular business structures, you can decide which one is right for your business. Samir H Bhatt recommends considering the advantages and disadvantages of each type of business structure before making your decision.

Concluding Thoughts
So, what’s the verdict? Which business structure is best for you and your company? Well, that depends on a variety of factors, according to Samir H Bhatt, including your goals, how much risk you want to take on, and how much paperwork you’re willing to deal with. But hopefully, this article has helped give you a better understanding of the different types of structures available and their respective pros and cons.

Samir H Bhatt - The Different Types Of Business Structures.

Retirement is not an easy decision, and the numerous myths floating about do not do much to help the cause. Unfortunately, many people fall prey to these misconceptions without ever realizing it, and inadvertently end up damaging their retirement security.

In this blog, Samir H Bhatt talks about some of the most prevalent – but dead wrong – information regarding retirement.

The Most Common Retirement Myths:
Myth 1 – There is No Need to Revisit the Withdrawal Rate:
A historical rule of thumb has been that an adequately diversified portfolio can last around three decades, as long as the annual withdrawal rate is below 4%.

However, this is an obsolete way of thinking about retirement savings, and there is no one-size-fits-all approach. The ideal retirement strategy and plan requires you to consider your current financial position, future income, and retirement goals. Besides, this plan and your withdrawal rate can both change in line with any changes in your circumstances.

Based on how far you are from retirement, Samir H Bhatt recommends using the following approaches:

For People Nearing Retirement:
Withdrawal rates should be regularly reviewed; this allows you to observe how inflation rates and current share prices might impact your portfolio returns. You should be able to adjust your retirement savings and income based on your personal circumstances as well as the prevalent market conditions.

For People Who Are Mid-Career or Young:
You should plan a 3% to 4% annual withdrawal rate for the long-term.

Myth 2 – It is too late to Start Saving for Retirement:
The best time to save for retirement was yesterday; the next-best time is today. Just because you were unable to save as soon as you started working, does not mean that you should throw in the towel and feel that you are doomed to work until the last day of your life.

You might have to rely on a paycheck for longer (or remain invested for longer) than people who started earlier, but, once again, that does not mean that you cannot try to catch up. People aged 50 and above, for example, can contribute an additional $1,000 monthly or $7,000 yearly to their IRAs. For an employer-sponsored 401(k), this limit goes up to $6,500 monthly and $20,500 yearly. If you leverage this opportunity and start investing an extra $1,000 per month to your IRA from the day you turn 50, you could have an extra $27,000 in your retirement fund by the time you are 65 years old.

On the flipside, you could also reduce your expenses to meet your retirement saving goals. Even simple measures like driving an older vehicle or taking public transport, and decreasing your entertainment budget, can go a long way in compensating for the late start.

Myth 3 – My Retirement Living Costs will be lower:
Speaking of living costs, a lot of people believe that retirement is associated with slowing down, modest living, and senior discount coupons. Samir H Bhatt thinks that this belief is particularly prevalent in younger people who think that old age is all about knitting sweaters and playing with your grandkids. However, with time, you will realize that 65 (or even 70) is no age to restrict oneself to the backyard.

People in good health often like to spend the initial few years of retirement in traveling and enjoying new adventures that they were unable to during their working lives. If you have the means, you might even want to take your grandkids to Disneyland, observe the Churchill polar bears, and cross off as many items on your bucket list as possible.

Final Word:
To sum up, every retirement experience is different, which means that general advice or rules of thumb are hardly ever applicable across the board. It is important to do your own research, create a personalized plan, separate fact from fiction, and stay away from myths like the ones that Samir H Bhatt just dispelled.

Samir H Bhatt - The Most Common Retirement Myths.

Just over three years ago, the idea of working from home seemed new and unusual. Fast forward to today, and the COVID-19 pandemic has made remote working a norm for pretty much every industry out there. Now that we know that the work-from-home model is here to stay, the next step is to refine this model so that we can maximize its benefits while minimizing the downsides.

In this blog, Samir H Bhatt will discuss a few tips for entrepreneurs running (or looking to run) their businesses from home.

Tips for Handling your Business Remotely:
Tip 1 – Establish Clear and Consistent Communication:
Consistent and uncluttered communication is crucial for any business, but it is particularly important for teams who are coordinating remotely. You do not have the option to just stroll up to a team member and request an update on the project status.

Varying working hours, external demands, and rivaling priorities can all make remote communication challenging. According to Samir H Bhatt, there are a couple of things that all remote business owners should do:

1)    Be Clear:
Clarity establishes confidence and trust. Making yourself available not only allows you to establish a standard for accessibility, but also sends the message to your team members that you will be there for them whenever they need you.

To avoid confusions down the road, be clear about the times during which you expect your team members to be reachable, as well as about the communication platforms that you will be utilizing.

2)    Pick a Platform:
Whether you use asynchronous platforms like Slack or synchronous (real-time) ones like Google Hangouts, Samir H Bhatt says that it is important for your team to be able to collaborate and communicate easily.

Figure out your preferred communication and identify the way of responding (real-time or less-than-immediate) that would be most feasible for the team.  For instance, would you and your team prefer greater availability and lower responding flexibility, or would you rather communicate through organized channels but lower your response expectations.

Tip 2 – Set up a Robust Phone System:
Clients do not like leaving messages and waiting until someone from the company gets back to them. Hence, it is vital that you set up a phone routing system that allows clients and other callers to reach their desired contacts with a single phone call. There are many services that let subscribers route their calls without having to give away private numbers.

To maximize flexibility, find something that you can add to your phone or use with a computer – this will not only enhance your customer service, but also make life easier for your employees.

Tip 3 – Get Organized:
If you are operating your business remotely, it is almost certain that you are using some digital document management system – even if it is a desktop cluttered with PDF documents or a Google Drive that has not been updated since the Obama administration.

However, Samir H Bhatt says that it is time to change this. You should consider establishing an accessible information repository which allows your team to easily and effectively share information with one another.

You could go for a user-friendly, cloud-storage system having clearly defined structures and labels to pinpoint which information is stored where, or you could go for something more complex that has been tailored according to your business needs.

Regardless of how you go about it, it is vital that your team is adequately organized to deal with the unique challenges that accompany remote working.

Final Word:
To sum up, establishing consistent communication, setting up phone systems, and taking steps to organize your team, are all ways to set yourself, your team, and your business up for success under the remote working model.

Samir H Bhatt - Tips For Handling Your Business Remotely.

A solid mission statement is important for both the business’s target audience and employees. It acts as a framework – a kind of launching pad that the business can use to build its brand. As far as the target market goes, your mission statement is what makes you stand out from the competitors without limiting the purpose of the business.

Essentially, a business statement should answer two fundamental questions about the business:

Why does the business exist?
What makes the business different?
In this blog, Samir H Bhatt will discuss a few tips that will help you craft a mission statement that effectively answers these questions.

Tips for Writing a Mission Statement:
Tip 1 – Mention What Your Business Does:
The opening statement needs to be as simple as possible, and you should avoid getting into the details at this point. In fact, you can merely state the product that your company produces or the service that it offers. According to Samir H Bhatt, an example of a good yet simple opening statement can be: Our firm offers a range of digital marketing services and solutions.

Tip 2 – Talk about the Operations:
Once again, you do not need to get into the detailed specifics of your business operations but talk about them in general terms. A lot of businesses also cover their core values in this section of the mission statement.

You could come up with some core values already associated with your company and what it does. Below, Samir H Bhatt provides a few examples of such values:

Offering high-quality products or service
Delivering premium customer service
Preserving the environment
Encouraging innovation
Making natural resources more accessible
Practicing sustainable growth and development
It is best to mention a maximum of three core values. By incorporating too many values, you might end up confusing the message you are trying to convey. An example could be: Our firm offers a range of high-quality yet affordable digital marketing solutions and services.

Tip 3 – Talk About the Reason for Your Company’s Existence:
By including the reason behind establishing the company, you communicate the drive and passion that propel your business. This, according to Samir H Bhatt, helps you establish a stronger connection with your target audience

At this point, your mission statement could look something like this: Our firm offers a range of high-quality yet affordable digital marketing solutions and services for small businesses.

The ‘why’ portion of your mission statement helps you communicate how your business intends to benefit society and that you are driven by something more than just profits.

Final Word:
To sum up, a mission statement is not just the blueprint for your business planning; it is a mantra that needs to be wholeheartedly embraced by everyone within your organization and should be effectively communicated to all your stakeholders beyond it. Your mission statement should encourage customers to buy from you, and inspire employees to work for you.

Samir H Bhatt - Tips For Writing A Mission Statement.

Pretty much every entrepreneur was, at some point, an employee for another entrepreneur. Often, a shift in long-term hopes or dreams, or a desire to want more out of life, encourages conventional 9-5 workers into taking up a business venture of their own. Employment and entrepreneurship are worlds apart, and transitioning from one to the other requires time, planning, and knowledge.

In this blog, Samir H Bhatt discusses a few tips that will help make this transition relatively smoother and easier for you.

Transitioning from Employee to Entrepreneur :
Tip 1 – Do Not Be Impulsive:
The very first thing that Samir H Bhatt wants people to think is if they are ready to quit their job. There are times when someone quits their job to start their own business and immediately hits it big. However, that is not the case for the majority and, in general, getting a company off the ground requires a great deal of time and patience.

Do you think that you need a consistent source of income while your business gets up and running? If so, it might not be a good idea to quit your current job. You could take a less extreme step, such as switching to a part-time role so that you can dedicate more time to your business while not having to worry about the money.

Tip 2 – Start Thinking Like a Business Owner:
As an employee, you probably accepted the decisions and policies implemented by the organization’s hierarchy. However, Samir H Bhatt says that, once you become your own boss, the onus will be on you to make decisions, establish goals, formulate strategies, and compare your business’ current position to pre-established targets.

Of course, you can (and should) invite suggestions from your employees, but you should be confident enough to decline them when you feel that they might throw your business off course.

 Tip 3 – Establish Goals for the Short- and Long-Terms:
While transitioning from employee to entrepreneur, you must set several short- and long-term goals, and hold on to this goal-setting mindset even after the business gets going.

Prepare yourself to think about where you want to see your business after a month, six months, a year, and five years. Make and regularly update the goals that you are targeting, as well as the time period by which you want to achieve them and the steps that you will take in that regard. This practice can serve as a powerful motivator, and keep you on your toes.

 Tip 4 – Get Ready for Longer Working Hours:
For the most part, employees work according to an established schedule and get to enjoy the weekend. In addition, they also receive sick leaves, holidays, and paid vacations every year.

Entrepreneurs, especially those who have only just started off on their journey, do not have these benefits. Samir H Bhatt says that you should get ready to work longer hours and entire weeks as you strive to make something of your company.  You might also find yourself working for below minimum wage and making a loss. However, with perseverance, commitment, and smart decision-making, your business is likely to grow in value – value which you can convert into some very lucrative paydays in the long run.

Final Word:
Transitioning from employee to entrepreneur requires a great deal of planning, faith, confidence, and courage. However, once you successfully jump over to the other side, the pride and financial freedom will make you realize that all the effort was worth it.

Samir H Bhatt - 4 Tips For Transitioning From Employee To Entrepreneur..

As a leader, you need to be able to persuade others to follow your lead. This can be difficult, especially if you’re not used to doing it. Samir H Bhatt of SHB Advisors will explain some tips on how to improve your persuasion skills.

How to Improve Your Persuasion Skills as a Leader
Establish Credibility
According to Samir H Bhatt, if you want people to listen to you, you need to establish yourself as a credible source. This means being knowledgeable about the subject you’re discussing and being able to back up your claims with evidence. People are more likely to be persuaded by someone they perceive as an expert.

You can also build credibility by sharing your own personal experiences. If you’ve been through something similar to what others are facing, they’ll be more likely to trust your judgment.

Use Emotion
Emotion is a powerful tool that can be used to persuade others. When people feel an emotional connection to something, they’re more likely to be motivated to take action.

Think about what kind of emotions you want to evoke in your audience. Do you want them to feel inspired? Hopeful? Determined? Use language that will generate these feelings and help people see the situation in a new light.

Appeal to Their Values
Samir H Bhatt believes that when you’re trying to persuade someone, it’s important to find out what they value. What are their goals and priorities? Once you know this, you can tailor your argument to appeal to their values.

For example, if someone is looking for a job that offers work-life balance, you might talk about how your company offers flexible hours and remote working options. Or, if someone is interested in making a difference in the world, you could discuss how your organization is making an impact.

Be Concise
When you’re making your case, be sure to get to the point quickly. People have short attention spans, and they’re more likely to tune out if you ramble on. Write out what you want to say in advance so that you can edit it down to the essentials.

And remember, sometimes less is more. A well-placed metaphor or analogy can be more persuasive than a long, complicated explanation.

Know Your Audience
The most effective leaders are those who know their audience and understand what makes them tick. Take some time to learn about the people you’re trying to persuade. What are their needs and wants? What do they care about? The better you understand them, the easier it will be to get your message across.

Be Confident
If you don’t believe in what you’re saying, neither will anyone else. When you’re trying to persuade someone, it’s important to project confidence. This doesn’t mean being arrogant or pushy. Instead, it’s about conveying that you’re certain of your position and that you have the ability to get the job done.

People are more likely to follow a leader who exudes confidence. So if you want to be persuasive, start by believing in yourself.

Conclusion
Samir H Bhatt has mentioned a few tips to help you improve your persuasion skills as a leader. Remember that persuasion is not about manipulation or forcing people to do things against their will. Instead, it’s about finding common ground and convincing others to see things from your perspective. If you can do that, you’ll be well on your way to becoming a more effective leader.

Samir H Bhatt - 6 Tips To Improve Persuasion Skills As A Leader.

A manager is someone who oversees and coordinates the work of a team of people. A leader, on the other hand, inspires and motivates others to achieve a common goal. Leaders are not born; they are made. Anyone can become a leader if they have the right qualities.

Samir H Bhatt of SHB Advisors will explain some of the key differences between leaders and managers:

7 Differences Between a Leader and a Manager
Vision
According to Samir H Bhatt, a leader has a vision for the future and knows where they want to take their team. Leaders will create a plan and set goals to achieve their vision. A manager, on the other hand, is more focused on the present and ensuring that tasks are completed on time and within budget.

Inspiration
Leaders are able to inspire others to achieve things they never thought possible. They do this by painting a picture of what can be achieved and motivating people to work together to make it happen. Managers, while they may be good at getting people to complete tasks, are not typically as successful at inspiring them.

Communication
Leaders are excellent communicators. They understand the importance of clear and concise communication in order to get their point across and ensure that everyone is on the same page. Managers are also generally good communicators but may not be as skilled at communicating their vision or motivating people.

Change Agents
Leaders are change agents. They are constantly looking for ways to improve and innovate. They are not afraid of change but embrace it. Managers, on the other hand, may be more resistant to change as they prefer to stick to what is comfortable and familiar.

Building Relationships
As per Samir H Bhatt, leaders know the importance of building strong relationships. They understand that trust is essential in order to get people to buy into their vision and follow them. Managers may also build strong relationships, but they are typically more focused on task completion than relationship building.

Decision-Making
Leaders are confident in their decision-making abilities and are not afraid to make tough decisions. They understand that sometimes there is no clear right or wrong answer, and they are comfortable with making the best decision they can based on the information available. Managers may also be good at making decisions, but they are usually more cautious and less likely to take risks.

Team Building
Leaders are experts at putting together teams that work well together. They know how to identify the strengths and weaknesses of each team member and how to utilize those strengths to achieve the team’s goals. Managers may also be good at putting together teams, but they typically focus more on the individual tasks that need to be completed rather than on the team as a whole.

Conclusion
Leadership is about setting a direction and inspiring others to follow. It’s about having a vision and being able to communicate that vision in a way that motivates others to take action. Management is about organizing people and resources to achieve specific goals.

Samir H Bhatt - How A Leader Is Different From A Manager.

A leader has to know how to not just run a business but how to inspire and motivate their team. If a leader is ineffective, it can have a ripple effect that can be felt throughout the entire organization. It is important to make sure that you have an effective leader in place in order to avoid these problems.

Ineffective leadership can ruin your business in many ways. Samir H Bhatt of SHB Advisors has highlighted some ways how it can cause problems for your business.

6 Ways Ineffective Leadership Can Cause Problems for Your Business
Lack of Concrete Vision for the Future
According to Samir H Bhatt, one of the most important things that a leader can do for their business is to have a clear and concise vision for the future. Without this vision, it can be very difficult to make decisions about where the business should go and how it should grow. This can lead to stagnation and eventually decline.

Inability to Delegate or Empower Others
Another common problem with ineffective leaders is their inability to delegate or empower others. This can lead to a lot of wasted time and energy as people are constantly waiting for directions from the top. This can also lead to resentment and turnover as people become frustrated with their lack of autonomy.

Micromanagement
Micromanagement is another major issue that can arise from ineffective leadership. When leaders try to control everything, it can lead to a lot of frustration and confusion. This can cause employees to feel like they are not valued or appreciated, which can lead to them looking for other opportunities.

Not Investing in Your Team
Samir H Bhatt believes that investing in your team is one of the most important things a leader can do. Without this investment, it can be very difficult to retain talent and keep people motivated. This can eventually lead to a decline in productivity and profitability.

Not Being Able to Make Decisions
One of the biggest problems of ineffective leadership is the inability to make decisions. This can often lead to paralysis within the organization as people are unsure of which direction to take. This can eventually lead to a decline in productivity and profitability.

One of the defining qualities of a leader is the ability to make difficult decisions. If a leader is unable to do this, it can have a very negative impact on the business.

Creating a Toxic Environment
Another major issue that can come from ineffective leadership is the creation of a toxic environment. This can often happen when leaders are too focused on themselves and their own agendas. This can lead to employees feeling like they are not valued or appreciated, which can lead to a decline in productivity and morale.

Conclusion
Samir H Bhatt has highlighted a few of the ways that ineffective leadership can ruin your business. If you are concerned about your leadership skills, it is important to seek out help from a professional. Remember, effective leadership is essential to the success of any business. Do not let an ineffective style ruin yours.

Samir H Bhatt - How Ineffective Leadership Can Ruin Your Business.

There’s no doubt that having a good leader in your life can make a big difference in your success. Good leaders have the ability to inspire and motivate people to achieve great things. They also possess the qualities that allow them to communicate effectively and relate to others.

If you’re looking to improve your own leadership skills, Samir H Bhatt will guide you on how good leaders can help you achieve success:

6 Ways Good Leaders Help You Achieve Success
They Set the Tone
According to Samir H Bhatt, one of the most important things that good leaders do is set the tone for their team or organization. They establish an overall vision and goal, then create a positive and productive environment in which everyone can work together towards that goal. This positive atmosphere not only makes it more enjoyable to come to work each day but also helps to boost morale and motivation.

They Communicate Effectively
Good leaders know how to communicate effectively with their team members. They make sure that everyone is on the same page and that they understand the goals that have been set. They also take the time to listen to feedback and suggestions from their employees. By doing this, they show that they value input from others and that they are open to new ideas.

They Delegate Tasks
Another important quality of good leaders is their ability to delegate tasks effectively. They realize that they cannot do everything themselves and that it’s important to delegate tasks to others in order to get things done efficiently. By delegating tasks, they are able to free up their own time so that they can focus on more important aspects of their job.

They Are Decisive
Samir H Bhatt believes that good leaders are also decisive when it comes to making decisions. They don’t hesitate to make tough calls, and they always consult with their team before making any major decisions. This shows that they trust their employees and value their input.

They Are Open to Feedback
As mentioned earlier, good leaders are always open to feedback. They know that they cannot improve if they are not willing to listen to constructive criticism. They also realize that their employees are the ones who are on the front line and have the best perspective on how things are going.

They Inspire Others
Last but not least, good leaders inspire others to be their best. They show confidence in their team members and provide them with the motivation they need to succeed. By doing this, they help to create a positive work environment where everyone is working towards a common goal.

Conclusion
Leadership is a vital quality that all successful people possess. If you want to achieve success in your own life, Samir H Bhatt recommends following the tips above. Take the time to study these qualities and see how you can apply them to your own life. With practice, you can develop leadership skills of your own and help others achieve success as well.

Samir H Bhatt - How Good Leaders Help You Achieve Success.

It’s not easy being a successful business leader and managing a family life simultaneously. But it can be done if you’re willing to make some sacrifices and put in the extra effort. Here are some tips by Samir H Bhatt of SHB Advisors on how to make it work.

How Successful Business Leaders Balance Work and Family Life
Allocate Proper Family Time
You may have a demanding job, but that doesn’t mean you should neglect your family. Make time for them every day, even if it’s just for a few hours. Let them know that they’re important to you and that you’ll always make time for them.

According to Samir H Bhatt, most people make the mistake of thinking that they can’t have a successful career and a happy family life at the same time. But it is possible to have both if you’re willing to make some sacrifices.

Be Flexible
There will be times when your family life and your work life will conflict. When this happens, you need to be flexible and be willing to adjust your schedule accordingly. For example, if you have an important meeting at work, see if you can reschedule it for another time so you can attend your child’s soccer game.

Communicate With Your Spouse
Make sure to communicate with your spouse about your work schedule and let them know when you’ll be available. This way, they can plan their own lives around your schedule and vice versa. This will help avoid any conflicts between work and family time.

Having your spouse along the same lines as you will naturally make things a lot easier for both of you.

Set Some Ground Rules
Samir H Bhatt believes that in order to manage your time effectively, you need to set some ground rules. For example, you might want to set a rule that you won’t work after 6 pm so you can have dinner with your family. Or you might want to set a rule that you’ll only work on weekends if it’s absolutely necessary. Whatever rules you decide to set, make sure you stick to them.

Follow a Proper Schedule
Create a schedule and try to stick to it as much as possible. This will help you stay organized and make sure that you’re making time for both your work and your family. Of course, you won’t always find yourself in this situation as unexpected circumstances can happen anytime. However, you should always try to follow a routine as best as you can.

Following a schedule will allow you to complete your tasks in a timely manner and still have time for your family.

Make Time for Yourself
Last but not least, don’t forget to make time for yourself. You need to take care of yourself in order to be able to take care of others. Make sure to schedule some “me time” into your day, even if it’s just for 30 minutes. During this time, you can do whatever you want, whether it’s reading, taking a bath, or watching TV.

You need to be well-rested and relaxed in order to be able to focus on work and manage your family life. So make sure to take some time out for yourself every day.

Conclusion
The most important thing is to find a balance between work and family life. You can’t let one or the other take over your life. Both are important, so make sure you give them the attention they deserve. By following these tips from Samir H Bhatt, you can have a successful career and a happy family life.

Samir H Bhatt - How Successful Leaders Manage Family Life.

Based in Washington, DC, Samir H. Bhatt joined SHB Advisors in 2013 and continues to drive activities as managing director.

SamirHBhatt