Worcester Business Journal

18 Worcester Business Journal | July 23, 2018 | wbjournal.com 10 T H I NG S I know about . . . … Planning a fundraising event By Melanie Bonsu Bonsu is the director of development & marketing/ communications for the Girl Scouts of Central and Western Massachusetts. Reach her at mbonsu@ gscwm.org. 10) Decide on what type of event you're having. Do you want a lavish gala or something more low-key? Originality and mission-focused go far in differentiating your event and attracting people to your cause. 9) Analyze the market. Massachusetts has more than 22,000 nonprofits. If there are eight local fundraising galas in September, find another date. 8) Create an event timeline. Greatness takes time – start planning nine to 12 months in advance. 7) Determine your budget and goals. Determine how much you're willing to spend on food, entertainment, marketing, etc. Then figure out how much money you would like to raise, minus this overhead. 6) Find a location. You don't want people to be uncomfortably squeezed in, nor do you want a room so large it appears empty. Consider accessibility, availability of parking, and wow factor. 5) Secure sponsors and donations. Sponsorships should generate at least 75 percent of your event income. Create sponsor packets and solicit corporations, foundations and individuals aligning with your mission. If you're holding a raffle or auction, be specific when requesting an item. 4) Create a marketing plan. Get your event in front of members of your community. Think of a creative way to get your event earned media. 3) Recruit volunteers. Even the most organized person needs help. Find reliable volunteers and delegate detailed tasks. Complimentary tickets are a great way to recruit volunteers. 2) Create an experience of fun. People aren't going to remember what type of chicken you served them, but they will remember if they had a great experience. From fun photo opportunities, to including laugh-inducing mission moments, have fun! 1) Send thanks. Timely follow-up notes to sponsors donors, and attendees are essential to building relationships. K N O W H O W Five mistakes to avoid in retirement 10 1: M A N A G I N G H I G H P E R F O R M E R S F rom taking too much risk to increased spending, retirees have a lot to think about when beginning the next chapter. You've spent a lifetime working hard and saving so you can retire and enjoy the fruits of your labor. Hopefully you'll have created a comprehensive retire- ment plan long before that day comes. However, retirement planning doesn't stop once you retire. Here are five com- mon mistakes to avoid. 1. Failing to take a more conservative approach to investing. Many folks who enter retirement fail to adjust their thinking on risk and how it relates to their investment portfolio. Understandable given the fact that people spend most of their lives in two stages of the financial life cycle: first, the asset accumulation phase (age 25-45); and second, and the pre-retire- ment phase (age 45-65). ese first two phases typically coincide with a higher risk tolerance and therefore a more ag- gressive investment approach. However, once you enter the third and final phase of the financial life cycle, the retirement phase, it's important to set new parame- ters and ensure your portfolio is aligned with your overall objectives. 2. Spending like you used to and disregarding the budget. During the pre-retirement years, peo- ple who work have a budget and cash- flow plan. However, because of family dynamics, increased cost of living, and other factors, these same folks usually exceed those plans by overspending. at may be okay because they can reimburse those expenses by bringing in more income. But the game changes in retirement. You're no longer deriving compensation, making it extremely im- portant to stick to your budget. And this may be even more difficult for retirees as, with more time on your hands, it can be easier to overspend on travel, dining and spoiling the younger generations. But compounded with inflation, this can be a disastrous mix. 3. Taking social security benefits at the wrong time. One of the most common questions for people in retirement is when to start taking social security. For years it was thought retirement began once you turned 65 years old, but that number has changed. For people born aer 1954, the retirement age has been bumped up to age 66, and the earliest you can claim social security is at age 62 regardless of your full retirement age. e bottom line is the younger you are today, the greater the penalty for taking benefits early. 4. Not planning properly for the cost of health care. People either have no idea what their healthcare costs will be or dramatically underestimate those costs in retirement. ose that understand this piece of the puzzle most likely had an experience with a parent or other elder person that they cared for – and it was probably expensive. From medications to nursing homes these costs continue to climb each year. A couple who retired in 2017 can expect to spend about $275,000 on healthcare costs in retirement. 5. Creating issues for the next generation. One of the most procrastinated topics for retirees is generational planning and wealth-transfer strategies. Nobody likes talking about death. However, it's one of the most important topics to discuss. Families can be torn apart by conflict aer a patriarch or matriarch passes on. Funeral costs, estate taxes and fighting over inheritances are among the bur- dens le for your loved ones if you don't leave them with a well-designed plan. If you don't want to create issues for the next generation, establish a plan. Decide what you want to happen with your estate now so that your loved ones aren't burdened with trying to figure things out aer it's too late. e earlier you start thinking about it, the better. BY PAUL LITCHFIELD Special to the Worcester Business Journal BY SUSAN SHALHOUB Special to the Worcester Business Journal M aybe your company has sought out, wooed and gotten an industry powerhouse to come aboard. But will they be there a year from now? It isn't enough to just recruit high-performing employees onto your team and announce their hires. Managers must ensure they re- main happy, challenged and rewarded in their work. With the Society of Hu- man Resource Management reporting a total cost of employee turnover at 60 to 200 percent of annual salary, it pays to retain high-performing employees. Invest wisely. It is definitely not a case of a manager's job being done once a top performer is welcomed aboard, but just the opposite. Joyce Maroney at Forbes.com says compa- nies looking to ease burnout on their top performers must put as much effort into retaining them as they do into recruiting them. "is will break the disruptive and costly cycle created by turnover. Instead of trying to keep ahead of churn, HR can focus their energies on building great teams," she writes. Keep it fresh. Stimulating work activities are crucial for high perform- ers, reports MindTools.com, even though the temptation is to put them with lower-performing colleagues to balance out collaborations. is focus on stimulating work activities is even more important if your company's advancement opportunities are limited. "Find ways for your high achievers to earn quick wins to build their confi- dence and motivation," the site states. Pair them with other high performers whenever possible to keep them grow- ing. "High performers routinely find themselves separated from those they most closely relate to and enjoy working with," said Matt Plummer at Harvard Business Review. "is happens for obvious reasons, but surrounding them with low performers increases their workload, saps their morale and limits their development." W Paul Litchfield is senior vice president at Claro Advisors in Worcester. Reach him at Plitchfield@claroadvisors.com and 617-863-2147. W W

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