Business I career coach

Know Where You Are Going

p

erhaps the Cheshire cat in The
Adventures of Alice in Wonderland
knew something about goal setting
when he offered some advice to Alice while
she was lost in the forest.
"Would you tell me please which way I
ought to go from here?" she asked the grin-
ning cat."I don't much care where.'
"Then it doesn't matter which way you go','
the cat replied.
Don't let a business plan scare you. It is
more frightening to not have one at all.
Your business plan can be as simple as
explaining with bullet points about the busi-
ness and how much money it requires to
reach a given goal. It can also be more pre-
cise, citing specific financial goals at monthly
intervals and instructions on what to do if
the goals are not met.
Think of it like giving a child an allow-
ance for the first time. When you start, you
tell that child how much money he or she

will get each week. An allow-
ney and/or a business coach.
ance is a tool to teach children
As a business leader, you are
how to earn, save, budget and
responsible for assuring that your
spend money. A business plan is
company's mission is met. To
a tool to teach business owners
do this, you must always know
and managers how to earn, save,
where you want the business to
budget and spend money to keep
go and how it is going to get there.
a company afloat and, hopefully,
Establishing goals and objectives
make it profitable.
will put you on the right road to
As the allowance system
your desired destination; how-
Rober t Sher
evolves, you will adjust it, possibly
ever, without goals and objectives,
Colu mnist
providing raises for additional
you probably won't like the place
responsibilities as the child matures. It will
you end up.
graduate into a more comprehensive plan. As
Goals tell you where you want to go so, to
your business matures, you will adjust your
end up in a place you desire, you must devel-
strategy and also discover the beginnings of
op goals, not merely efforts, that emphasize
a more comprehensive plan.
results. Trying hard isn't good enough.
To start, consider this: Get back to the
Develop in detail an action plan outlining the
basics with a vengeance. Make sure you have steps necessary to achieve these objectives.
a plan that is current and strong enough to
In our personal lives, goal setting and
guide you through the uncertain future. Seek action planning are often second nature. We
input from a trusted financial adviser, attor-
do certain things naturally and don't think

- 42111r.

of them as structured processes. Have you
ever taken a vacation without making travel
accommodations? You have to make sure
you get there and get back. Are you going to
fly, drive or perhaps take a train? How much
money will the trip cost? Is gas and wear on
the car going to save versus flying? What do
you need to pack? This is an action plan. You
just might not think of it in these terms.
Avoid a lot of problems: Prepare a plan to
help you monitor costs and sales, manage
your employees, secure new business and
take care of existing customers. ❑

Robert Sher, CPA, is a certified executive
coach. Formerly CFO and partner for Schostak

Brothers & Company, Sher serves on the

boards of charitable and professional organiza-
tions as well as being on the West Bloomfield

Township Board of Trustees. He is treasurer

of the American Institute of Certified Public
Accountants Foundation.

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A42

September 11 • 2008

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