Business I career coach MA& Surviving Economic Distress M any of my conversations with entrepreneurs and small busi- ness operators have turned to the current economic climate. Most want to know how to survive the downturn. But businesses cannot be fixed quickly or without uncertainty and some pain. Want to know how to tighten the com- pany belt without hurting your business? Obviously, you will want to simplify the office holiday party, reduce use of mail, increase use of e-mail and freeze overtime. Here are some other streamlining tips: • Review everything. Carefully review all of your expenses. Trim areas that will have the least impact on day-to-day operations. Do not take anything away from service to your clients. Budget conservatively. • Negotiate. One of the best ways to get a good deal is to ask. You might secure bet- ter rates on everything by agreeing to pay early, entering into a contract with a sup- plier or through hard-nosed negotiating. • Reduce costs. Is your stockroom filled with excess supplies? Order • Say no to contractors. Use only what you need. Minimize staff to get work done. If you need paper usage by asking people extra help, consider hiring college to read reports and docu- students or interns for credit. It is ments on line. When you do a win-win situation for your busi- need to print, start pressing ness and for a student anxious to that double-sided button. get on-the-job training. • Make everyone a sales • Seek employee input. Ask person. Get each employee to employees where the company ask customers and vendors for can save money and then reward Robert Sher referrals. Teach them how to each person who offers a good Colum nist make cold calls and network. suggestion. You can create Pay each non-salesperson a commission Employee of the Week competitions. for sales that come as a result of his or her •Avoid unnecessary travel. Web video participation in landing the deal. conferencing and free conference calls • Conserve energy. Lower the thermostat can help cut travel expense. For those who temperature; turn off all appliances and must travel, compare the costs of trains, lights when not being used and encourage buses and rental cars with airfare. staff to shut down their computers when • Watch professional bills. Ask attorneys out of the office. Replacing incandescent and accountants what you can do on your bulbs with compact florescent bulbs end to reduce expenses. means buying fewer bulbs over the year. • Shop around for insurance. Talk to • Sublease office space. If there is vacant several neutral sources before picking space in your office, lease it out. plans. Make sure the plan you choose is cost effective, protects you from poten- tially catastrophic contingencies and gives leverage to grow your company. • Go back to basics. Get rid of individual desktop printers and share one in a des- ignated location. Do not upgrade software every time a new version of the same title emerges. Determine what you really need and what is a luxury and you will be able to save money. Perhaps we are all a little spoiled by the latest technological advancements, lunch meetings and abundance of supplies we have been accustomed to. There is no time like the present to rethink how we all do just about everything — to save costs and your company's future. Li Robert Sher, CPA, is a certified executive coach. He formerly was CFO and partner for Oakland County-based Schostak Brothers & Company. He serves on the boards of chari- table and professional organizations. His e-mail address is: info@bobsher.com . DO YOU HAVE BUSINESS OR PERSONAL TAX PROBLEMS? Levy & Associates can help! OFFICE LOCATIONS • New York • Los Nngeles • Boston • Ft. Lauderdale We stop and resolve the situation before going to court, and lawyers are needed. We let you focus on your personal and professional life. op • Offer in Compromise • IRS Collection Issues • Release of Wage Garnishments • Release of Bank Levies • Unfiled Tax Returns • Abatement of Penalties • Installment Agreements • Currently Non-Collectible Status • Innocent Spouse Claims • State Tax Collection Issues We are a Michigan based corporation. We have successfully represented thousands of corporations and individuals throughout the State of Michigan. Payment plans Reduction or elimination of penalties Settlement for less than the amount demanded EVY We have resolved IVIILLIONS in tax liabilities in the last year alone! • Glenn Sturm, C.P.A. • Julie Morley* • Dale L. Gudenau, Esq.** • Michelle C. Levy, Esq.** • Rewaq Najor, Esq. ** • Jose Gomez, Esq. ■ • • Tim Halcomb, Regional Manager ++ • Steve Cushion, Regional Manager ++ • Allen Reback, Regional Manager ++ Member Michigan Association of Certified Public Accountants .. Member Michigan Bar Association • Member National Society of Accountants • Rooter IRS Revenue Officer ++American Society of Tax Problem Solvers • •Arnerican Institute of Certified Public Accountants ■ Member State Bar of District of Columbia ♦ Member State Bar of California • Fort Worth • Indianapolis • Chicago • San Diego • Thomas L. Cohen, Esq.. • Kenneth Winston, E.A.. • Marilyn Gray, E.A. • • Richard A. Erickson, Regional Manager ++ • Jeff Otis, Regional Manager ++ • Dallas • Memphis Associates • Charles M. Inman, Ill, C.P.A.+ • Lisa Fort, C.P.A. + • lampa • Orlando YOUR OPTIONS: SPECIALIZING IN: • 11ist:t Palm Beach • ph ocrc" Lawrence B. Levy Member National Society of Accountants & American Society of Tax Problem Solvers 28400 Southfield Rd • Southfield, MI 48075 248.557.4048 • Fax 248.443.1642 Toll Free 877.666.1evy (5389) www.levygroupinc.com December 11 • 2008 A31