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February 11, 2010 - Image 36

Resource type:
Text
Publication:
The Detroit Jewish News, 2010-02-11

Disclaimer: Computer generated plain text may have errors. Read more about this.

BUSINESS & PROFESSIONAL

career coach

Do Your Homework

H

ave you made a resolu-
tion yet for 2010? There's
still time to resolve to
get better prepared and

do your homework in the new year.
Whether you're hiring a consultant to
advise your organization on a major

restructuring effort or starting a new
business, research everything before
making any decisions. It pays to do
due diligence in any business situa-

tion and, please, don't let the econ-
omy be your excuse to not take care
of business.
In this column, I've talked about

issues impacting small businesses,
entrepreneurs, CEOs and up-and-
coming leaders. I've shared my best

tips from years of business coaching,
ranging from starting up a business
and managing difficult employees to

staying positive and making those
tough choices.

This month, I want to reiterate

some key points to help you be pro-
active with your business choices.
Who has time to wait it out
until the economy picks
up?

neurs and small businesses have
slashed staff and budgets so much
they are too lean to get the

job done effectively. They
are afraid the economy will
crush their businesses with-

The most important item
on your 2010 to-do list
should be updating your

out major cost-cutting, yet
they are putting themselves
at competitive disadvan-
tages.
Do not implement massive

business plan. If you have
not done one, do it now.
If it is stashed away in a
filing cabinet, get it out,

layoffs or reduce inventory
without doing your home-
work. Who is going to do
business with you if you

read it and revise it. This is
a requisite item for getting
capital. Equally important,
it will also summarize your
vision for the company

and your blueprint for

the company's operating success.
Investors and banks will not take you
seriously without it; a plan will guide
and focus you.

Next, don't follow every trend. I've
noticed lately that many entrepre-

don't have the right inven-
tory? Who will want to work
with you if you are so short
staffed no one returns calls or gets
the job done on time and to the cus-
tomer's satisfaction.

Consider, instead, investing in your

business. Apply for a loan. The gov-
ernment has many options available.

Seek out venture capital. Hire a pro-
fessional to help you figure out your
options.

Now make sure you have the skills
to do the task. Taking care of your
business requires a confident and
capable mindset. Do you measure
up?

Research shows that successful
business people share certain com-
mon characteristics. How much are
you willing to sacrifice? Do you have
strong interpersonal skills and leader-

ship ability? Do your employees value
your opinion and follow your lead?
Are you an optimist or pessimist?
More than ever before, a business

owner must be able to hang in there
and stay positive when business gets
tough.

Every boss, manager and team

leader must take positive steps to
prepare for more uncertainty. So,

do your homework and do what it
takes to get your business in order. If
you need reassurance, seek outside

counsel. Remember, if you position
yourself for stability, you will be in
a better position to grow. It's your
choice.

ESTATE & FINANCIAL PLANNING

F-AMILY LAW

Sit at your desk and sulk or do you

NEGLIGENCE & PERSONAL INJURY

have what it takes to get through the
tough times?

MEDICAL & DENTAL PRACTICES

TAX LAW

Robert Sher, CPA, is a certified execu-

ERISA/PENSION BENEFITS

Brothers & Company, Livonia. His e-mail

tive coach. He is former CFO for Schostak

address is: info@bobshercom.

QUI TAM - WHISTLEBLOWER CLAIMS

REAL ESTATE

ENTERTAINMENT LAW

A FIRM FIT FOR ALL

EMPLOYMENT LAW

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36

February 11 • 2010

N

Shushan Hold'em!

Temple Israel Brotherhood will
celebrate Purim with its Shushan
Hold'em Tournament 6-11 p.m.
Sunday, Feb. 21.
Buy-in, including a deli-tray is
$80; re-buy is $40. Reserve a spot
by Feb. 15 by a check payable to
the Temple Israel Brotherhood,
5725 Walnut Lake Road, West
Bloomfield, MI 48323.
For additional information,
contact Ken Lipson, (248) 851-
3066, ext. 515; or Mike Mickelson,
(248) 819-1235. To be a dealer,
contact Bob Franklin, (248) 661-
6907 or bob-franldin@att.net .

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