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 At Hertz Schram PC., our clients range from individuals and family businesses to the world's largest corporations. Regardless of your size, our commitment is always the same: we will deliver superior legal services in a time sensitive and cost effective manner that meet your objectives and exceed your expectations. EDUCATION & SCHOOL LAW PROFESSIONAL LICENSING CIVIL RIGHTS For a courtesy consultation, contact any one of our attorneys or Managing Partner Victor Norris at (248) 335-5000 or by e-mail at vnorris@hertzschram.com . COMMERCIAL LITIGATION 3USINESS & CORPORATE LAW Learn more at www.hertzschram.com . MERGERS & ACQUISITIONS PROPERTY TAX APPEALS BANKING & FINANCE SECURITIES LITIGATION T RUST & ESTATE ADMINISTRATION HERTZ SCH RAM PC 1760 S. TELEGRAPH • BLOOMFIELD HILLS, MI 48302 TITLE LITIGATION GROUP 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 .