Is it a Rat Race?

Business is war. It’s a jungle out there. Never give a sucker an even break. Nice guys finish last. It’s a dog-eat-dog world. We’ve all heard at least one of these bits of wisdom in our lives. Some of us even use them on a regular basis to describe business or personal philosophy. Though they are effective and hard-hitting, there’s one basic flaw. Each one of these statements is premised on the idea of business or personal relationships as a fight to the death.

Though the idea of life as an endless struggle or fight for survival is romantically appealing, it’s not very efficient. Those who go through life in this way waste so much energy and time waging short-term battles that they lose the long-term war. In this case, the long-term war is productive change.

Though you can force some productive change through continual frontal assaults, there are more efficient means of accomplishing your objectives. It is shortsighted to handle all challenges with the same tactic. Different situations require different methods. By understanding the environment around the situation, you can use tactics that blend into and solve the conflict harmoniously.

If a conflict is solved in a way that creates discord (future conflict), then the situation hasn’t been resolved. You may think you have come out on top, but the conflict will usually be revisited, with much more intensity. Your short-term gain will produce long-term pain, either for you or for the other parties involved.

A basic law of the universe is that “for every action, there is an equal and opposite reaction”. The universe demands that equilibrium is maintained. Imbalances have a way of righting themselves, with the unknown variable being the time it takes for resolution. If we push a situation toward further imbalance, the time table is accelerated. The greater the imbalance becomes, the greater the force against us.

The principle of avoiding negative conflict, yet accomplishing your objectives, is the essence of a martial art called aikido. In aikido, the aggressor’s strength is never met head-on. Instead, the aikidoist, yields to the force in such a way that it is unable to cause harm and, at the same time, the force is redirected, usually to the opponent’s detriment. This is like redirecting the flow of a river instead of opposing it. Much less energy is expended, equilibrium is maintained, and the objectives are met. This principle works in most every situation.

All things in life have a balance. By approaching all situations in life as confrontations and attacking relentlessly, we eventually, upset many balances. This is not to say that you should never use a direct attack. However, by looking at the environment (which shapes the situation and its outcomes) and considering alternatives, we can accomplish our objectives and maintain a healthy, natural balance.

How to Succeed Where Others Have Failed

Stop anyone you meet and ask “what’s the biggest mistake a new business owner can make?”  Odds are they won’t know. A more insightful respondent (perhaps one who knows from personal experience) might mention “undercapitalization” or “lack of cash flow”.  They’re usually right. But the truth is, the biggest mistake is usually not one but a combination of the following maladies: “being overly optimistic when projecting revenue”, “having a weak (or nonexistent) business plan”, “pricing problems”, “a failure to seek professional advice”, “rushing to market”, “insufficient experience”… the list goes on.

On the other hand, ask them what makes an entrepreneur succeed, and you should hear statements like “owner’s self-confidence”, ”emphasis on service (quality) rather than price”, “working hard”, ”luck”, “devoting full time to the business”, “industry expertise”, and “making a significant capital investment”…

The point is, to succeed, you need not only the desire, but a well-rounded understanding of the pros, the cons, and how to exploit or avoid them.

A prudent business owner does his homework by considering the possibilities mentioned earlier and determining, in advance of their occurrence, how to avoid the “pitfalls” and ensure success. One of the keys to success is turning to experts for professional advice.

If you make a practice of turning to objective professionals early on in the planning process, you’ll increase your likelihood of finding the avenues which will lead to your success.  For example, a good banker can be very helpful in identifying credit needs, an insurance agent in identifying risks that need covering, an attorney concluding on the appropriate business form (sole proprietor, partnership, LLC and “C or S” corporations) and CPA can advise as to cash flow needs, accounts receivable control, tax planning direction and much, much more. Consider bringing your local banker, insurance agent, attorney and CPA on board sooner than later. By doing so what you will find is you can focus on what you do best – managing your business – knowing you’ve got a team working with you to handle matters outside your realm of expertise.

This article was written by Gary Field, CPA at Numerico, PC. Click here to view Numerico’s website.

Personal Success – For Life and Business (Part 6-7)

Meaningful Goals and Objectives

If you are not making the progress you expect personally, then most likely, your goals have not been clearly defined and properly visualized. Clearly defined goals are the keys to fulfillment and achievement. They are essential for success. The English author, Edward G. Bulwer-Lytton, wrote: “The man who succeeds above his fellows is the one who early in life clearly discerns his object and towards that object habitually directs his powers. Even genius itself is but fine observation strengthened by fixity of purpose. Every man who observes vigilantly and resolves steadfastly grows unconsciously into genius.”

The benefits of setting goals are neither mystical or hazy. There are real and significant values to be gained from practicing goal-setting:

1. Goal-setting improves your self image improving you today for a better tomorrow.
2. Goal-setting makes you aware of your strengths which can help you to overcome obstacles.
3. Goal-setting makes you aware of your weaknesses. Through awareness, you can set new goals to improve in those areas.
4. Goal-setting gives you a sense of past victories which provides stimulus for present and future success.
5. Written goals help you visualize, actionize and then actualize.
6. Goal-setting gives you a track on which to run.
7. Goal-setting forces you to set priorities and direction. It forces you to crystallize your thinking.
8. Goal-setting separates reality from wishful thinking.
9. Goal-setting forces you to define and establish in concrete form your system of values and to take responsibility.
10. Goals provide criteria to sharpen decision-making. If the criteria have (has) not been defined, decisions get made in terms of immediate pressures.

Generally, experts have agreed that failure in life results from a lack of clearly defined purpose. Success in life does not result from chance, rather, a succession of successful days. The starting point for anybody is personal program of goals.

Self-Actualization

Shakespeare said, “To thine own self be true and it must follow as the night the day thou canst be false to any man.” There is that still, small voice in each of us that makes it clear we are on the track to self-actualization or derailed.

As a child we come to the world all lit up and then we unplug ourselves from the Source, from God, ultimately resulting in the light going out.

To see and experience our own light, our inner strength, direction, and wisdom, we need to plug ourselves back into our Source. We need to learn to be still and get away from the noise, static and extraneous thoughts of our external world. All we have to do is go inside and have a willingness to listen as He is waiting to help and assist us. But we must listen with our hearts.

Ultimately He is the conductor who keeps us on track as we travel the journey of personal success, who says “you had a productive day, week, month and year.” He does not deceive or misguide when we learn to listen.

By beginning with the end in mind, and listening to your heart, self-actualization, i.e., being all that you can be, becomes a lifestyle. The journey then becomes endless and delightful.

This article was written by Gary Field, CPA at Numerico, PC. Click here to view Numerico’s website.

We at DetroitBusinessLaw.com hope that this series has been helpful to you personally.  We cannot be truly successful in business unless we are personally successful.

Personal Success – For Life and Business (Part 5)

Financial Independence

There are universal laws of compensation. Perhaps the most recognizable of all is “As ye sow, so also shall ye reap”. In the spiritual sense, it is important to remember that we all have everything that we need right now and always.

Giving without the expectation of getting enhances the harvest. Going the extra mile or providing service beyond that which is being paid for puts you on the correct path. These are universal truths that lead us to financial independence.

Making a commitment to do what it takes and being willing to pay the price leads to financial independence. Living by the age-old adage, “waste not, want not” enhances it.

Some of you will be shocked by the following statement, but did you know it is perfectly legal to be out of debt? THAT’S RIGHT! Apparently, however, many of us have been sold on the “borrow your way to wealth” concept. The concept is ludicrous, just look at the housing market as an example.

Although there is a way leverage can contribute to your financial independence, it must be used judiciously.

Finishing the series up tomorrow, we will touch on Meaningful Goals and Objectives and Self Actualization.

This article was written by Gary Field, CPA at Numerico, PC. Click here to view Numerico’s website.

Personal Success – For Life and Business (Part 3 & 4)

Physical Health

Physical health creates energy, adds quality and years to your life. Although most look at financial independence as the end-all, recognize that whether your W-2 shows $50,000 or $150,000, it doesn’t make you any happier.

On the other hand, your quality of life will certainly suffer from inattention to bodily needs. No one would argue with the fact that system abuse will shorten your life.

Recognizing that certain “pressures” exist for all of us to succeed, remember that “success” without physical health will leave you a physical (and emotional) wreck. Reasons as to how we got this way are unimportant. A commitment to physical well-being and the positive results it brings must be the focus.  Complete personal success demands physical well-being.

Complete and Long-Term Loving Relationships

“No man is an island,” that adage reads, which I think expresses the importance of relationships. Ask yourself the question, “Who or what is the most important thing in the world to me?” Think about it if necessary, reflect: is it the money, the car, the house in Palm Springs? If your answer is yes, think again.

Most of us have been brought up in an environment that has strongly suggested that success in life depends on how hard we work to get all the things on which our culture tends to put a high value. Yet, our human desires never seem to be sated. Our “personality” self always wants more.

HOLD IT! Forget the acquisition of what I call “stuff”. Know your motivations and most importantly, begin with the end in mind. When you “get there” and there is no one with whom to “share the wealth” your success will be short-lived.

Recognize it’s the people, not the stuff that is of consequence.

Up next, Financial Independence.  Watch for it tonight around 6pm!

This article was written by Gary Field, CPA at Numerico, PC. Click here to view Numerico’s website.

Personal Success – For Life and Business (Part 2)

Peace of Mind

We come into the world with only two fears; fear of falling and fear of loud noises. Fears we add to our psyche are learned habits. Most additions are based on perceptions which stem from our belief system and are created by life experiences. In other words, our belief system is based on past experiences which are constantly being relived in the present with anticipation of the future being like the past. We actually project these beliefs onto others.

Once we understand that what we perceive through our physical senses presents us with a limited and distorted view of reality, that is, we recognize our perception is a mirror, not a fact, we begin to take responsibility for every thought and experience. Clearly, our thoughts regarding other people create either a union with or separation from that individual. To successfully eliminate fear, anger and guilt (self-directed anger) in our interactions we must consciously ask “do our thoughts bring about union or separation?” Separation is created in peace of mind lost by blaming or making another person wrong and yourself right. The lesson here: there is no one to blame.

If peace of mind is our only goal, then at every encounter we must ask:

1. Do I want to be happy or do I want to be right?
2. Can I be happy blaming and making another person wrong and myself right?
3. Do I want to experience peace or do I want to experience conflict?

There is a smooth way that things tend to operate in nature. Observing a world that is not reacting to one’s interference, harmonizing through understanding guarantees peace of mind.

Up next at 2pm, Physical Health and Loving relationships.

This article was written by Gary Field, CPA at Numerico, PC. Click here to view Numerico’s website.

Personal Success – For Life and Business (Part 1)

While moving recently I came upon two different tape programs I had listened to years ago entitled: “The Psychology of Achievement” by Brian Tracy and “Creating Positive Relationships” by Diane Cirincione and Gerald Jampolsku, M.D. Both deal with personal success and are worth revisiting here. I have taken the liberty to paraphrase some of the comments from each.

Although there are a number of definitions of success, the one I like best is what you accomplish relative to your potential. Or, as the U.S. Army jingle goes, “be all that you can be…”

More to the point, personal success means:

• Peace of mind, i.e., freedom from fear, anger and guilt.
• Physical health
• Complete and long-term loving relationships
• Financial independence
• Meaningful goals and objectives
• Self actualization, i.e., knowing you are being all that you can be.

Let’s explore each, one at a time over the next few days.  First up tomorrow morning, Peace of Mind…

This article was written by Gary Field, CPA at Numerico, PC. Click here to view Numerico’s website.