Business Goals – How You Set Them Makes All The Difference
When setting your business goals for the week, month, or year, it’s worthwhile to follow a particular format that many great minds have written about over the years. First of all, they must be written down. A goal that is in your head is nothing more than an idea. Writing it will crystallize the goal and make you far more likely to accomplish it. All written business goals should be in the present tense, positive, and personal. As you write them and repeat them to yourself, your subconscious mind will begin to believe it, and they will become true.
1. Present
The subconscious mind can only understand the present moment in time. So instead of saying “I’m going to start a business” or “I will start a business” a present tense business goal would be “I am starting a business”.
2. Positive
You should always reaffirm positive beliefs about yourself. Instead of saying “I don’t make bad investments” write “I make good investments with a high rate of return”.
3. Personal
You can’t change others, but you can change yourself. Instead of writing “My boss will transform into a nicer person” try “I will perform better at work and get along with my boss”.
Each time you write your business goals, take a minute to evaluate them. Was that a positive belief about myself that I just wrote? Am I trying to change something outside my control or am I focusing on myself? Am I talking about the future here or did I phrase it in the present tense?
Business goals that starts off as “I will try to….” are doomed from the start. In fact, I cringe every time I hear someone say “I should really get to the gym more often” or “I’m trying to start a company right now”. The very act of writing “try” or “should” indicates a lack of commitment and a high probability of failure. Either you are starting a company right now, or you probably never will.
Good business goals have two other properties; they are measurable and have a deadline. This is where many people drop the ball, even big time company CEO’s! Writing a goal that isn’t measurable has one major problem: you can’t tell whether you’ve reached it or not. Finally, you must have a deadline to create a sense of urgency. Without a deadline you may complete your goal, but it won’t be nearly as soon as you’d like.
1. Measurable
Instead of writing “This year I earn more money” try “This year I earn $100,000″. If your goal isn’t measurable then you won’t be able to determine if you achieved it or how close you are.
2. Deadline
Instead of “I sell 1000 widgets” try “I sell 1000 widgets by June 1st this year”. This provides a sense of urgency and a time line to follow.
Finally, all business goals must be written down. A goal in your head is not a goal at all. It is merely an idea. One study conducted on Yale graduates over a period of more than ten years showed that those who WROTE their business goals were earning ten times as much money as those who merely had goals in their head. Good luck with your goals setting, and demonstrate your commitment to them RIGHT NOW by putting them on paper!
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Choosing to Incorporate?
For the novice business owner getting incorporated seems like an endless stream of red tape, forms and complications. How to get incorporated is one question that they simply have too many doubts about and too few answers to be able to make an educated decision. Luckily there are an army of consultants, lawyers, and accountants out there who can help provide the answers to how to get incorporated and most of them for a minimum fee would be happy to assist.
The first question to answer is not how to get incorporated, it is should the business be registered as a corporation in the first place. My belief is yes. Unless you are a really small company, less than $25,000 in annual sales, no employees, working from your home and the products or services you sell have very limited liability exposure, you should be incorporated.
Any good accountant or business lawyer can help a business determine very quickly whether incorporation is the best business model to pursue. Finding a good accountant or business lawyer may be difficult however. In my experience there are several accountants and lawyers that will tell their client not to incorporate, with no real reason or explanation, when in fact they should have been. There are several instances I have worked with business owners running as a sole proprietorship for the last three years. Just looking at the previous year in business if they had been incorporated we could have saved them tens of thousands of dollars in most cases.
Once that initial decision has been reached these same experts can provide all of the answers required as to how to get incorporated. This will include assistance with the filing of articles of incorporation which can be registered with the state in which the business may wish to operate, or in other more business friendly states like Delaware or Nevada who encourage non resident incorporation by individuals outside of the state.
A Corporation has three distinct groups associated with the entity; officers, directors, and shareholders of the corporation. In filing for incorporation most states require the names and addresses of these groups of the corporation, at least the primary officers and majority shareholders..
There are also a number of other requirements that have to be met in order for a business to be incorporated and these include the payment of all applicable fees, taxes and levies of the state in which the business may be incorporated. There are no easy answers to the question of how to incorporate a business but there are great resources out there to help every business navigate their way through the system and make the best possible choice for their business interests.
David Gass is President of Business Credit Services, Inc. His company publishes a free weekly e-newsletter on Small Business Consulting at their web site http://www.smallbusinessconsulting.com
Setting Up a Corporation – Learn the Basics
A corporation is a legal entity that separates the persons owning or operating a business from the actual business itself. They are set up to protect individuals from a range of possible damages and obligations that might occur as a result of doing business. Unlike other forms of business registration the owners of a corporation have no responsibility for the debts of the business and their liability is limited to the number of shares that they hold in that corporation.
Corporation law has been around for a long time and the oldest corporation in the United States is the Harvard Corporation which was established in 1650 to look after the business affairs of Harvard University. The act of incorporation is the basic of all corporation law and in addition to provided limited liability for owners and shareholders this type of business registration is very common for all large and medium sized companies in the Unites States.
Along with the provision of limited liability corporation law also sets out a series of standards and regulations that corporations must adhere to in order to maintain their incorporated status. They include having a board of directors that is responsible for the operation and governance of the corporation in accordance with the state in which it is incorporated. Shareholders of the corporation elect the board of directors and the board then assume what is called the fiduciary responsible to put the interests of the corporation first in all decisions and deliberations.
Most corporations have a Chief Executive Officer or President who is the spokesperson for the corporation in all public matters and a treasurer who is responsible for maintaining the good financial health of the organization. Other officer positions may be created by the corporation as provided for under the applicable corporation law.
Corporations are created by filing articles of incorporation with the government and these articles contain information about the general intent of the corporation, the number of shares that the corporation intends to issue and the addresses and names of corporate directors. After approval by the regulatory body the board of directors of the corporation meets to create the bylaws of the corporation and proceed to open for business.
There are fees associated with incorporating a business and legal and tax advice is almost a prerequisite to filing for incorporation, but the separation of personal and legal liability is a very attractive asset to incorporation and most businesses are quite willing to pay these small costs to protect the individual interests of its shareholders.
David Gass is President of Business Credit Services, Inc. His company publishes a free weekly e-newsletter on Small Business Consulting at their web site http://www.smallbusinessconsulting.com
GE Real Estate Completes $4.8B Acquisition Of Arden Realty
STAMFORD, Conn. and LOS ANGELES — Building on its growth ambitions in the Western region of the U.S., GE Real Estate (NYSE:GE) announced the completion of its acquisition of Arden Realty, Inc. (NYSE:ARI) , the largest publicly-traded office landlord in Southern California. The purchase price of approximately $4.8 billion includes the assumption and refinancing of $1.6 billion of Arden’s outstanding debt. In connection with this transaction, Trizec Properties, Inc. (NYSE:TRZ) acquired 13 Arden properties for approximately $1.6 billion. The remainder of the Arden portfolio will stay intact and continue to operate as Arden Realty.
The GE and Arden leadership will leverage Arden’s premier presence and strong relationships in the region to quickly implement a strategic asset plan to expand further into its core markets. GE will also use the Arden platform to grow significantly in other California markets, Washington and Arizona.
One member of GE and four members of the Arden leadership teams have been appointed to oversee Arden:
– Joaquin de Monet, Managing Director at GE Real Estate, has been named President and CEO of Arden Realty.
– Robert Peddicord, formerly Executive Vice President, Leasing and Operations at Arden Realty, assumes the role of Chief Operating Officer.
– Andres Gavinet, formerly First Vice President and Chief Accounting Officer, has been named Chief Financial Officer.
– Howard Stern and David Swartz remain Senior Vice President and Chief Investment Officer and Senior Vice President and General Counsel, respectively.
“We invest where there are excellent opportunities for growth, both in asset value and portfolio size. This transaction significantly expands our footprint in a market that we think is one of the strongest markets in the U.S.,” commented Joe Parsons, President, North American Equity at GE Real Estate. “We will continue to assess opportunities to acquire quality assets in Southern California, and look forward to Joaquin and Robert’s leadership to help us expand Arden’s presence in the Western region.”
“GE and Arden are a dynamic force in one of the country’s most robust markets,” added Peddicord. “GE’s solid financial backing and global resources combined with Arden’s local market expertise and outstanding performance record will greatly enhance Arden’s ability to grow in the Western region of the U.S.”
The portion purchased by Trizec Properties includes 13 properties comprising approximately 4 million square feet.
Tim Callahan, Trizec’s president and chief executive officer commented, “Through this transaction, we have acquired a large, high-quality portfolio that is well located in markets that we believe have strong economies, positive employment trends and growing rental rates.” Mr. Callahan added, “We’re pleased to have partnered with GE in the execution of this transaction.”
Merrill Lynch acted as the financial advisor to GE Real Estate, and King & Spalding LLP provided legal advice. Lehman Brothers Inc., Wachovia Securities, and Secured Capital LLC served as financial advisors to Arden in this transaction. Wachovia Securities and Houlihan Lokey Howard and Zukin also rendered fairness opinions to Arden’s Board of Directors. Latham & Watkins LLP and Venable LLP provided legal counsel to the Company. Hogan & Hartson LLP provided legal counsel to Trizec.
About GE Real Estate: GE Real Estate is a world leader in real estate capital. Formed in 1972, the business has more than $35 billion in core assets with 34 offices located throughout North America, Europe, Asia, and Australia/New Zealand. GE Real Estate, backed by its parent company’s AAA rating, offers a broad range of financing, equity and servicing solutions including: intermediate and long-term mortgage financing, restructuring and acquisition capital, niche equity investment/joint ventures, capital markets securitization and placements, and assert management. As one of the fastest growing units within GE Commercial Finance, Real Estate has experienced annual growth of more than 10% for the last ten consecutive years.
GE Commercial Finance offers businesses an extensive array of financial services and products worldwide. With approximately $217 billion in assets and an expertise in the mid-market, GE Commercial Finance provides loans, operating leases, financing programs and innovative structured capital to help customers grow. GE Commercial Finance is a wholly owned subsidiary of the General Electric Company (NYSE:GE) , a diversified services, technology and manufacturing company with operations worldwide.
About Arden Realty Inc.: Arden Realty, Inc. is one of the largest office landlords in Southern California. After the close of the transaction with GE Real Estate, Arden will have 14.8 million square feet comprised of 103 properties and 175 buildings from Ventura to San Diego counties. Arden is also a nationally recognized leader in energy conservation and efficiency. For three consecutive years the Environmental Protection Agency cited Arden as the “Commercial Real Estate Owner of the Year” for its innovative energy initiatives and for owning the most energy efficient buildings in a single portfolio in the nation.
Webbolt (http://webbolt.ecnext.com/) provides an on-demand, dynamically presented, tailored, total information solution with increasingly complex and global content. Webbolt continually updates and expands its free news in 22 key topic areas.
Business Competition and Partner Research
The business world is full of ever changing markets and corporations, making it hard for businesses to keep up with “who’s who” in business. This ever changing atmosphere makes it difficult for any business when it comes time to select a business partner or assess a competitor. Such matters cannot be something taken lightly or quickly by the business involved. Since the business world is changing by the second, a business must thoroughly investigate the company they plan to partner with or the competitors in their market. This research process will give the business information about the company or competitor’s current standing in the business world, and allow for the highly beneficial ability to see where the company or competitor will be in the future.
Before beginning the research process, it is important for a business to create some type of plan containing what the business is looking for and what information must be obtained. Also, the business should plan out strategies for research. It may be helpful to review sample business plans and scholarly articles on business research or search a business encyclopedia to help get started on research plans. Business research sites such as Thomson Gale’s Goliath contain easy access to such knowledge. Also, many business research sites contain contact information for company heads that could provide useful advice.
The process of business research must be done thoroughly and precisely. When thinking about acquiring or merging with another company, a business should begin by viewing the company’s website. This simple task will provide an overview of what the company is like: what products they sell, who they are associated with, and recent happenings within the company. Also, how well the website is maintained will give insight into how well the company itself is managed. However, viewing the company website does not complete the research process. It is also important to find a way to assess the leadership ability of the company because this essentially dictates the company’s success and failure. Business articles or press releases on the company can give insight on leadership ability. Also, the same articles could provide insight on how the company is viewed by other businesses in the same market. Goliath and other sites hold a wealth of articles and press releases that are replenished daily and can be quickly searched.
It is also important to know the current and past financial standing of the company in order to evaluate whether or not it would be an asset to the business. Companies with erratic financial history or high debt should be avoided. Financial record sites such as Manta.com would be useful in this area.
A final area that should be researched is how the company is connected to other businesses inside and outside of its market. By accessing corporate linkage websites businesses can view all a company’s connections. A business should make sure it is not merging with a company associated with its competitors or one with which it is already in some way connected. Also, researching the company’s connection would avoid costly conflict of interest lawsuits and other problems associated with conflict of interest. LexiNexi’s CorporateAffiliations.com is especially helpful in this area because it not only assesses a company’s linkage with other companies, but also asses all the branches of the companies as well.
Another type of business research involves researching a competing company. This research will not only keep a business up to date on its competitor’s actions, but will provide ideas about what is needed for a business’s industry that it does not already possess. When a business is researching a competing company, its research process may differ slightly. The first step for a business is to identify its competitors. This can be done by finding business magazines pertaining to the target market or through a site that offers a look at all the companies in a particular market.
As with acquisition research, the next step in competitor researching should be to compile a research plan. Following this, a business should view its competitor’s website and first make sure to confirm that it is in fact a competitor. This step may seem obsolete, but there is a chance that the researched company has a slight difference in product, eliminating it from competitive status. Once confirmed as a competitor, a business should search the company’s site for future plans, their affiliates, general facts and figures, etc.
Once the website has been assessed, a business should go to business information and research sites to view the financial records of the competitor. Knowing this information will allow a business to rank where the competitor should be among all the business’s competitors. If its records show debt or low income it would not be seen as a threat, but if the competitor seems to be doing well it would be watched closely. Also, comparing a competitor’s financial records, stock market rank or popularity allows a business to asses its own rankings in such areas and identify where progress is needed.
Besides financial information, the competitor’s history and current standing in its market should be evaluated. In addition, press releases can also provide information on the upcoming plans of a business’s competitors. All of this information can be obtained through company chronology, press releases and scholarly articles that can be found on sites similar to Goliath. Such sites can also offer contact information for executives that may be necessary for use in the future. Finally, these same sites offer current articles and press releases that can keep a business up to date with its competitor’s actions.
A final item that should be covered in competition research is identifying the companies with which a competitor is associated. Knowing this information will be helpful if a business plans to avoid a certain competitor or if it plans to associate with companies linked to the competitor. Also, knowing the corporate linkage for a competitor will prevent any problems a business may have involving information leakage. Corporate linkage sites can provide this information. It is also important to know the many divisions of a competitor so that such companies will be immediately recognized as competitors as well.
Performing the necessary research on competitors and possible business acquisitions is essential to keeping up with the ever changing business world. Not only will the information acquired be helpful at the time, but it will also be again in the future. Knowing competitors and possible business partners well gives a business the edge that it needs to stay on top of things in the corporate world.
Sarah Deak is a contributing business writer for http://goliath.ecnext.com. Goliath is one of the Internet’s largest collections of business research, news and information.