Janet Schlarbaum Business Strategies By Rich Strehl

Whether you read this article in the beginning of the year or later in 2010 a great question to ask yourself is “What are my financial goals this year”?

There are so many products and strategies out there from annuities and life insurance to mutual funds and fee based planning. One could argue that one investment option is better than the next one but any solid financial advisor will quickly tell you that it depends on the situation. We are coached by our compliance departments to learn about our clients’ risk tolerance and time horizon before making investment advice. However, one of the main reasons I win clients is because of my ability to help my clients identify and set their financial goals. This is based on the responses I get from my clients who interviewed other advisors before they chose to do business with me.

Stephen Covey says in The Seven Habits of Highly Effective People to “Begin with the end in mind”. I use this strategy in my financial planning practice. Together with my client, we drill down to paint the picture of how they want their retirement to look. Once they begin to feel excited about some of the things they will enjoy during retirement they can prepare to stay disciplined along the way. When you walk past the refrigerator on your way out the door to work and see those pictures of what your retirement future holds it is easier to work harder with greater hope and conviction that you will succeed.

I love working with clients who have a passion for where they are headed. People with a dream and a goal are easier to advise and respond with more enthusiasm to appointments and phone calls.

I encourage you to sit and think about what kind of retirement you want. Talk to your spouse and set realistic goals. Goals should be out of reach but not out of sight. Don’t be afraid to stretch yourself. We tell our kids that they can have and be anything they want in life. In most cases, this is still true of each of us as adults.

Janet Schlarbaum Tips For Entrepreneurs By Mike Cottam

Goal setting is an essential tool for all successful entrepreneurs, but if not used properly, the goal setting process can be frustrating and time consuming. Goals are the end product of all your efforts and work and yet they need to be set before you do anything else.

Some goal setting strategies that can help you succeed in your life and your business are outlined in this article. Read them carefully and you will find that you will benefit in ways that at the moment you can only imagine.

Making your goals “real” is as easy as writing them down. This is the very first step that takes your dream, which up until now, has been floating around in your head, and turns it into something far more real. It may seem like a simple thing, but the act of actually writing down your goals is highly empowering and motivating. Make notes that you can keep close at hand and read them at least twice a day. Focus on them and make them real in your mind and soon they will become your compass, guiding you exactly where to go. The best part is that you get to choose the direction.

As you write down your goals, don’t forget that they need to be balanced for all aspects of your life. Writing down that you want to be a millionaire is all well and good, but personal development goals, such as reading motivating and inspirational books, are equally important. Don’t neglect your own growth as a person. It is important to be clear about all of them to make you a successful entrepreneur.

Once you have clearly written down your goals, the next stage is planning actions that will bring them to reality. You need to plan specific actions that will lead you to completion of your goals. Do not make these actions too big or you run the risk of scaring yourself and not taking any action. It is extremely important that you break down your actions to their smallest possible parts. This way you will find them easily achieved on a daily basis. Also, clearly set time limits to your actions and goals that are realistic and attainable, and hold yourself fully responsible for making those deadlines.

Remember, it is all up to you, so no excuses!

Persistence is the key to your success. Never give up, for it is only possible to fail if you quit. If you persist no matter what, your success is assured. If things go wrong and one of your actions is not working, don’t be afraid to try something else to achieve your goal. Taking action is the only way that you will ever achieve your goals and understanding this is the key to you becoming a successful entrepreneur. It may take longer than you hoped, and you may need to try many different methods, but only those who persist will reap the rewards and realize their final goals.

Enjoy! Janet Schlarbaum

Last month’s column focused on the need for those just entering our profession to plan ahead, particularly in regard to their education and the certifications they pursue.

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This month, I want to discuss an equally important topic, one aimed at those of us with a few more years of experience behind us. While it may appear that thinking about where our career is headed is simply for college seniors and freshly minted MBAs, firsthand experience has taught many of us the opposite: The unforeseen can happen at any point in our careers.

Just as we spend time at our respective organizations managing risk–trying to assess and plan for random circumstances and losses–I believe we also must do the same for our own careers, both in how we choose to spend our time and the things we do now to help secure our professional future.

One of the best ways I know to help prepare for unexpected career curves is to invest time in maintaining a professional network. Personally, I am often disappointed when people only contact me when they’re looking for a job or want a reference. One of the first things I think to myself is, “Oh, so now you’re calling me–because you want something from me.” The gap in contact makes it more difficult for me to provide the kind of help they require; it also makes me less likely to go out of my way for them.

Spending time cultivating our professional network is a vital career investment. And it usually doesn’t take too much effort: a few phone calls every so often, an invitation to lunch now and then. Frankly, attending IMA chapter meetings provides a great way to keep connected to your professional colleagues because you get the opportunity to see the same people month after month. Keeping those relationships fresh and up-to-date makes it much easier when a situation arises where you need to activate your network and ask for career assistance.

There’s another aspect of our professional life that should also stay fresh and up-to-date: our job skills. The accounting and finance fields are continually in flux, and so is the technology that supports them. Staying current with the latest trends in management, information systems, and the more technical aspects of our profession helps to ensure that we can adapt when our jobs–or even just job descriptions–change.

The most obvious way to gain this knowledge is through continuing education courses, like the kind required to keep a Certified Management Accountant (CMA[R]) or Certified Public Accountant (CPA) certification in good standing. Don’t think you can rest on your laurels because you once earned these certifications but have now let them lapse. When I interview people who say they’re certified, I always look them up to make sure they maintain active status. Formal professional development courses aren’t the only way to keep abreast of the profession: Business books and periodicals (like the kind you’re reading now) also offer an excellent means to stay informed about industry trends.

Of course no one can predict the future, and that’s especially true in today’s climate of economic change. But working actively at risk management for our own careers can help shore up the investment we’ve made in our professional lives.

I welcome your comments at fschea@imanet.org.

Message from the chair

BY FREDERICK E. SCHEA, CMA, CFM, CPA

Janet Schlarbaum Risk Management

Posted by Janet Schlarbaum. Combining her interests in career management, Janet Schlarbaum has turned her likes into her life’s work.