"Happen to" Your Future

About now most of us are trying to forget our failed New Year’s resolutions.  One of the most common resolutions has to do with improving our appearance and health through weight loss and exercise.  But let’s face it, if we all stuck to those goals we would all look like the casting call at the latest version of Bay Watch.  That just isn’t happening.  One of the reasons for resolution failure is our society’s focus on instant gratification. 

Meryl Streep summed it up by saying, “Instant gratification isn’t soon enough.” 

James Dean had a different perspective.  He said, “The gratification comes in the doing, not in the result.” 

In other words the process and the plan are important.

Thomas Edison was so focused on the process he said this, “The object of all work is production or accomplishment and to either of these ends there must be forethought, system, planning, intelligence, and honest purpose, as well as perspiration.” 

When it comes to managing money, Dave Ramsey described it this way, “Give every dollar you earn a name.” 

In other words have a handle on where your money is going and why.  Have goals for your money in the present and future.  Be intentional.  Ramsey lays out several “Components of a Healthy Financial Plan.”  Among them are saving for an emergency and debt reduction.  These are short term goals that make a lot of sense when thinking in terms of securing your financial situation. 

Looking at the long term Ramsey recommends health insurance, life insurance, disability insurance and retirement savings.  Each of these is a means to deal with those “rock your world” events that happen to us all.  Most authors you read or speakers you listen to who deal with goal setting, talk about spelling out specific definable steps. 

On the topic financial planning, it’s wise to include your husband or wife and a trusted advisor.  Financial planning with insurance and savings offers many options and can be complex.  Sitting down with a knowledgeable, experienced professional is valuable.  Each situation is different so the exact recommended tools and steps applied to secure your financial future are unique.  Some of the tools in a financial advisor’s toolbox; like life insurance, health insurance and retirement savings, will help you deal with those “rock your world” events. 

Leonardo da Vinci wisely said, “It had long since come to my attention that people of accomplishment rarely sat back and let things happen to them.  They went out and happened to things.” 

“Happen to” your financial future.

Spoonful of Sugar

The IRS recently announced updates to its website intended to make it easier for tax payers to navigate.  The agency has also implemented a YouTube channel with tax payer assistance “how to” videos.  2011 saw the introduction of IRS ToGo, a free smart phone app that allows tax payers to file taxes by phone.  The IRS is doing its best to make filing and paying taxes fun and easy.  What this amounts to for most tax payers is a spoonful of sugar to help the bitter medicine of paying taxes go down. 

It’s nice to know that the IRS is using digital media to smooth the tax filing process.  But what almost everyone would like to know is “How do I pay lower taxes?”  To start at the beginning, consult a good tax adviser to see if there are any deductions you may have missed.  If you’ve taken every deduction that applies and your tax paper work is in order, the next step is to consider another way to reduce your tax liability.

You may be eligible to take advantage of the tax savings feature of a tax deductible Individual Retirement Account.  Individually you can contribute up to $5,000 if you are less than 50 years old, or up to $6,000 if you are over 50 years old.  That amount can be divided between a traditional or ROTH IRA. 

The ROTH IRA doesn’t offer the immediate tax advantages of a traditional IRA.  Contributions to a traditional IRA are made pre-tax, reducing the share of your income that is considered taxable.  Contributions to a Roth IRA are made post-tax.  The tax advantage of the Roth is realized on withdrawal of funds.  With a traditional IRA, the entire withdrawal is taxed.  If traditional IRA funds are withdrawn before age 59 ½ tax penalties are likely to apply, depending on the reason for the withdrawal.  In the case of the Roth IRA, only the gains earned on the contributions are taxable.  Tax penalties may apply before age 59 ½ to withdrawal of gains. 

To learn which type of IRA makes the most sense of you, it’s important to consult a knowledgeable financial adviser.  Most tax payers would agree that paying lower taxes is a better spoonful of sugar.  Because of tax consequences and the value of long range financial planning, its best to think of your IRA funds as locked away for the “golden years”.  Setting up an IRA with automatic contributions is easy.  Automatic deposits to an IRA can be debited from a bank account or a pay check.  Unseen money is so much easier to save.  If you don’t see it, you don’t miss it.

If the possibility of reducing your tax bill through a tax deductible IRA plan sounds appealing, contact a financial advisor you trust for more information.  They’ll help you choose the right plan for you.  A tax deductible IRA may not be suitable for all situations.   

Internship Hows and Whys?

Are you thinking about hiring an intern?  The recent presentation by Paul Jaques answered many questions an average business owner might have about internships.  Jaques (pronounced Jakes) is Internship Developer for Michigan State University’s Career Services Network.  His role in that position is to work with businesses, both large and small, to discover and meet their internship needs.

Jaques explained that MySpartanCareer.com is available for businesses to post internships and potential interns to look for positions.  Jaques recommended that businesses interested in hiring an intern contact him so he can guild them through the process and assist them with their internship opening description on the website.  The website can be accessed from a computer or mobile device app.  Jaques observed that each college at MSU has internship coordinators who work with students on finding the right internship.  For businesses, this means that potential interns are available in all career paths offered through MSU.

Jaques described some of the basic requirements for internship positions.  He said that internships can be paid, unpaid or for credit.  He pointed out that internship positions are not meant to displace other workers and must include training and practical work related to the intern’s major.  If an intern would like to receive credit for their internship, the student works with their advisor and the business provides some documentation of the student’s time at the business.  Intern students can be international, but problems may arise if it is a paid position.

Jaques said that internships can transitional to a full time position for both post graduate and undergraduate students.  He pointed out that students can accept internships in the summer and during the school year.  Each college has their own guidelines for how many hours per week a student intern may work.

Jaques noted that internships are good for trying a career before committing to that path.  He recommended that students have 3 internships in their field during their university career.  Jaques remarked that business should expect to work with students on growing their professionalism and opening their eyes to career options.

Jaques encouraged business owners who are interested in more information to contact him at jaques@msu.edu.  He can also be found at linkedin.com/in/pauljaques2 or @msuinterns.  

MEDC Plays Central Role in Michigan Redevelopment

President and CEO of Michigan Economic Development Corporation, Michael Finney, spoke to a full house at CEO Connect on Friday January 13^th.  Prior to accepting the position with MEDC, Finney served as President and CEO of Ann Arbor Spark.

The gathering began with several local business owners praising the assistance they received from MEDC in business initiation and business growth.  Finney noted that MEDC “has its challenges,” but the organization is actively looking for ways to “tear down barriers to get things done”. 

The audience listened attentively as Finney explained that MEDC has seven important facets to their central role in the redevelopment of Michigan.  Finney started with MEDC’s role in entrepreneurship. He emphasized that Michigan entrepreneurship needs to be “vibrant and robust”.  He said that MEDC offers business acceleration support by connecting start ups with talent and resources.  One tool is “pre-seed” funding to hire consultants, locate talent and identify needed technologies.  Finney explained that these steps lead to the “highest probability for success.”  He also pointed out MEDC facilitates some direct investment to businesses through loans, collateral gap funding and venture matching funds.

Finney spoke with enthusiasm regarding business growth, calling it “the guts of what MEDC does”.  He noted that business growth is 80% of the role of the agency.  He pointed out the recent change in Michigan tax law which relieves two thirds of businesses from paying the state business tax.  Finney explained that the improved tax situation for businesses is better than a tax credit because tax credit programs can be too complex and drawn out.  Finney used the expansion of Hyundai in Superior Township as an example of MEDC acting as a facilitator.  Hyundai needed improved access to electrical power for its expanding facility; MEDC funneled a portion of the state tax proceeds from Hyundai to Superior Township to fund the upgrade in the Township power grid.

Another MEDC role that Finney discussed is Pure Michigan Business Connect.  Through Business Connect, MEDC encourages Michigan businesses to work together as trade partners to buy more Michigan goods and services to create jobs in the state.

Finney said that MEDC is also focused on vibrant communities.  He explained that MEDC is hiring a new liaison between MEDC and Michigan universities and colleges.  The idea is the connect schools with businesses and job opportunities.  Finney observed that there are 78,000 jobs unfilled in the state because of a talent mismatch.  He pointed out that community colleges help develop marketable skills for current job demands.  Finney explained that when young people have the skills appropriate for current jobs, they are more likely to stay in the state and make our communities more vibrant. 

Finney noted that another key role of MEDC is improving Michigan’s image around the country and around the world.  He said that the state of Michigan is associated with industry, Detroit and Ann Arbor.  MEDC manages the Pure Michigan advertising campaign.  Finney explained that the Pure Michigan campaign is now being used to promote many aspects of the state.  He proudly pointed out that Pure Michigan is one of the top 10 brands for states.  He observed that people tend to really notice the Pure Michigan advertisements.

Finney said that MEDC is also focusing on improving access to agency services.  One of the ways the organization is working on improvement is by having 30 locations around the state working collaboratively with local economic development organizations.  This helps MEDC be more aware of local business development needs and issues.

Finney said that “economic gardening” of businesses in the state is highly important.  He pointed out that another way MEDC is growing economic development in the state is by attracting business expansions.  Finney remarked that attracting a business to relocate from another state can lead to a bidding war, but attracting an expansion helps Michigan and the growing business.  Finney said the MEDC is working on developing relationships with Michigan university alumni who may know about opportunities.  He observed that MEDC needs those relationships “to be far enough upstream” to get to the right people and information. 

He encouraged those in attendance to follow him on Twitter at @michaelafinney or find him on Facebook and Linkedin.  The website for MEDC is MichiganAdvantage.org.  Michigan Economic Development Corporation is a public-private partnership serving as Michigan’s marketing arm and lead agency for business, talent, jobs and overall economic growth.       

Goal! Make 2012 Your Best Year Yet

Terry Bean of Networked Inc. and Charlie Wollborg of Curve/Detroit joined forces for a great 2012 kick off presentation at LA2M on January 4, 2012.  They spoke about setting the right goals, stopping the excuses, achieving dreams and finding harmony.

Bean began by pointing out people make the same New Year’s resolutions every year 88% of the time they fail.  Failure is caused by excuses, inaction, choosing the wrong goal and not having a plan.  It’s not productive to wait for what we need to move ahead.  It’s better to move ahead get what we need.

Bean and Wollborg explained that you will know your passion in life when you want to pursue it every minute of every day.  You know you have found your true calling when you are happy doing it and people are willing to cut you a check.  If your revenue is less than your cost, you have a hobby, not a business. 

Bean and Wollborg recommended focusing on things like what you wanted to grow up to do when you were a child, what people think of when they think of you, what is your passion and your strength.  Let the answer come from within.  To have and accomplish your goal you need passion, perseverance and proficiency.

Wollborg emphasized the importance of appreciating what we have by making a gratitude list and reviewing daily to understand how successful we already are.  Then you can make your goals big.  Set goals worthy of boundless potential.  Wollborg recommended being specific, by creating a road map with measurable, actionable and achievable steps with a deadline.  He noted that sharing goals with someone who cares enough to keep you accountable is very valuable.

Bean suggested reviewing your progress daily and if need be recommit and begin again.  He said, “It’s not what happens to you it’s how you react.  Life is a series of moments.  As long as you have more good than bad, you can’t have a bad day.  Love the moment you live in.  Stay present to your present.”  Bean focused on the difference between harmony and balance.  He noted that balance is neither good nor bad, its right in the middle.  Harmony is just right.

Bean recommended setting goals in 10 important areas of life.  Those are: professional, personal, physical, spiritual, intellectual, emotional, relationships, recreation, community and financial.  He also suggested creating “vision boards” with words and pictures that represent what you want to accomplish.           

Wollborg pointed out some tools he uses to make his day more productive.  He noted that he thinks more clearly when he gets up and moves around.  He makes better use of his day when he gets the hard things done early which he referred to as “eating the frog”.  He also said that being an optimalist is better than being a perfectionist, because you get more done. 

In conclusion, Bean said, “You have to start no matter what your motivation.  Live on purpose.  Attract, act, achieve your best life now.”

Defenders of the Status Quo Will Hate Your Idea

Charlie Wollborg delivered an inspiring talk at the last regular meeting of LA2M in 2011.  He is Chief Troublemaker and Founding Partner at Curve Detroit Marketing.  He is also an instigator behind TedxDetroit and Motor City Connect.  He spoke about living up to one’s potential, honing creativity and taking action.

Wollborg began his talk by challenging those in attendance to stop waiting to be an agent of change.  Stop waiting for encouragement and support from people who have a vested interest in the status quo.  Companies and society at large benefit from creative problem solvers.  He said “No more employees, consultants, or coaches needed.  There are no barriers to entry for creators, risk takers and doers.” 

Wollborg pointed out that there is a gap between what we produce and our potential.  He said “Man is created in God’s image.  The gap is stealing from the world.”  He encouraged everyone to “do what you are supposed to do not what you should do.”  Wollborg warned that “ideas are perishable” and “Now is the time to jump ahead.”  He explained that if you don’t bring your ideas to life someone else will be inspired.  The same things inspire people at the same time.  He reminded the audience that Elisha Gray turned in the patent for the phone 3 hours too late. 

Wollberg noted that we only get credit for what we do, not what we think.  We need creativity + action.  Ideas are worthless without passion, proficiency and perseverance.  Be a passion transference device.  It’s no one else’s job to believe in you and your ideas.

Wollberg gave examples of people who had passion and creativity who used their talents to bring big ideas to life.  Cornelius Vanderbilt spent his career making a business of moving people and goods through a transportation empire.  Martha Stewart started by making cupcakes and giving away the recipes.  She built her owned multi faceted international brand.  Harlan Sanders sold chickens until at age 65 when he launched KFC.  Walt Disney was fired as a journalist.  He was told he wasn’t creative.  Facebook, Google, Martha and Ford were not first but they were remarkable and remarkable wins.

Wollborg pointed out that family, money, time and funding can be chosen obstacles.  But there is no need to wait for everything to be perfect.  He said “Start again when you fail.  You can change the world.”

Mobile SEO

Due to inclement weather on November 30^th LA2M founder and CEO of Ingenex Digital Marketing, Derek Mehraban stepped in to take the helm.  His expertise in digital marketing is well recognized by the business community and the many Michigan State students he has guided through the intricacies of the topic in his New Media Drivers License class.  He was named one of Crain’s Detroit 40 under 40, an award which honors the best and the brightest in Southeast Michigan who have made their mark on business before the age of 40.  His business, Ingenex Digital Marketing, works with a variety of companies assisting them with new media marketing strategies.  Mehraban shared some of his expertise with the LA2M audience on the topic of Mobile SEO.

Mehraban began his presentation by demonstrating his own personal Search Matrix.  His graphic showed his most significant areas of on line presence and how those are interconnected to media and social media sites.  In his example, Ingenex, LA2M and MSU were primary activities tied to blogs, Linkedin, Facebook, PR.com and more.  He is also planning on open sourcing his new book “The New Media Drivers License Resource Guide” which will be released in January.  Search Matrix creates a strong digital presence which can be an asset to an individual business person or a major company.

Tablets and other mobile devices are booming in popularity for a shopping and research.  Mehraban noted that recent figures show that 70% of US households use the internet for local information.  Mobile device searches are often location based so Mehraban advised businesses to take advantage of local free location based listings.  He explained that mobile websites need to be developed with a focus on keywords and Meta Tags used by Google and Bing since 82% of internet traffic begins with search engines.  He suggested that businesses can discover keywords by using Google search and observing auto complete.  Mobile sites can also be link and image optimized.

Mehraban emphasized that there is no substitute for good content on a mobile website.  Mobile sites must be designed with easy access to the information that a mobile user would need to find first.  The mobile interface and content need to be sticky or future search results could be affected.  Mehraban explained that location based apps like Four Square and Gowalla can be useful marketing tools for local businesses that claim their listings.  Regional businesses can make use of location based searches by creating mobile pages relating to their desired marketing locations.

The entire presentation can be viewed in the LA2M archive.  You can follow Derek Mehraban on Twitter at @Mehraban.  He can also be found on Facebook and Linkedin.