September 2008 Newsletter
Happy Anniversary to all of
you! We just celebrated one year since I launched this newsletter
Thanks to all of
you who gave your heartfelt comments about how to improve upon this
newsletter. I heard you and took your suggestions to heart and
implemented those suggestions. Thanks also to those who loved
it just the way it was. I think you'll enjoy the "less is
more" approach also. Watch for some legal tips mixed in with
the business articles in future issues. The articles will be
shorter, but I promise to keep the overall newsletter "content
rich". I'll continue to send one newsletter per month and one
legal services overview per month featuring a different area of law each
issue. Your book reviews, articles, quotes, and topic ideas are
always welcome, so keep them coming!
This month our
experts offer you
helpful tips on
business financing, and overcoming other hurdles in your life and in your
Wishing you all
the Right Client
With the Right Professional " (SM)
and our local community by attending or Advertising at the "Celebrate
Michigan Expo"™ on September 29, 2008.
reports that "the response to this "Michigan Positive"
initiative has been extraordinary and is generating a lot of
The expo is FREE
to the general public. Sponsorships and Exhibit tables may be
found on this link: Click here. You may also purchase
dinner tickets through that link.
Don't miss this
opportunity to showcase your business during the FREE expo, network with
other successful Michigan businesses, and hear from recognized speakers
during the dinner program. For more information, contact Jan or
Marshall Rice owners of MichiganMall.com at this Toll
free number: 1.888.315.1928.
Your Legal Resource
Star Financial Resources
are never really playing an opponent. You are playing yourself, your
own highest standards, and when you reach your limits, that is real
Professional tennis player
very passionate about what she does and how she changes people's
lives. She is a shining example of what business professionals
everywhere should strive to be, hard-working, loyal, and full of
Finance Your Way
To Business Success
By: Sue Berke, Principal of Star Financial Resources
We've all heard the headlines - Michigan is facing a tough
economy. It is getting harder to obtain credit and financing.
Businesses are struggling. So, what can a business do to maximize
its chances for raising capital? Below are some tips to help
increase the chances of obtaining the financing you need - in any
1. Plan early
If you wait until you really need funding, it may be too late.
This is where your crystal ball will be necessary. The time to seek
financing is when the business is growing and appears strong - even if
you don't have a need for financing at that time. Lending
institutions like to work with strong, growing businesses; it gives them
reassurance that the money they lend will be repaid.
2. Use Your Assets Wisely
Don't exhaust your own resources before finding financing. Even
though there is a cost to financing, it is far less costly to have
financing than to exhaust all your own resources and not be able to
qualify for the financing you seek to keep your business going.
Lending institutions like to know that you have assets and other
collateral. It is much more difficult to obtain financing if the
institution sees that you are down to your last dime. It is better
to have your assets available to pledge as collateral for a loan than to
liquidate all your assets to help finance your business.
3. Manage your finances
Pay your bills on time. That can even save you money, if you
use early pay discounts offered by your suppliers. More
importantly, you have a more accurate and balanced cash flow, which is
one sign of a healthy company. Make sure that your personal credit is
as strong as possible. If you have challenged credit, learn how you
can improve it. Both corporate and personal finances will be
reviewed for small business financing, and for larger businesses that are
4. Be Open to Alternatives
We are fortunate to have many fine banks in our community, and while a
bank is a bank is a bank, they all have their own parameters and
qualification requirements - and the type of business opportunities they
seek will vary from financial institution to financial institution, and
can change over time. However, if you approach three banks, and
none will offer financing, know that there may be other avenues to
pursue. There are finance companies that will consider financing
your receivables, your equipment, your commercial real estate, and other
assets. Each situation is different, and not all finance companies
are looking for the same type of business, so it is best to work with
someone who is familiar with the marketplace and can advise you
Consider your financing institutions as a part of your financial advisory
board. They are as interested in your success as you are, so keep
them apprised of any material changes in the company. By
maintaining a close relationship with your finance partners, they will
often provide innovative solutions to business challenges that may not
have been considered by company management.
Sue Berke, a Principal of Star Financial Resources, has spent over 20 years
in management and sales positions within the Financial Services industry,
with additional experience in retail and consulting positions. Star
Financial Resources began in 2003, allowing Sue to parlay the collective
expertise she has accumulated to help businesses of all sizes with their
The products represented by Star Financial Resources are alternatives to
traditional bank financing for situations when bank financing is
inappropriate or unavailable. The firm specializes in financing for
commercial real estate, equipment, and working capital, and takes a
consultative approach to solving financing objectives. For more
information, visit the website at: www.starfinancialresources.com,
or call the office at 248-203-7007.
Isn't The Problem; It's How You Get Up That Counts!
Joyce Weiss, Employee Performance and Group Dynamics
Life is fraught with uncertainty. No matter how hard we try
to avoid the potholes, there's always another obstacle looming on the
How we recover
from our personal and professional mistakes makes all the difference in
the world. My latest book, Take the Ride of Your Life!, has some useful
tools for making that graceful recovery.
1. Look at
those old patterns
mistakes are easy to correct, it's what we don't see that causes the most
damage. Have you ever noticed certain situations keep popping up?
And some problems just get worse?
your rituals. This will help you decide which patterns are working
and which ones are keeping you down.
2. Get some
The most valuable
and underused tool we have is input from our true friends. Who else can
you trust when you're stuck in a rut?
It's difficult to
recognize our own shortcomings, but a trustworthy friend can gently
introduce areas for improvement. Open yourself to hearing what they
have to say, and drop the defense mechanisms!
With your eyes
newly opened, look for new ways of dealing with habitual mistakes, write
down an action plan, and see how it works.
Our inner voices
can be merciless! Forgive yourself. Quit carrying the guilt and
shame around like a heavy suitcase. Torturing yourself with past
failures helps you achieve nothing!
Blame is another
reason we don't always get over our mistakes. We blame others for our
mistakes, thinking this will shrink our guilt.
Once you get
beyond guilt and blame, you can start enjoying the ride.
Joyce Weiss is a world renowned certified speaking
professional and facilitator on employee performance and group dynamics.
She's captivated countless listeners on radio talk shows, motivated more
than 50,000 people in over 500 businesses, and written for hundreds of
publications. She's the author of Full Speed Ahead and Take the
Ride of Your Life! Visit www.JoyceWeiss.com for
professional growth tools and free reports on be direct with respect®,
team synergy, and work/life balance.