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Weekly UpdatesJoseph F. Reyes, President/CEO
Type of Business: Homeland security and life safety systems
Q: What was your greatest business challenge, and how did you resolve it?
A: Trying to keep up with our current growth rate. Having an increased amount of customers and size of projects mean you have an increased amount of labor and overhead expenses to deal with to meet your customers' demands. When we were faced with these challenges we turned to our long-time financial partners, Comerica Bank. They worked with us to establish a line of credit that fits our needs and provided valuable services to the company and to our employees.
Q: What is your advice to someone who wants to start a new business?
A: Make sure that you have established that you not only have the financial and technical ability to accomplish what you set out to do, but that you also have the physical stamina available to you to do so. Being a business owner requires a lot of dedication and sacrifice of time. Also, having a good support team behind you is a definite plus. My family and especially my wife have been invaluable to our successes.
Quick tip for saving money -- Consolidate large orders and place with a single vendor if possible in order to negotiate a better price.
Favorite Website for business information and resources -- Google
Favorite business book -- Wouldn't it be nice to have time to read for leisure!
Best place to find new clients -- Join some type of business networking membership that can provide you with a changing pool of potential customers.
'Don't underestimate the importance of strategic planning'
Mark Symonds, President
Plexus Systems LLC
Business: Plexus Online, an on-demand manufacturing performance system
Q: What was your greatest business challenge, and how did you resolve it?
A: Around 2000, our development team felt that our traditional software-development projects were too costly, time-consuming and difficult for both Plexus and our automotive supplier customers. So we set out to design and develop a whole new approach to doing business. After extensive design, our team began developing what would eventually become Plexus Online, an on-demand solution delivered via the Internet.
Q: What is your advice to someone who wants to start a new business?
A: Don't underestimate the importance of strategic planning and remaining focused. Focus on your core strengths, while making a commitment to comprehensive, thoughtful strategic planning. Much hinges on effective planning: fiscal health, supplier relationships, human resource development and achievement of business goals and objectives. Despite all the opportunities new companies face, it's imperative to remain focused on your strategic goals.
Quick tip for saving money -- Our biggest expense item is salaries. We don't minimize salaries. Instead we try to make our environment conducive to high productivity. We provide soda, snacks and a workplace where developers can concentrate and collaborate effectively. We invest to increase the productivity of our staff. In the end the extra investment pays for itself.
Favorite business book -- "Good to Great: Why Some Companies Make the Leap ... and Others Don't" by Jim Collins.
Best place to find new clients -- We spend a considerable effort making connections with trade associations whose members are specifically looking for the benefits that our technology products deliver.
'Consistently set stretch goals'
Stout Risius Ross Inc.
Michael L. Kern III, Managing Director
Business: Financial advisory services
Q: What was your greatest business challenge, and how did you resolve it?
A: Purposefully creating and maintaining a corporate culture. Our culture consists of five core values: positive team attitude, accountability, commitment, entrepreneurialism and relationship focus. Over the years, we have endeavored by various methods to instill these attributes in our employees, but what we have learned is that (for the most part) you either have them, or you don't. It is difficult (at best) to teach someone how to be positive, for example. You are either a positive person or you are not. You are either focused on developing long-lasting relationships by treating others the way you would like to be treated, or you are focused on short-term, one-sided wins.
Q: What is your advice to someone who wants to start a new business?
A: Have a unique niche or differentiator, figure out a plan to bring in the best talent, stay focused on revenue goals and consistently set "stretch" goals throughout the organization.
Quick tip for saving money -- Create a culture of accountability. When employees feel accountable for their actions, they are internally motivated to do the best possible work for their company that they can, including handling money as if it were their own.
Favorite Website for business information and resources -- Capital IQ
Favorite business book -- "The One Minute Manager Meets the Monkey," by Ken Blanchard
Best place to find new clients -- Through relationships with existing clients.
'Keep overhead costs as low as possible'
Tech-Line Automation Inc.
Georgette Borrego Dulworth, CEO
Business: Controls engineering, field service and consulting
Q: What was your greatest business challenge, and how did you resolve it?
A: Last year we were challenged with cash management. To solve our problem, we prioritized our expenses, communicated regularly with our suppliers which were at the bottom of the list, kept very close to our banker and diligently attacked our outstanding balances. Today, our company is the most financially healthy we have been since we opened our business four years ago. In today's economic condition, the quicker you respond, the better you minimize the damage.
Q: What is your advice to someone who wants to start a new business?
A: First, if you are not an "accounting type," take an entry-level bookkeeping class or other introductory financial management class. No one should know your financial status better than you. Second, make sure you have reviewed your business plan with your accountant, banker and anyone else in the financial arena who are willing to give you comments. Third, keep overhead costs as low as possible so you can react in a downturn.
Quick tip for saving money -- Get only what you need, not what you want!
Favorite Website for business information or resources -- Google. It's the first place I look to quickly find the Websites I need for anything.
Best place to find new clients -- Networking events where there is a diverse crowd, not just people in your industry. You see those people all the time.
'Find out why others have succeeded or failed'
Technical Solutions LLC
Thomas Gotshall, President/COO
Business: Computer system integration
Q: What was your greatest business challenge, and how did you resolve it?
[ILLUSTRATION OMITTED]
A: Getting everybody on the "same page" and driving towards the same goals. Our solution is to set two or three very specific company goals and then communicate these goals often along with our progress--and make sure everyone must understands there role in achieving these goals. When the goals are achieved, we reward the entire staff with an outing or cash.
Q: What is your advice to someone who wants to start a new business?
A: Do your homework and know the industry and competition. Find out why others who have gone before you and have succeeded or failed. Next, have a detailed business plan with dates and milestones. Figure out how much capital you need--then triple it. Then set it up with the best lawyers, bankers and accountants. And finally, be passionate about your venture and don't give up.
Quick tip for saving money -- Cut out the extras. Sporting events and expensive dinners Won't get you a deal. Great service, best pricing and true value along with professional follow-up will get you business.
Favorite Website for business information and resources -- Crain's Detroit Business, Detroit Regional Chamber, MSN, Detroit Free Press and CNN. And the PGA, just to get away for a minute.
Favorite business book -- "Good to Great," by Jim Collins
Best place to find new clients -- Prospecting and marketing every day
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Acro Service Corp.
Livonia
Ron Shahani, President/CEO
Membership: Business Builder
Member since: 2002
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Sterling Heights
Prasad Rao Ponnam, CEO
Membership: Silver
Member since: 2004
ALCOS
Sterling Heights
Eugene LoVasco, President/CEO
Membership: Business Builder
Member since: 2004
American Laser Centers
Farmington Hills
Rich Morgan, CEO
Atwell-Hicks
Ann Arbor
Robert Macomber, CEO
Membership: Silver
Member since: 2003
Big Communications Inc.
Ferndale
Lisa Stern, President/CEO
CareTech Solutions Inc.
Troy
James Giordano, President/CEO
CLEAR! Blue
Birmingham
Todd P. Smith, CEO
Membership: Business Builder
Member since: 2001
Compsat Security Inc.
Southfield
Daniel Glisky, CEO
Membership: Silver
Member since: 2006
Computer Consultants of America Inc.
Southfield
Joyce Wheeland, President
Contracting Resources Inc.
Brighton
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