Three financial resolutions that can benefit your business

Ringing in the new year with a few resolutions? As you make plans to eat more healthfully and finally run that 5K, it might also be a good time to set some business goals. While the best resolutions will vary from business to business, here are three key promises most companies should keep.

1. Tune into 2011.
Don't just close your books and kiss 2011 goodbye. If you hit speed bumps or found new opportunities over the last 12 months, that may be an indication of where your company should turn its attention now, says Michael Carney, founder of MWC Accounting in Chicago. Did you struggle with cash flow management? Find a new area for growth? Study the actions that led to such occurrences and see if you can avoid or duplicate them to make your business stronger.

2. Look for savings.
Sticking with the status quo can cost you: January is the best time to trim budgetary fat, says Richard Stone, a principal in the Valhalla, N.Y., office of national accounting firm MBAF-ERE CPAs. Find better rates on insurance, telephone service, supplies and other business expenses. Cancel unused service contracts or subscriptions. It's a tough market out there for refinancing, but interest rates are low, Carney adds. Investigate refinancing real estate or other loans.

3. Find your replacement.
Succession planning is an area that is "widely overlooked by small-business owners," Stone says. The new year provides a great opportunity to address the next generation of your business, regardless of when you plan to retire officially. Once you identify a successor, Stone says, you can craft a plan to transfer business ownership incrementally. That way, you afford yourself the greatest flexibility and tax advantages.

Startup Mentor is a place for all the Startups to find their virtual mentors. The forum is dedicated to giving ideas to the aspiring entrepreneurs and the first generation entrepreneurs. If you fee that you can contribute to the community of entrepreneurs by providing your articles, opinions, analysis and case studies, please send an email to startupmentor@gmail.com

Is an Office Vampire Draining Your Productivity?

You don't need to go trick-or-treating to see vampires. Odds are good that they're in your office, and they're ruining your business life.

As a consultant on workplace morale issues, I often find that bad morale stems from one or two workers in the office who have a poor attitude about the place. Office vampires drain valuable time and energy you could be using to run your business, or simply enjoy your life.

If you have a worker who is so frustrating to deal with that you find yourself thinking of the situation while you're spending time with your family, or hanging out with a friend, you may have a vampire in your office.

Luckily, there are tools you can use to deal with these vampires. Think of it as a vampire-slayer utility belt. Here's what you can bring to bear on them:

Pull out the garlic. Redirect the office vampire when he or she expresses something negative by changing the flavor of the subject right away. "So how about those Atlanta Braves?" OK, maybe don't talk about the Braves right now, but you get my point. Change the subject abruptly.

Hold up a mirror. In the same way that vampires can't see themselves in mirrors, most of the problems expressed by the office vampires don't turn out to be there when a mirror is held up to them. Whatever they thought was negative doesn't actually exist. The mirror actually involves recasting or reframing the conversation, acknowledging what was said, but then challenging the opinion with a more positive point of view. They might complain the weather is getting cold, but you can respond that you're looking forward to hunting season, or the holidays.

Pull out a UV flashlight. I know it can be tough, but sometimes you need to get rid of the vampire. I actually find this is hard for many business owners because they try to empathize with the vampire in their midst. But you're running a business, not a self-help group. Don't let the vampire waste your time, energy, or attention. Instead let him or her go in the quickest and most humane way possible.

Move quickly to ward off your vampires. I often find their negativity easily spreads. If you keep them around, your company could turn into a vampire clan. Then you'll really be in trouble.

know this is cliché, but you actually could be doing the vampire a favor by letting him or her go. I often find that vampires act the way they do because they simply aren't in a job where they can make a unique contribution that satisfies them.

I once worked with a broadcasting group where the office manager micromanaged everything and everyone. She even busted people's chops for taking too many pens and paper clips. The company managers finally made the call and decided to help her find something else.

She went back to school and is now a minister. She's actually an excellent preacher and loves her new life. She went from making everybody miserable, to inspiring them.

What success stories will you tell from slaying the vampires around your office?