From Greg's Head

Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the PKF Texas - Entrepreneur's Playbook® page of the PKF Texas website. 

How do you keep in touch with your former employees, or “alumni”?

Corporate alumni groups are becoming increasingly important as the Baby Boomers retire and the Millennials job hop every two to three years. 

There are many benefits to a company establishing a formal alumni group.  They include:

• Extending your recruitment network.  Just because an employee left your firm doesn’t mean they don’t know someone who would be a perfect fit for the company.
• Business development and quality referrals. Alumni who feel connected to your firm are likely to be some of your most vocal advocates in the marketplace.
• Extending your network into other industries.

There are several factors that you should take into account to ensure the success of your group:

• Enlist top-level support for the program
• Establish clear goals and objectives for the group to manage expectations both from the company side and the alumni side
• Be sure current employees are familiar with the program.  They can promote it to their former colleagues.

Most often, the alumni are meeting on their own, why wouldn’t you want to be a part of the conversation?
 

For more on this topic, please read L.M. Sixel's article in the Feb. 3 issue of the Houston Chronicle.

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It is hard to fail, but it is worse never to have tried to succeed. -- Theodore Roosevelt

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Read an interesting article on Inc.com.  Duke University and the University of Colorado at Boulder’s law schools will be offering a LLM degree in entrepreneurship for the 2010-2011 academic year.

This is an interesting development.  With the rise in entrepreneurial centers at universities across the country, it makes sense to extend this focus to law schools.

There is some debate as to whether or not a focus on such a broad discipline is necessary, but as someone who interacts with entrepreneurs on a daily basis, I think it can only benefit the business community.  To have an attorney trained to think like an entrepreneur and be able to provide the kind of legal guidance entrepreneurial business owners need, I’m all for it!

I’ll be curious to see how or if Duke’s Fuqua School of Business Center for Entrepreneurship and Innovation and CU Boulder’s Deming Center for Entrepreneurship interact with the law schools’ entrepreneurship programs.
 

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I have the latest news and updates on the 2010 Celebrate!Enterprise events.  As you know, PKF Texas is a proud sponsor of the 40 Under 40 and the Best CFOs of the Year.  Nominations for both are still open, along with Health Care Heroes.  I encourage you to nominate your clients and the friends of your firm for all three award programs. Click the links below to access the nomination forms.

• 40 under 40 - nominations due Friday, February 26th
• Health Care Heroes - nominations due Friday, February 26th 
• Best CFOs of the Year - nominations due Friday, March 5th

This year the 40 Under 40 and Battle of the Business Bands are moving to the House of Blues. Both will be held the evening of May 20th.  Last year’s event was a huge success and I’m looking forward to hearing the bands play the House of Blues!

Also new this year for 40 Under 40 and the Battle of the Business bands, multiple ticket options. If you just want to attend 40 Under 40 you can purchase a 40 under 40 ticket for $50. If you want to just attend Battle of Business Bands you can purchase a Battle ticket for $50.  Also available dual tickets if you would like to attend both events.

Though PKF Texas is not a sponsor, another great event under the Celebrate!Enterprise is the Houston Growth Summit.  The Houston Business Journal has just announced that Arthur B. Laffer, the founder and chairman of Laffer Associates and Laffer Investments will be featured on the panel.

Dr. Laffer was a member of President Reagan’s Economic Policy Advisory Board for both of his two terms (1981-1989). He was a member of the Executive Committee of the Reagan/Bush Finance Committee in 1984 and was a founding member of the Reagan Executive Advisory Committee for the presidential race of 1980. Dr. Laffer has been widely acknowledged for his economic achievements. Recently he was noted in Time Magazine’s March 29, 1999, cover story “The Century’s Greatest Minds” for inventing the Laffer Curve, which is deemed one of “a few of the advances that powered this extraordinary century”.

Houston Growth Summit Panel will also include Dr. Stephen L. Klineberg, Professor of Sociology, Rice University.

This year you can receive mobile alert about the event.  To sign up for Mobile Alerts on Celebrate!Enterprise - Text 41411 and enter in HBJ!

Celebrate Enterprise has expanded their presence on various social media sites this year.  You can check them out on Facebook, LinkedIn and Twitter by clicking on the links below. 

• Join Celebrate on Facebook
• Join Celebrate on Linked In
• Follow Celebrate on Twitter
 

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Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the PKF Texas - Entrepreneur's Playbook® page of the PKF Texas website. 

These days, it can often be difficult to keep your business’ long term vision in sight as you balance the short term demands of this new economy. Maintaining this balance is more important than ever. Some things to keep in mind:

• Make the time on a regular basis to think about and plan for the future. Have a regular meeting with your executive team or advisory board.
• Marketing and business development are critical now to keep your pipeline full, which sets the stage to hit your long term growth goals.
• Talk with your clients about what is going on in their business and really listen to what they tell you. Their growth and ability to continue to use your services directly impacts your long term goals. If their needs change dramatically will you still be or want to be their go-to resource?
• Be flexible and ask yourself, “Are the long term goals we set for the company still relevant? And is that still the direction we want to go?”

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“Success is the result of perfection, hard work, learning from failure, loyalty, and persistence.” Colin Powell.

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Could you be one of the 2010 Aggie 100?
The 2010 Aggie 100 program is looking for a few great companies!  100 to be exact!  Are you one of the fastest growing Aggie-owned or Aggie-led businesses in the world?  Read about this program and nominate your company.
 
About the Aggie 100
The Aggie 100 identifies, recognizes and celebrates the 100 fastest growing Aggie-owned or Aggie-led businesses in the world. The Aggie 100 not only celebrates their success, it also provides a forum to pass lessons to the next generation of Aggie entrepreneurs.

The Aggie 100 was created by Mays Business School's Center for New Ventures and Entrepreneurship. The Center provides encouragement, education, networking and assistance to entrepreneurially-minded students, faculty and Texas businesses.
 
Last November, the fifth anniversary of the Aggie 100 was celebrated. Aggie 100 honoree companies sent representatives to campus for ceremonies honoring their achievements. In 2009, 96 companies sent more than 180 representatives to campus for the two-day Aggie 100 affair.  Recipients were welcomed with a reception at the newly remodeled Clayton W. Williams Jr. Alumni Center and then were individually recognized at a luncheon on the second day. Nearly 650 people joined in the celebration at the Zone Club as trophies were presented to each company to commemorate their membership in the Aggie 100. The energy in the room was amazing as current students, members of the Board of Regents, the chancellor, the university president and other members of A&M’s leadership team turned out to honor these successful former students.
 
Your company may be eligible for the 2010 Aggie 100.  Please visit www.aggie100.com to read about the program, the criteria, and see last year’s Aggie 100 Honorees.
 
If interested, please nominate your company for the 2010 Aggie 100!
 

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Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the PKF Texas - Entrepreneur's Playbook® page of the PKF Texas website. 

How often do you use the Houston Business Journal Book of Lists as a resource for your business?

From the FastTech 50 to the Largest Houston-Area Venture Capital firms and Houston’s top golf courses, the Book of Lists contains demographic and economic data for the top companies in Houston’s diverse market-space. 

Organized by industry or service, it is the perfect tool to use for business research, job searches, indentifying potential clients and competitive intelligence.

Is your business looking to expand your community outreach efforts? There is a list of charitable non-profit organizations. The list of Green Architects can help you find the right company to design your new LEED certified office space.

The Book of Lists can be your connection to the key businesses, organizations and individuals in Houston poised to help you take your business to the next level.

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I've got some exciting news! I've been named to the Louisiana State University Stephenson Entrepreneurship Institute (SEI) Advisory Board.

I'm honored to join 18 others on the board, including former Louisiana Governor Buddy Roemer.  The board works to meet the goal of challenging SEI to pursue emerging entrepreneurship opportunities.

 “Greg Price is a welcome addition to our advisory board,” said SEI Director Bob Justis. “Like our other members, he has a passion for LSU and wishes to see economic growth, innovation, creativity and entrepreneurial development in Louisiana.”

As you know, I am passionate about fostering entrepreneurship at the university level.  I sit on the advisory boards for the Rice Alliance for Technology and Entrepreneurship Roundtable, and the Texas A&M Center for New Ventures and Entrepreneurship and am the accountant for the Rice Alliance Business Plan Competition.
 

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Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the PKF Texas - Entrepreneur's Playbook® page of the PKF Texas website. 

How does your firm handle mentoring junior team members?  Do you have an established program or are your mentor relationships more informal?

There are several things to consider when establishing a mentoring program:

• Allow team members to self-select their mentor/mentee, being careful to avoid favoritism. This encourages a more effective relationship
• What kind of communication training should be provided to participants?
• The mentor and mentee should meet on a regular basis and set clear milestone goals

A mentorship program focuses on developing a relationship through self-disclosure, building trust, listening for understanding and providing feedback. 

The benefits of a more formal program can include:

• Provide the tools to assist with succession planning
• A reduction in turnover and
• The development of team members leadership skills

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Back in July I wrote about a video from David Winans about the Texaplex, the triangle between Houston, San Antonio, Austin and the Dallas/Fort Worth metroplex.

Over the weekend, David sent me another Texaplex video, this time specific to Houston.  You can watch the embedded video above.  Running about nine and a half minutes, it is chock full of facts about Houston.  It opens with the quote “Houston is many things; it’s diverse, progressive, economically thriving and entirely affordable.  It’s the next great world city.”

Some of the more impressive facts from the video:

• If Houston was an independent nation, it would have the 30th largest economy in the world
• It’s home to 29 Fortune 500 companies, second only to New York City
• Forbes.com said, “Houston is one of the top 10 up and coming tech cities.”
• It’s the fourth largest city in the U.S. and the population will grow 30% by 2030

I agree with the quote the video ends on, “Houston is a city of infinite possibilities.”  Thank you David for sharing this video with me and my readers.  Dallas, Austin and San Antonio will all have their own Texaplex Advantage videos in the coming months.  I’m glad Houston could set the tone and be the lead off video.  I thought the video was fantastic and It’s the best I have ever seen done about the City, period!
 

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"A good plan today is better than a perfect plan tomorrow." - George Patton

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• A New Energy for Business: Alternatives open up markets
• Risk and oversight of employee benefit plans 
• Cubester® Chat: Succession planning - not just for the C-level
• Make resolutions for your organization
• In a Nutshell by Chris DeSantis: Why is an organization's culture important?

You may access the electronic version of the Winter 2010 issue by clicking here or by visiting the PKF Texas website.  We enjoy receiving comments and feedback from our clients and the friends of our firm, so please feel free to connect with me if you have topics you would like us to cover in the magazine.

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