1. Ask big questions.
If you only ask practical, logistical, small questions, you’ll just get the small answers that will keep your business going, but not growing. Pursue the big questions: “What’s a better way to approach this? How can I change our business for the better?” Bigger questions demand bigger answers. And those lead to bigger successes.

2. Get a mentor who’s different from you.
You want a mentor who can open you up to new and different ideas and approaches. You want someone who supports what you’re doing, but who might come from a different business area, like manufacturing. They’ll contribute new perspective, frank insights and innovative feedback.

3. Be true to yourself.
You can’t lead if you’re always trying to act the way you think others would like you to. You can’t please everybody, but if you simply be yourself, you’ll find the right people will be drawn to you.

4. Focus on the mutual benefit.
If you want clients to be loyal to you, be loyal to them. Don’t put your business development efforts ahead of serving the business you already have. The same goes for employees. If you want them to work hard for you, work hard for them. Lead by example.

5. Let go of bad clients.
It’s true, 80% of your time is taken up by 20% of your clients. That’s OK if they’re profitable, but if not, now’s the time to cut your losses. Bottom line, it will give you more time to make more money.

6. Do some hands-on volunteering.
It’s important to support your favorite causes financially, but it’s equally important to roll up your sleeves and actively help. The giving you actually experience is good for your head and good for your heart. And that’s the real foundation for success.

7. Don’t turn into a workaholic.
The goal of successful people is to be productive and efficient, not to work long hours. Working all the time actually makes it easy to be inefficient. Long hours do not represent a good work ethic; efficiency does. Plus to succeed, it’s important to be well-rounded; spend time with family, friends and personal interests.

Make these resolutions and stick with them. They’re great ways to improve yourself and your business…. Enjoy a great month!

For those who still couldn’t put on a happy face, Friday’s data should have done the trick. Existing Home Sales were UP 5% in December, their third consecutive gain, to their highest level since January 2011. The inventory of existing homes is down 21% from last year and the months’ supply dropped to 6.2, the lowest level since April 2006. For all of 2011, sales of single-family homes, townhomes, condos and co-ops rose 1.7%, to 4.26 million units.

BUSINESS TIP OF THE WEEK… There are so many variables in business, you can’t know exactly how you will reach your goal. So what matters most is your determination to get there.

December New Home Sales happen Thursday, projected to inch up a bit. Friday we get how the overall economy did in Q4, with the Advanced GDP estimate. Gross Domestic Product is expected to climb from an anemic 1.8% to a more acceptable 3.1%.

>> The Week’s Economic Indicator Calendar

Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates.

Economic Calendar for the Week of Jan 23 – Jan 27

>> Federal Reserve Watch

Forecasting Federal Reserve policy changes in coming months… Virtually all the experts say the Fed Funds Rate will stay at its super low level coming out of this week’s FOMC meeting. Note: In the lower chart, a 1% probability of change is a 99% certainty the rate will stay the same.

Current Fed Funds Rate: 0%–0.25%

Probability of change from current policy:

Industrial Production, up 0.4% in December, fell short of expectations. Yet two regional manufacturing indexes did better for the month: the Empire State and the Philadelphia Fed. On the inflation front, producer prices were down 0.1%, though Core prices excluding food and energy were up 0.3%. The Consumer Price Index was unchanged, but Core CPI went up 0.1%. The best news? Weekly Initial Unemployment Claims fell to 352,000, their lowest level since April 2008.

For the week, the Dow ended UP 2.4%, at 12720; the S&P 500 closed UP 2.0%, to 1315; and the Nasdaq gained 2.8%, to 2787.

With stocks rallying, heavy selling in the bond market sent prices southward. Investors were also calmed by hopes of a Greek debt deal, though that hasn’t happened yet. The FNMA 3.5% bond we watch ended the week down .87 to $102.21. Freddie Mac’s survey of conforming mortgages showed national average mortgage rates virtually unchanged, staying at record low levels for another week.

DID YOU KNOW?…This week’s Advanced GDP number will be revised twice, with next month’s Preliminary GDP and then Final GDP a month later. These revisions can impact financial markets.

1. Do you need the benefits of a contract plan? If you like a wide range of services and want to choose from a variety of phones at low or no cost, the two-year contract is still best. It may also be the most economical for multiple lines under a family plan.

2. Decide what you don’t need. A no-contract plan may be best if you can live without lots of phone choices, the fastest network speed or the biggest coverage. Review the services you use in your current plan.

3. Pick a payment arrangement. Prepaid no-contract plans cost a flat amount for a month of service, or they charge by the day or minute, deducting from a preset balance. They’re great if you only use your cell for emergencies or want to limit a child’s use. You may also find no-contract plans that bill you every month with network speeds and phone choices like the contract plans.

4. Look at the downside. With no-contract plans, carriers can boost rates and change terms, or you could lose your phone number if you forget to reload a prepaid account. There may also be extra activation and daily access charges, and if phone rebates are offered, they may require you to stay with the service for a time.

5. Factor in the phone cost. Compare the higher phone cost of a no-contract plan with the money you’re saving each month. The savings may pay for the phone in a few months and after that, it’s money in your pocket!

6. See about the data service. Some no-contract plans offer unlimited e-mail and Web surfing in all-in-one plans for voice, text and data with a low monthly cost.

7. Check out the coverage. Some no-contract carriers are owned by the big names and use their networks. But others use smaller networks that might have spotty coverage and charge extra for roaming.

8. Find out how to switch.  Most carriers charge a prorated fee when you cancel a contract early. Compare this to the savings from your new no-contract plan. If you still need to stay until the end of your contract, see if you can drop extra services, like insurance or carrier apps. When you do switch, plan on not having service for a few hours.

P.S.  With today’s mortgage rates at historic new lows and the most affordable home prices ever, many people are upsizing, downsizing or refinancing. Remember, we’re always here to answer any questions…. Have a great day!

1. Clean all areas to be caulked. Use a putty knife or large screwdriver to remove old caulk and paint and make sure the area is dry.

2. Hold the caulking gun at a consistent angle–45 degrees to get deep into the crack. You’re at the correct angle when the caulk goes in immediately as it comes out of the tube.

3. Apply the caulk in one straight continuous stream, without stops and starts.

4. Avoid bubbles by sending caulk to the bottom of the opening.

5. Make sure the caulk is sticking to both sides of the crack.

6. If caulk oozes out of the crack, push it back in with a putty knife.

7. If the caulk shrinks, reapply it, forming a smooth bead that seals the crack completely.

8. For windows, apply caulk to all joints in the frame and to the joint between frame and wall.

9. If the crack is deep, use a “backer rod” — a round foam rod sold by the roll in various diameters. Pick one slightly bigger than the gap. Cut the rod and press into the gap so it’s just below the surface. Then caulk on top of it.

10. For bigger gaps, use an insulating foam spray you can buy in a hardware or home supply store. It dries like styrofoam and can be painted if necessary.

P.S.  With today’s mortgage rates at historic new lows and the most affordable home prices ever, many people are upsizing, downsizing or refinancing. Remember, we’re always here to answer any questions…. Have a great day!

The NAR’s chief economist commented, “Housing affordability conditions are at a record high and there is pent-up demand from buyers who’ve been on the sidelines…. The sustained rise in contract activity suggests that closed existing-home sales…should continue to improve in the months ahead.” The S&P Case-Shiller index for October showed minor price drops in 19 of the 20 surveyed metro areas, but the index was UP 1.9% from its post-crisis low in March 2011.

BUSINESS TIP OF THE WEEK…The new year is a great time to remember that successful people think positive. They’re not unrealistic, but they do see the positive side of an opportunity and firmly believe in their ability to reach their goals.

The week’s positive economic news included the Pending Home Sales gain covered above and initial jobless claims staying below 400,000 for another week. But none of this “good” news was very terrific, so economic emotions were held in check by the usual suspects: European debt worries and corporate underperformers. Sears announced it would close about 100 stores and American Airlines parent AMR Corp., which filed for bankruptcy protection last month, revealed its stock would be delisted from the Big Board.

For the week, the Dow ended down 0.6%, at 12218 but UP 5.5% for the year; the S&P 500 also dipped 0.6%, to 1258 but was unchanged for the year; and the Nasdaq dropped 0.5%, to 2605 and was down 1.8% for the year.

Although it was a low volume week all around, the bond market behaved conventionally, prices heading north as stocks drifted south. The FNMA 3.5% bond we watch ended the week UP .95, at $102.27. According to Freddie Mac’s weekly survey, national average fixed mortgage rates inched up from the prior week’s record lows. But they’re expected to stay in super low territory for awhile.

DID YOU KNOW?…The FOMC Minutes released Tuesday give insight into the decision making process for monetary policy and what the Fed thinks about economic developments inside and outside the U.S.

But the week’s highlight will be Friday’s December Jobs report.150,000 Nonfarm Payrolls should be added, which won’t do anything to help the Unemployment Rate, expected to creep back up to 8.7%.

>> The Week’s Economic Indicator Calendar

Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates.

Economic Calendar for the Week of Jan 2 – Jan 6

>> Federal Reserve Watch

Forecasting Federal Reserve policy changes in coming months…The expectation is for the Fed Funds Rate to remain at its rock bottom level well into the future. Note: In the lower chart, a 1% probability of change is a 99% certainty the rate will stay the same.

Current Fed Funds Rate: 0%–0.25%

Probability of change from current policy:

In line with that, Housing Starts were UP 9.3% for November and UP 24.3% versus a year ago, while Building Permits were UP 5.7% for the month. November New Home Sales came in Friday UP 1.6%, with the supply dropping to 6 months, its lowest level since early 2006! The numbers of unsold new homes under construction and unsold completed new homes are also at or near record lows. The FHFA price index for homes financed by conforming mortgages was down just 0.2% in October and is down only 2.8% versus a year ago.

BUSINESS TIP OF THE WEEK…Start on a goal right away. Get the momentum going by taking action immediately–flesh out the schedule, reserve important dates, get delivery commitments from others.