Blog
Is the check really in the mail?
With the economic pressures upon all of us, stretching the dollar is of major consideration. Each of us is reevaluating our budgets, cash flow and accounts receivables. Having worked with clients on how to stretch their dollars and improve their cash flow here are a few suggestions for improving accounts receivables:
Remember you are in business to market your products and services but you are NOT in the business of financing your customers. If you have an outstanding bank loan and are paying interest while your accounts receivables are 60, 90 days or older, you are in reality financing your customers’ business; paying unnecessary interest while (in the majority of the cases) your clients are paying you none.
Consider some of these concepts to increase cash flow from overdue accounts:
* Take credit cards to reduce the number of outstanding accounts. Switch balances from old outstanding accounts to credit cards.
* Eliminate adding any new accounts by taking only credit cards. Credit card fees are less than “carrying an account.”
* Establish a formal collection process.
* Make sure all statements are going out on time and the same time each month.
* If a 30 account is not paid in 45 days call the customer and ask them “when can I expect a check?” Even a partial payment is better than nothing.
* It may be necessary to set up a payment schedule that will bring in cash from each owing customer each month. Train the customer to pay something monthly. The longer a customer delays payments the harder it is to collect.
* If there has been no payment in 60 days repeat the process. There is a tendency for many to remain in “denial” or simply not believe you are serious about payments.
* If no payment has been received or payment arrangements made within 75 days, write a letter that the account will be turned over for collection. Send the letter FEDEX, UPS or certified mail. This will add to the urgency.
* After 90 days turn the account over to a collection agency and let them take it from there. Typical fees are 50% but at least you may still get something.
The old adage, the squeaky wheel gets the oil, applies here. Take action now. Don’t put off the collection process. It works!
Oh, By the Way College Senior’s its November…Do You Have a Job?
A student approached me after class today and with a panic in his voice said, “I don’t have a job. What should I do?” My business class is devoted entirely to relationship building and a significant portion is spent on networking. Classes started at the end of August and this student has been attending the classes but wasn’t listening to the discussions. Now panic sets in.
Unfortunately this encounter takes place far too often. Why? College is safe from the real world and breeds procrastination when it comes to planning a career. Years ago, I remember having the same uncomfortable thoughts and have devoted a great deal of my life working with students in career planning and helping them overcome their fear of “life after college.”
Most of us know what we do NOT want as a career. Professionals such as lawyers, accountants, doctors, etc. have a direction and follow a curriculum that supports those careers. But what about the business major or liberal arts major?
Here are some ideas to get you started in planning your career choices.
1. List on paper your likes and dislikes regarding career choices.
2. Place the positive choices in priority
3. Research the opportunities in these fields
4. Locate a mentor to support your efforts
5. Create a resume that “separates you from the pack”
6. Learn the techniques of networking and creating “centers of influences”
7. And most of all don’t procrastinate!
These steps, if done diligently, will focus you and should create a proactive attitude for this most important step in your life. If you want some help give me a call. I’ve had lots of success in helping young folks bridge the gap between the college dorm and the business world. Its six months until graduation and the odds of securing a job are NOT in your favor in our current economic downturn.
Article in The Post and Courier Newspaper
I was very honored to be featured on the High Profile page in the Post and Courier issue dated November 7, 2009. It was my testimony of the impact The Citadel had on my life and in turn the lives of others. Lately, the institution has had a few unfavorable articles written and it was refreshing to see the positive side of the school emphasized in the story.
I want to thank all my clients and referral networks for giving me the opportunity to be selected. You can read the story by clicking on the link
For all of you connected in any way with The Citadel you can rest assured that the institution is in very capable hands and is turning out fine young leaders who will shape our world tomorrow. The traditions of the Honor Court, the leadership lab (life in the barracks) and the striving for excellence are being well maintained. The long grey line continues to grow strong, continuing the life cycle beginning with the student/leader maturing into business, professional, the arts and military positions all over the globe.
I wear the ring and am so very proud to say I do.
Taking my Own Advice
A few months ago as I was talking with a client about the challenges we all are facing with this economy. I explained to him that I was taking my own advice and making dramatic changes in my business model.
The driving force for his business as well as all others is meeting and exceeding the customers’ needs. With the impact the recession is having on businesses, the people leading their organizations must adapt to the changing needs of those they serve. Recognizing changing demands and adjusting the business to meet them is the highest priority of any business that wants to not only survive but prosper in these trying times.
The services I offered and the fees charged worked well for many years, but as the economy tightened I needed to respond and respond quickly to my existing and new clients. I reexamined the services that I had been providing and modified my fee structure. Additional services were called for and flexibility with my fees and payment plans were made.
These simple adjustments led to more business opportunities and widened my client base. Being open to change and actually embracing it has enabled me to meet and coach new individuals and impact their businesses.
The result is the launching of my new web site, www.yournextlevel.net , accomplished with the help and support of Ron Small owner of Maxx Marketing, Inc. headquartered in Charleston, SC and Robert Velarde of TWIF, Inc located in Summerville, SC.
New and expanded services include a variety of coaching experiences, Executive Retreats held in Charleston, as well as coaching students, recent graduates and older individuals to find jobs. Free downloads of my book, A Journey with Mac – Rediscovering the Fundamentals of Business., and fifteen minute complimentary telephone coaching sessions are offered to help potential clients get started and begin adapting a more positive attitude. Like Max Factor, the cosmetics icon, once said, “I sell hope.” I, too, want to be able to offer hope and inspiration that all of us need as we plow through this economic downturn.
Correcting an employee should be a positive experience!
The days of management by fear and intimidation have long passed. Management styles have developed to provide encouragement and nurturing for those in the workplace. However, on occasion there is a need to provide corrective feedback to an associate; not “blunt criticism.” The challenge arises as to the proper way to correct the performance without criticizing the individual.
Use a sandwich! Not literally, but think of a sandwich as a concept. First, give the associate some positive feedback, then “sandwich the corrective criticism” in the middle and finish with a motivating comment about how you will work with the individual to improve their performance. The individual should feel as if they have been “fed” encouragement and will respond accordingly.