Natural disasters dominated world headlines in the second half of 2017 causing disruption to many businesses, most of which were unprepared and faced the consequences. The economic impact of said disasters continues to push economic losses, so how are you preparing for this coming year?
A good place to start is with a review of your critical business functions, in which ways could a disaster impact these functions and ultimately affect your bottom line? This is the challenge worth solving now before a disaster strike. Solving this now gives you leverage where you can assess its likelihood of being a solid solution in the event of a disaster.
Now is the time to review procedures and put a plan in place if you have none. If you have one, now is the time to review it as your business may have grown and the plan needs updating. Either way; a review will ensure you are ready in the event of a disaster.
What lessons did you learn from the disasters of 2017? Connect with us to put a plan in place or update the one you have, join us in twitter @solnyshco.
Here at www.dionnemorrison.com we want to wish you a prosperous New Year and look forward to helping you progress even more next year. Here’s a question for you; have you started to think of resolutions for your business?
How about this for a resolution; turning challenges into opportunities; here are two quick tips on how you can.
- Is getting more sales appointment challenging you? Remember; sales is a numbers game so ask for the appointment and as usual expect the objections; so prepare ways to combat those objections. In the end my best tip for you is to ask for the appointment in advance, the farther out the easier it is for the prospect to commit and be specific with dates and time.
- Is getting more ideal clients challenging you? How about increasing your visibility? Why not invest more in marketing, advertising and seizing opportunities as other ways of reaching those ideal clients instead of waiting for them to find you?
Seize the opportunity now and connect with us to learn more. Let us know how our tips work for you; join us in twitter @solnyshco.
As an entrepreneur you want to run a successful business and enjoy all the freedoms of owning your business; exotic travels, stress free days, long weekends etc. but how can you enjoy all that if you are tied to the business and your staff call you for every decision; stressful isn’t it? This is why it is important to empower staff to act but how do you accomplish that? Read on to learn how.
Let’s face it, your business has a culture; accept it or not but you have a way to handle matters. It’s just how you do things in your business. Hopefully, it is a great way of doing things so that in your absence your team will handle those new matters which arise and save reputation. Now may be a good time to review or install systems and controls to put you on the path (or even farther along) towards a business that is less dependent on you, the owner.
Therefore, when hiring new staff share and re-enforce the business culture. For those already there in the business who are not actively “handling” matters the business way, replace them with better people; sure it will cause teething pains but it will be good for the long run. In doing so you show you mean business, send the message that poor performance is unacceptable, motivate those high performers within the business and in the long run allow you to enjoy the freedom of owning your business.
Connect with me to learn more.
As we are pulled in several directions each day with people and tasks demanding our time; then we have the inevitable; tasks left undone. Here are 3 quick tips to help you make the most of each day.
E-mails can be huge time wasters, screen e-mails and take your time in responding to queries and requests that are not urgent. Remember; the faster you respond the more e-mails will be coming at you with even more requests or queries and at times; time wasting questions.
- Templates and forms
Use a standard template/form to reply to queries or requests that you often deal with. If you find you are often responding to a certain type of query or making requests then set up pre-set responses and request letters that you can use.
- Get help
Stop doing it all and hire or use help you already have. Outsource tasks and while you are at it do not micro manage. Empower the task owner to make decisions so that they do not have to return to you for a yes/no … just so you are not distracted from doing task that can bring you greater value.
We all have time constraints each day so make the most of what time you have. Connect with me to learn more.
Cash Flow Issues?
As an entrepreneur you need cash to pay the bills, your team and to make purchases to keep the business afloat and grow but how do you handle your cash flow successfully?
I met with one of my successful clients; who had the same question. She couldn’t understand how she is always booked with patients awaiting her services in both her offices yet she is having cash flow issues. She wanted to open a third office but the funds were not there and she was baffled.
A closer look at her business revealed the answer; payment. She had hundreds of thousands of dollars outstanding from patients and insurance companies. The rule all entrepreneurs must live by; is that of cash flow: cash being the life line of business mean the sooner she is paid by patients and the insurance companies, the easier for her to manage her cash flow.
This problem is not new to me as a business consultant; I’ve seen where this payment/collection problem has hurt business. The longer receivables are outstanding, the more damage is caused to a company’s cash flow as it puts the outstanding amount in limbo and lowers the odds of payment. Be aware that the longer it takes to collect outstanding amount, the higher the collection costs, which can cut into profit as it becomes necessary to engage a debt collector or to sell the debt.
The only solution is to collect payment. Payments I like to cycle; the cycle starts the moment the cash is “out the door” i.e. the service is complete or goods are passed and the user promises to pay. The cycle ends when payment is complete.
Therefore, my client cycle would start the moment the receptionist greets the patient, to include indirect and direct cost of materials needed to complete the service and ends when the patient pays.
Too many entrepreneurs fail to understand the time value of interest and that longer payment cycles mean more operating capital will be needed to run the business, hence growth slows.
After showing my client how important the cash flow is for growth I gave her two (2) quick tips based on what I saw lacking to improve her cash flow:-
1. Use more payment options – make it easy and convenient for patients to pay. Accept ALL cheques, credit and
debit cards. Use online and telephone payment options.
2. Use contracts – enter into a contract with patients who do not pay up-front and include “charges” for
financing and a clause for collection that should the patient fail to pay and she has to contract a debt
collector then those are charges to be paid by the patient.
I made her aware that the more convenience a patient has in paying; the greater the odds of them making payment. I also made her aware that essentially; she has given interest free loans and jokingly told her that she is really in the business of loans via waiting indefinitely on interest free payments. So she now understands the importance of timely collection on her cash flow.
If you are looking for an actionable formula to grow your business; connect with me to learn how.
Thank you for posting this Dionne, that really helped me decide where to focus on now.
Founder and Owner at Casino Financing