All, Fix Company Problems

Stress Points Entrepreneurs Should Avoid

Being an entrepreneur means being able to pursue a dream, to fulfill a passion, and to realize your full potential. It’s also a stressful role, even for the most intelligent and resourceful. Though we like to think of stress as just an inconvenient emotion, it can take a substantial toll on your health. It’s linked to heart disease, obesity, depression, headaches, gastrointestinal problems, and more adverse health conditions. It’s also one of the most common conditions in starting a new venture or continuing to build a business. However, it doesn’t have to get the best of you.

Stress Points Entrepreneurs should Avoid

Stress is actually a biological response to certain conditions and situations. It consists of releasing hormones, including adrenaline and cortisol, which cause the body to physically and emotionally respond to its environment. In an entrepreneurial role, you’ll have a lot invested, which can include your personal savings, time, and effort. What’s more, you’ll be responsible for managing others. That’s certainly conducive to causing stress and you need to be equipped with the right response to make the right decisions.

In the business world, there’s a certain cache attached to being able to soak up all that stress. But people can’t keep putting themselves under a lot of pressure for a long time without consequences. Eventually something’s going to give. —Entrepreneur.com

When you’re an employee, you deal with stress but it rises to a whole other level when you are running your own business. After all, it is you that’s “calling the shots,” and you are at the helm of the enterprise. Stop to think about the entire situation and it can be practically paralyzing. You’ll definitely have a lot to deal with when you’re running or starting a business and one of the single biggest challenges to overcome is how you deal with stress. Because of this, you should know the most common stress points and how to cope with them effectively:

Capital. Money is essential to business, but there will definitely be times when cash flow is anemic. You should learn to use free and low cost resources when money is lean. For instance, you can pay a freelancer that’s just starting out, or, can take-on a little more personally to keep costs down.
Promises. As a business owner, you’ll make promises on a regular basis. When an unexpected event takes shape, it can seriously throw-off your working timeline. When possible, you should rearrange your schedule and revisit your priorities to make good on your promises.
Commitments. Alongside promises are your commitments. When starting or running a business, it’s often tempting to fully load your schedule to help build your brand. This can take its toll, so, think about what’s most important and only commit to these.
Clients. While clients are the lifeblood of your business, early on, you’ll probably take anyone who comes across your radar. Over the course of running your business, it’s helpful to reexamine which clients are worth the effort and which are making your journey an agonizing proposition.
Talent retention. Having talented people on your team is key to success but this comes with a cost. Said cost rises as time goes on and you’ll face one or more moving-on sooner or later. Instead of fretting over the loss, look at it as an opportunity to forge a strategic partnership.

Though these are all real and can be large problems, one stress point is particularly painful: the unknown. As the saying goes, “you don’t know what you don’t know.” That however, is true with just about everything in life. Instead of letting it worry you, look at it as a new opportunity to embrace. Even if you fail at this or that, it serves as a lesson learned which helps to make you a better leader. Remember, we learn far more from our failures than our successes because it’s easier to deconstruct.

Want to find out about what a business coach can do for you?

[shareaholic app=”follow_buttons” id=”26833294″]

Like this article?

Guest Post: How To Collect Receivables Faster

July 15, 2018 No Comments

Any business that sends out invoices knows the frustration of waiting to get paid. This is especially true when you’re dependent on those payments to make payroll or fund necessary business expenses. How can you keep running your business when your clients drag their feet about paying you? Is there anything more frustrating than the endless cycle of hassling customers about their bills? If you’re facing this challenge, what you need are ideas for motivating your clients to pay on time. With that in mind, here are seven tips for how to collect receivables faster. 1. Use customer-friendly accounts receivable practices. To be certain you’re not the reason payments get delayed, make sure you are following your clients’ accounts payable procedures. It’s well worth the extra effort to make sure your invoices are not missing information that will delay processing. Likewise, bill promptly — immediately upon delivery or completion of the service, not weeks later. Also, a few days before an invoice is due, contact the client to make sure it has everything needed to pay you. 2. Meticulously track your outstanding A/R balances. One key step in reducing Average Days to Pay is tracking. Create an accounts receivable (A/R) aging report to track and measure the payment status of all your customers. Typically, an aging report breaks down accounts into length of time since invoices were issued: 0-30 days, 31-60 days, 61-90 days and past 90 days. Each account will list the business name and how much is owed in each applicable timeframe. Creating and using a report like this will enable you to quickly, seamlessly check for potential problems so you immediately know when someone’s slow to pay — and then determine your best course of action. 3. Be proactive about getting payments. Believe it or not, your clients are less likely to pay you the longer their invoices are outstanding. In other words, the longer they go without paying, the less likely they are to ever pay. Don’t wait until payments are far past due to contact your clients. A week before the due date, send clients a friendly alert. Soon after the bill is due, start contacting them with gentle reminders that payment needs to be made. 4. Encourage advance payments. Whether you require a retainer on projects or request an advance, finding ways to get clients to pay something upfront can make a huge difference in your business cash flow. Advance payments greatly improve cash flow, as well as reduce your exposure to late or uncollectable receivables — giving you peace of mind as well as a more solid financial foundation. 5. Provide an early payment discount. While you may not want to discount your invoices, consider this: If a two percent discount gets you payment, that’s 98 percent more than you’d have gotten while you were waiting for a client to pay its bill. Try giving clients a small discount if they pay within 10 days, for example. In exchange for the small decrease, you might boost your overall cash flow. 6. Accept multiple payment options. Make it easier for your clients to pay you by accepting a variety of payment options, including checks, credit cards, PayPal and other online payment solutions. You may even want to suggest automatic payments for recurring clients to simplify and automate the billing process — something that may be very appealing to your clients. 7. Know when to enlist collection agencies. Most companies don’t want to resort to unleashing collection agencies on their clients, especially when they’re trying to maintain good relationships with them. In situations where accounts are severely delinquent, however, you may have no other choice. Research several options, look for a company that will deal professionally with you and your clients, and move forward confidently, knowing how important it is to get paid. Nobody enjoys the hassle of chasing down payments — yet knowing how to collect accounts receivable in a timely manner is essential to successful business. If you’re struggling with getting clients to pay on time, start implementing the tips above. It could make all the difference in your cash flow month to month. Author bio: Shanna Mallon is a copywriter for Straight North, a Chicago-based Internet marketing agency that specializes in B2B SEO, PPC, email marketing and web design. A freelance writer, Shanna has been creating online content professionally since 2007.

3 Effective Ways to Emerge from the Pandemic Even Stronger

October 9, 2020 No Comments

With every crisis, there is a conclusion. Each economic downturn eventually transforms into recovery. Sometimes, the two are extreme and stark contrasts. Other times, they are mildly separated, yet perceptible. It’s how businesses act and react that is most important. Unfortunately, too many business owners react in a reflexive, impulsive way. Meaning, they don’t fully think through the situation overall, rather they merely act in the moment. Conversely, business owners that see long-term benefit even when there’s an economic downturn. Those companies come out stronger after the crisis passes. Seize Opportunities When they Arise Property investors who buy when the real estate market slides hold their assets until the market recovers and sell for a profit. Similarly, investors buy stocks when they fall amidst economic turmoil. When the crisis subsides, the temptation will be to turn back that progress and retreat into old behaviors. But entrepreneurs need to shift from overload to shared load, and to practices that can transform team performance to find unexpected growth–and lower unsuspected risk. —Inc.com These savvy people also sell when the prices begin ticking up again. There’s most definitely a pattern here and a lesson to be learned. That being, it’s possible to turn an otherwise bad situation into a beneficial one with the right moves. These individuals understand that the laws of physics do work in reverse when it comes to economic circumstances. Ironically, what goes down must inevitably go up. These people use that counterintuitive dynamic to their advantage. 3 Effective Strategies for Emerging Out of an Economic Downturn So, just how do some business owners make the proverbial lemonade out of a bowl of lemons? These entrepreneurs don’t get caught in a negative mindset. In fact, they look at things pragmatically and create strategies that benefit them. Here are three ways to come out of an economic downturn stronger: Know the numbers. The very first thing you need to do is fully understand precisely where your business stands at this point in time. If you don’t know the numbers, any plans you come up with will only reveal the true matter of the situation and this could be very costly. Take the time to get into the numbers to know exactly what you’re dealing with. Devise a realistic, workable plan. Next, you’ll need to devise a realistic, strategic, and actionable play-by-play plan. It’s okay to look at the big picture, but be sure to address possible scenarios with contingencies. You don’t have to plan for every possible set of circumstances, but you should definitely have ways to work through the most likely. Invest heavily in strategic relationships. Another smart strategy is to invest as much as you can in strategic relationships. Good entrepreneurs know this intuitively and leverage these relationships in ways that benefit everyone. Come up with ways that are advantageous to all parties involved and work towards those goals. What other steps would you suggest to overcome an economic crisis? Please take a moment to share your thoughts and experiences; it could prove very helpful to others! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How to Respond to Bad Online Reviews

May 5, 2017 No Comments

In an increasingly digital, on-demand world, that’s so closely and quickly connected, it’s easy to find out about a business before you do business with them. It also provides an environment where customers can cast your business in a negative light on a very public forum. Let’s face it, you won’t please everyone that does business with you and that can easily lead to a bad review. Before you know it, others jump on the bandwagon because someone else has taken the first step. What’s counterintuitive is not all bad online reviews are bad for business. For those who already know your company and appreciate what you offer, those reviews won’t matter. What’s more, consumers who read reviews usually do give deference, putting things into context. Future customers are likely to weigh the good with the bad and make an intelligent, unbiased decision. However, this isn’t to say that not responding is the best course of action. Ways to Respond to Bad Online Reviews When your company receives a bad review online, it’s only natural to do one of two things: label the person who wrote it as a blithering idiot or just ignore it. Of course, the former is a one-way ticket to the insanity of trying to win an argument that can’t be won or even resolved. The latter tells people that you just don’t care enough about your company’s reputation. While the second option will certainly do less damage, it isn’t necessarily the best way to go. Most customers won’t write you off based on one negative comment. Many, however, will gain respect for your business if you respond to the comment in a pleasant and helpful way. Of course, that’s not easy to do when you pour your life into a business and someone bashes it online. Your immediate impulse is to return fire. Don’t do it. Back slowly away from the keyboard and collect your thoughts. —Forbes What you ought to do is approach your business in a proactive manner, which you’re likely doing naturally. In other words, providing the best you can at a reasonable price, meeting or even surpassing customer expectations. However, it’s nearly inevitable that you won’t please everybody and out of those, there will be at least one that takes to the internet to voice his or her negative opinion. Of course, your business will be cast as incompetent, uncaring, or just bad all around. What you do next will determine how a bad review affects your business. So, try these tips to turn a negative into a positive: Don’t respond right away. It’s almost cliche to give this advice, but it bears repeating. The more in-the-moment you are, the more difficult it will be to respond objectively. Leave your emotions and personal bias aside. Yes, your company is your very life and you’ve pleased so many others, this seems quite unreasonable, but it might be legitimate. Try to learn from what’s being said. Don’t just take the comments at face-value, dig into what’s between the lines. You might just discover that there’s something awry you’ve never noticed. Be brief but clear. Your response should not be a novel and it shouldn’t go off into tangents. Make a brief, clear statement so others who read it can form a sense of the situation. Offer a reasonable solution. It might be the last thing you want to do, but offering a discount, or something else to make peace can work wonders. What you should never do is try to win an argument. You’ll look petty and it will appear to future customers that you don’t work and play well with others because you’re always in-the-right. Keep a level head and approach it with empathy, you’ll probably be surprised by the results. [shareaholic app=”follow_buttons” id=”26833294″]