Guest Post: How To Collect Receivables Faster

Did the solar eclipse reveal your business blind spot? Probably not. And, you’ve likely not even considered you actually have a business blind spot. But, there’s a really high probability you do — you just don’t see it. Sure, life throws obstacles in our way — that’s expected. However, one of the most obtuse isn’t always from an outside source — it’s from within. What’s more, you don’t recognize it for what it truly is and that’s your business blind spot. How to Find Your Business Blind Spot It could well be you’re relying too much on short-cuts in communication — texting instead of actual face-to-face interactions. Or, it might just be something completely different. In a vehicle, it’s quite easy to identify the blind spot. We all know where it’s located in the cars we drive. But, when it comes to business, your blind spot hides until you actively look for it. And, it’s probably tripping you up clandestinely. Entrepreneurs regularly confront a host of tough challenges. Just a sampling among them: landing their first sale, growing their customer base, hiring the right employees, managing cash flow and getting access to funding. But the biggest challenge entrepreneurs may face is either a self-limiting or self-inflated view of their capabilities. Possessing fear, self-doubt, over-confidence, in-group thinking, misplaced commitment to a selected course of action or entrepreneurial myopia are just some ways an entrepreneur can sabotage his or her business. —Entrepreneur.com For some entrepreneurs, it’s not effectively dealing with critics. Hey, why waste time on such a thing? For others, it’s being too myopic, focusing on one thing and not seeing the bigger picture. So, what’s your business blind spot? What is it that you just don’t see? The best way to uncover it is to seek information from different sources. Once you have a more robust picture, you’ll easily be able to pin down your own business blind spot: Introspection. A little self-reflection goes a long, long way, particularly when you’re completely honest. Look inside for some answers. What is it that you already know is an inherent weakness? You can also look back on a time when you fell short and examine that event to uncover answers. Team input. After you look inward, it’s time to see if that lines up with what others who work with you observe. Don’t be surprised if you’ve missed the mark. While Introspection can really be insightful, it can also lead to blind spots if we don’t bring balance with other perspectives. Customer feedback. Your customers are also a great source of information. Solicit feedback and take it to heart. Don’t dismiss what you learn because they want you to be your best. After all, it benefits them, as well. So listen earnestly and take appropriate action thereafter. Retracing your steps. When you make a mistake, you learn from the experience. But, it shouldn’t be cursory. Carefully retrace your steps. What is it that you did that lead you in the wrong direction? Even if it’s an outside force, you made a decision. Look into your weaknesses. Your weaknesses are sometimes known as excuses. But, like mistakes, you can learn from your weaknesses and best of all, work to make improvements. It could be your business blind spot lies in a weakness. Have you identified your business blind spot? What steps did you use to uncover what you didn’t clearly see? Please share your thoughts and experiences by leaving a comment! Would you like to read more about Blind Spots? My friend, Kevin McCarthy, keynote speaker, trainer and author just published a compelling and informative book describing how his blind spots landed him in a federal prison for 33 months for a crime he didn’t knowingly commit. Learn more about: “Blind Spots – Why Good People Make Bad Choices”. Interested in learning more about business? Then just visit Waters Business Consulting Group. [shareaholic app=”follow_buttons” id=”26833294″]

We’ve already gone over the most common signs a business partnership is in trouble. Dave Ramsey is well known for saying that “The only ship that won’t sail is a partnership.” Indeed, far many more business partnerships fail then succeed. But, what happens after a partner leaves the company? What do you do then? 5 Steps to Immediate Take when a Business Partner Quits Your first step — and perhaps the most important step — is to take a step back. Don’t panic. Even if it’s abrupt, now is not the time to come apart at the seams. Though easier said than done, it’s imperative to remain calm in order to think clearly. If you don’t maintain control, it will only add to the anxiety and uncertainty. At the beginning of any business partnership, the partners usually envision a long-term relationship. Unfortunately, expectations notwithstanding, longevity is often limited; the goals and expectations of the individual partners will change at least to some degree over a period of time. This is why an exit strategy must be developed by and between all partners. It will ensure that if one partner leaves the company, his or her absence will not destroy the integrity of the company and its ability to stay afloat. —Entrepreneur.com Second, get in the know. Jump into his or her schedule, work product, etc, and find out exactly what’s been going on. This is where you’ll learn what he or she was actually doing. And it could reveal some very upsetting findings. Although, if his or her work was exceptional, that too might also cause you to panic because now it’s an even bigger role to fill. What to Do when a Business Partner Leaves When a business partner leaves the company, you not only have to remain calm and learn exactly what’s been happening in his or her roll, you’ll also have to do the following for the sake of continuity: Assess what’s necessary. Next, you’ll need to take on at least some of his or her job roles. It’s really dependent on the particular situation, but you might consider absorbing one or more of his or her roles in the business. In the alternative, it might be better to parcel the work out to others within the company, or even outsource. Delegate responsibilities. If your former partner had people under him or her, these people will likely have a wealth of knowledge. They are also ideal candidates to delegate responsibilities. That will help to keep things going without really missing a beat. Formulate a plan for the future. Once you’ve filled the void and things settle down, it’s time to think about what to do in the future. Even if you don’t take on a new business partner, it’s important to have a continuity plan for the sake of the company. This is where an experienced business consultant or coach’s advice can really come in handy. What other advice do you have? Please comment and let us know your thoughts and experiences! Interested in learning more about business? Then just visit Waters Business Consulting Group.