Business Education

How Do I Actually Collect My Business’ Account Receivables

How do businesses actually collect their accounts receivables? It’s a tricky and often unpleasant process. But, one that’s absolutely necessary because it’s not only money owed, it’s time and effort already spent. More particularly, you can’t just avoid or ignore unpaid invoices. After all, your company depends on the money, regardless if you take up the task yourself or hire someone. Unfortunately, it’s a bigger challenge during such uncertain economic times.

Biggest Obstacles in Getting People to Pay Up

The most common difficulties in collecting accounts receivables can be enough to convince you to give up. People stonewall. They sometimes partially pay. Other outright elude. There are even individuals who’ll send in checks they know won’t clear the bank. All of these behaviors are sadly normal. But, making it all the more difficult is the current economic uncertainty.

Your business’s accounts receivable are an important part of calculating your profitability, and provide the clearest indicator of the business’s income. They are considered an asset, as they represent money coming into the company. —Business News Daily

The pandemic response resulted in both short- and long-term shutdowns. That put undue strain on many businesses. So, it’s understandable some would fall behind financially. Although, after a little while, you expect something out of them, even if it’s only an explanation as to why they can’t pay and a sincere apology. (Regrettably, the latter might just well be all that you’ll get.)

Ways to Collect Business Account Receivables

First of all, it’s critical that you have good accounts receivable practices. Being proactive definitely benefits your business. But, when invoices continually go unpaid, there are actions you can take. Here are three effective strategies to collect your business’ accounts receivables:

Act quickly when a payment is late. Do not make the mistake of letting receivables age. The longer an invoice goes unpaid, the less likely it is to ever be paid. Sure, it’s uncomfortable to pursue payment, but it’s necessary. Be kind but persistent and also be consistent as to your collection demeanor and actions. Reach out with friendly but stern reminders and follow-up regularly.
Offer recipients a decent discount. Of course, you naturally want every penny that’s owed to your business. But, if offering a discount means collecting the majority of what’s due, then it’s more than worthwhile. But, do not make the mistake of discounting further because it will only weaken your position. (Plus, there’s a cut-off point where it’s financially unfeasible.)
Provide an easy repayment plan. You can also provide recipients with a repayment schedule. Breaking up the total amount into a few or several installments might just do the trick. You can even charge a fee for late or missed payments. You can also suspend any new business during the repayment timeline.
Consistent communication. Most important, communicate to your customer, that they must communicate promptly and consistently and follow through with their commitments.

What other methods would you suggest to collect account receivables? Please take a moment to share your thoughts and experiences. Your unique perspective could very well help a fellow entrepreneur out! Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Starting a New Retail Business? Don’t Forget to Dress (Your Employees) for Success!

August 10, 2023 No Comments

For a startup retail business, creating a strong brand identity is crucial to stand out in a competitive market. In other words, details matter and they matter a lot when it comes to brand identity. So, nothing should be overlooked. For instance, employee uniforms play a significant role in shaping that identity, as they are a direct representation of your brand and values. The right employee uniforms can reinforce your brand message, foster a sense of unity among your team, and leave a lasting impression on customers. How New Start-Up Retailers Should Choose Employee Uniforms When you’re starting a new retail business, one of the first decisions you’ll need to make is what to wear. Do you want your employees to wear uniforms? If so, what kind of uniforms will best represent your brand? With this in mind, here are a few things to consider when selecting employee uniforms for a startup retail business: Your brand identity. What kind of image do you want to project to your customers? Do you want your employees to look professional, stylish, or casual? The style of your uniforms should reflect your brand identity. The type of work your employees do. If your employees are going to be on their feet all day, you’ll need to choose comfortable uniforms that can withstand wear and tear. If your employees are working in a hazardous environment, you’ll need to choose uniforms that provide protection. Your budget. Uniforms can be expensive, so you’ll need to set a budget before you start shopping. There are a variety of ways to save money on uniforms, such as buying them in bulk or looking for discounts. Once you’ve considered these factors, you can start shopping for uniforms. But, before you begin your search, you should do a few things first so you don’t wind up wasting valuable time. Here are a few tips for finding the right uniforms for your startup retail business: Talk to your employees. Get their input on what they would like to wear. They’ll be the ones wearing the uniforms, so it’s important that they feel comfortable and confident in them. Shop around. Compare prices from different vendors before you make a decision. You may be able to find a better deal if you shop online and/or look for discounts. Choose a reputable vendor. Make sure the vendor you choose has a good reputation for quality and customer service. After all, as your business grows, you’ll need a reliable source for future uniforms. With a little planning, you can find the perfect employee uniforms for your startup retail business. Your uniforms will help to create a professional and polished image for your brand, and they’ll make your employees feel confident and comfortable. Now, to ensure you’re making the right decision, here are some additional tips for selecting employee uniforms for a startup retail business: Choose colors that complement your store’s branding. If your store has a specific color scheme, choose uniforms that match or coordinate with those colors. This will help to create a cohesive look for your employees and your store. Consider the climate where your store is located. If you’re located in a warm climate, you’ll need to choose uniforms that are lightweight and breathable. If you’re located in a cold climate, you’ll need to choose uniforms that are warm and comfortable. Make sure the uniforms are comfortable and durable. This is definitely worth repeating. Your employees will be spending a lot of time in their uniforms, so it’s important that they’re comfortable and durable. Choose uniforms that are made from high-quality materials that will withstand wear and tear. Consider the needs of your employees. Some employees may have special needs, such as uniforms that are loose-fitting or that accommodate disabilities. Make sure to consider the needs of your employees when choosing uniforms. By following these tips and using your own judgment and getting input from others, you can select employee uniforms that will help to create a professional and polished image for your startup retail business. Your uniforms will make your employees feel confident and comfortable, and they’ll help to promote your brand. Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer.

How to Use Social Media to Promote Your Business

February 13, 2018 No Comments

Social media can really become a workplace problem. And, it’s always a good idea to have an effective social media employee policy. But, it is also one of the most powerful marketing tools business have at their disposal. It’s free. It can potentially reach thousands to tens of thousands of people. Plus, it’s very easy to use. Well, that’s not always the case because some businesses actually don’t quite know how to use it correctly. Why Social Media is an Important Business Tool Social media is an important business marketing tool because it’s part of our day-to-day lives. The vast majority of consumers are on at least one or two platforms. Therefore, the exposure is far and wide. It’s not just about branding and marketing outright, either. Social media offers customers yet another contact and engagement point. Customers should know you are serious about promoting your company, about announcing when there is a new milestone, about company news that might make them want to buy a product, not just laugh at a video. They need to see effort, not occasional hits. —Inc.com There are plenty of instances where companies have used social media to their advantages. (Of course, there are plenty of examples where companies have publicly dropped the ball.) But, more often, social media is an avenue to build a following. The more followers, the more interest and sales a business receives. How to Use Social Media to Promote Your Business To really tap into the power of social media, you should know some basic ground rules. If you’re going to make it work for you, it’s important to understand how to go about it. Otherwise, you’ll simply be wasting your time. Here are some helpful tips for how to use social media to promote your business: Make all profiles uniform. Most businesses set-up more than one social media account. Facebook, Twitter, and Instagram are among the most popular. Whatever platforms fit your business, they should all be uniform. In other words, present the same “face.” The same profile picture, the same bio or about, and so on. This provides a seamless experience and avoids confusing people. Provide value. Whatever you share, it should have some sort of value. Be it advice or just good for a laugh. And, you should always use the 1-in-7 rule — one post overtly promotes your business, the other six provide valuable information. Showcase your expertise. It’s always a good idea to periodically share insider information. (No, not the kind that goes against insider trading rules.) Rather, the kind of information the average person does not know or know much about. Ask questions that beg answers. The whole point of social media marketing for business is to get users to engage. So, ask questions that are conversation starters. And, when people respond, be sure to interact. Use images to your advantage. It’s a well known fact that posts with images gain a whole lot more attention than text-only posts. Use interesting, mood-evoking images for the best results. How do you use social media to promote your business? What techniques work best for you? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Signs an Employee is Quite Quitting

September 23, 2022 No Comments

Quite quitting is currently making all the rounds on social media and in corporate environments. And, it’s generating a whole lot of attention. Quite quitting isn’t just the latest buzz phrase, either. (Although, it is a bit misleading, given that it doesn’t mean preparing to turn in a resignation letter. Instead, it means doing as little as possible while still collecting a paycheck. Or, what was previously known as “coasting.”) However, this differs because employees who “coast” usually depart in the near future. Quite quitting is about staying onboard, but performing just enough to get by without being noticed. Quite Quitting Explained The term quiet quitting has only recently emerged and it’s gained quite a bit of traction in a very short time. The phenomenon is thought to arise from the aftereffects of the pandemic and shutdowns, which gave people a lot of time to reflect and reprioritize. The theory goes that employees realized that they can have a more fulfilling life experience by doing less at work and putting emphasis on their personal lives. Not taking your job too seriously has a new name: quiet quitting. The phrase is generating millions of views on TikTok as some young professionals reject the idea of going above and beyond in their careers, labeling their lesser enthusiasm a form of ‘quitting.’ It isn’t about getting off the company payroll, these employees say. In fact, the idea is to stay on it—but focus your time on the things you do outside of the office. —Wall Street Journal Obviously, this has a number of profound effects – not least of which is the fact that businesses are still paying them the same, though their production steadily declines and quality of work will likewise suffer. That’s just an unfortunate reality, but there are also other deleterious effects. Rather than make the person engaging in this practice happier, it will likely have the opposite effect, since numerous studies have clearly shown that work adds value and purpose to people’s lives. So, it is imperative to know the signs of quiet quitting in order to spot it when it starts to manifest, and before it becomes a problem. Top Signs an Employee is Quite Quitting The good news about this new phenomenon is that it’s actually a kind of reincarnation of an age-old problem. As stated above, it was previously known as coasting, something employees did when they were about to leave their position. But, this new version is far more concerning, because the employee who is quiet quitting has no intention of actually leaving their job. So, here are the top warning signs an employee is quietly quitting: They disengage. An employee who previously stayed in the mix and was eagerly part of the day-to-day operations and activity will start to disengage. At first, it might not be obvious. But, over time, managers and business owners will probably notice it. They stop keeping up. Similarly, an employee who is quietly quitting will no longer keep up with the latest that’s going on inside the company. Instead, he or she will fall out of the loop or just remain on the margins in order to appear that he or she is keeping up with what’s happening – even though that’s not what’s really transpiring. They no longer take initiative. This should come as no surprise. By its very definition, quiet quitting means doing as little as possible in order to remain employed but definitely not contributing any more than necessary. Fortunately, this is a fairly easy sign to spot, especially with people who were previously go-getters who now just seem to show up and do the bare minimum. They keep their ideas and opinions private. This sign isn’t overtly obvious, but it does point to the distinct possibility an employee is quietly quitting. However, if it is someone who previously contributed good ideas and shared their thoughts and opinions and now doesn’t, then such a change might be a red flag. What other telltale signs would you say are indicative of quite quitting? Please take a moment to share your thoughts and opinions – and/or experiences – so others can benefit from your suggestions! Interested in learning more about business? Then just visit Waters Business Consulting Group.