If there’s one thing I’ve learned from running a business over the past 10 years is that it often involves doing things you don’t like… chasing late payment, dealing with angry customers, fixing your server, not to mention all the admin. You’re constantly dealing with issues:
- Team issues
- Tax issues
- Legal issues
- Customer issues
- IT issues
- General administration
Many days you’re running from fire to fire then working late into the evening to do your ‘real’ job. How did things become so far removed from the freedom you thought you’d have by “going out on your own”.
The key is focus. If you’re focusing only on the fires and not on the source of the fires then you have a lifetime of firefighting ahead of you.
The best business owners I know do two things:
- They regularly work ‘on’ the business
- They get good help
What’s the biggest source of pain right now in your business? Where’s the fire?
Is it a team member? Is it cash flow? Is it a surprise tax bill?
Taking a step back… is there anything you could do to solve this issue so it was less likely to happen again.
- Can you improve your hiring process to better identify ‘bad eggs’?
- Can you add a quality checklist to a procedure to ensure it’s done right everytime?
- Can you put a bit of cash aside each month to give you a buffer for unexpected bills?
- Can you find an alternative source of finance to give you some breathing space?
I get that when you’re in the thick of it, it’s not easy to take a step back to evaluate. That’s where a friend or your accountant / advisor / coach can help. Even if all they did was help you identify the most important thing to fix. Then repeat the process in 2 months time; addressing the next most important thing.
After a year you’ve fixed 4-6 things in your business. After 5 years you’ve fixed 20-30 things. And hopefully you’re starting to see the fruit of your efforts. Less fires, more time and more money – happy days!
At Debtor Daddy we aim to solve the receivables part of a business i.e. getting paid on time. This involves getting a good understanding of your customers, their payment behaviour, then designing a process and system to ensure they pay on time. Once it’s in place, it’s almost zero maintenance. It just works. Every month, you get paid. This means you can focus your time and your cash where it’s most needed.
If late payment is an issue in your business talk to us or take a free trial – we’ll do all the set up and help you solve late payment for good.