Wednesday, February 12, 2014

The Frustrated Business Man...

"Day in and out, I'm trying to make ends meet. It is worse than two big belly people trying to be intimate." The comment shocked me especially the last part of it which painted a very graphic picture in one's mind. I asked what happened to cause such a tirade of emotion. It was just at this point I remembered, "be careful what you ask for..."

"Do you know all that stuff that they taught us in business school? Well I'm about to give it an exit program!" It was after all this that the venting truly took place. I hope that I caught the gist of it since as I listened, I couldn't help wondering; how many others are affected by these circumstances.

Let's narrow the problems down as they were described.

  • Clients / Customers 
  • Suppliers / Vendors 
  • Financial Institutions 
  • Government 
That seems to be just about everyone, I quipped when he ran the list out. "Yes it is, and they all make it difficult to do business!" "Creating employment opportunities is hard and thankless.",,,,and they making it hard as...ahhh mmmm.....ever! 

I asked for him to tell me more so that I can better understand. Here are the responses:

  1. Nowadays, clients / customers are asset rich and cash poor. They want to get discounts and pay late / never. When you call them to find out about when they'll pay, they act all offended and everything. Thing is they don't do it to the bigger businesses. Oh no, they just hide and let the phones ring. 
  2. Suppliers / vendors, make promises that they'll deliver at certain times; then no show after you gave the assurance to the third party that you'll be there to deliver. Thing is, many of these suppliers / vendors want to collaborate with you cause things are slow. When they get action, they disappear faster than quail meals in the desert with Moses. 
  3. The financial institutions are always working you over. Lots of adverts telling you to come on in for financial solutions and services, then they make you wait so long that the plan becomes extinct and you're ready for pension already. 
  4. Don't get me started on Government! Not an incentive to get into business. They're lots of rules though, and it seems like our business too small to get a 1 - 35 year exemptions. We're not fit enough as entrepreneurs to carry / wear the sandals of some of the overseas competition. We get taxed to oblivion for everything. There's something about attorneys becoming Ministers of Government with portfolios for big dollars when they ran to study law and politics to get away from the numbers in mathematics, accounting, and economics  in the first instance. 
Don't get too discouraged. I'm sure that you'll get some things in place to get more business. With a further chat, he agreed that though it is possible, is certainly isn't easy. Attitudinal checks are necessary and should be frequent, if not instead of getting better one can get bitter. 

The outcome of our chat, in a nutshell, is as follows. Life will happen. Frustrations will be ever present. However be careful what you feed your mind. Keep a positive mind set and always put God first. Remember He has more experience in all aspects of our lives than we do. Though the faces and scenarios change, the stories remain the same. Draw on His experience and guidance. Surround yourselves with like minded progressive people, and you too will be a success. 

This article though fictional, may bear some resemblances to actual situations in your lives. Remember the stories are the same. You can take what's workable for you from this article. Share it with others and experience the great results. That way you won't become - The Frustrated Business Man. 

Richie B. lives in the Caribbean. Hailing from Barbados. He's been advising businesses and those who seek to advance their careers for a while now. More frequent updates are on Twitter just follow @richieb93. Give some feedback and if you like an article we'd love to hear from you. Have an awesome week and make it yours. 

Saturday, February 8, 2014

Time Management - Really...

Life today is challenging and hectic, with many different activities vying for our attention. So often comments are made by people that there just aren't enough hours in a day, How they'll have to clone themselves to get things done. Claims extend to how busy people are with home and work activities.

The clincher comes though when one observes these said people, or better yet when they get to really take notice of what they're doing. How much of it is really important? Do it take them closer to their goals, dreams, and aspirations?

Take a look at some scenarios that unfold and then decide if they are a good use of time. Some of them may be funny, some may offend you if they apply to you. If you're easily hurt - STOP READING NOW!

  • Walking around the office all day, spending time in discussion that have nothing to do with work - television shows, other people's business, your own laments and woes, just idle talk. 
  • Shuttling ourselves and children to multiple events on a daily basis and not really knowing what they excel at doing. 
    • Are they multitasking opportunities where we can exercise rather than sitting around waiting, for instance?
  • Why do we waste time on the mental commute? When we are at work, agonizing over the dreaded Monday morning through to the TGIF happy moments. We should be living in the moment. While at work, work; when at play, play. Get off the roller coaster of thinking of the other one [work] while at play / vice-versa. 
I'm sure you know many other examples, so I'll stop here. 

Schedule time for everything - even appointments with yourselves. Trust me this is quite useful. You'll see your time management improve. Use the smartphones you paid so much money for to send the alerts. When they first came out the brags about their memory capacity were staggering. Use them and free your mind up for more useful things like thinking. You'll be amazed at the progress you can make towards your goals. 

Check our some of our other articles on our blog site. You may find some useful information for FREE!

Saturday, February 1, 2014

Small Business Reaction to Accounts Receivable

You're getting into business and there's a lot of thought going towards the money you'll earn and the profits you'll make. Along the way, you get a wake up call when you begin to do business. Realizing that it isn't a dream and it is in fact very real, the revelation is, you can go out of business while making a profit. How can this be so? It's because there a stoppage of your cash inflows. You realize that any of the following can describe you.

  • There's more month than money. 
  • 911 stopped the mail but the bills still get through. 
  • You just got back in from paying the bills only to find the next set of bills there, on point, ready for payment. 
  • THEN you realize - that some people owe you, haven't paid up yet, and every time you talk to them there's a different hard luck story. 

Your thinking goes through a series of points
  • Things rough all around, it'll soon work out, and I'll get paid. 
  • Maybe if we look at a payment planning, we can get the balance to come down.
  • "Why am I being stressed to pay my bills and the people who owe me are all cool and relaxed" 
  • They better have the money ready today. 
  • "Why do I have to work for my money and then turn around and beg for it?"
Then it get's extreme
  • If they don't pay my [your choice] money today someone's gonna get hurt big [your choice] time. 
Now different reader reactions may come from the last extreme thought, but you know it's true. Even if you're good two shoes. When the pressure's on, you can sometimes have rather unholy thoughts. 

Small business owners, you must consider this:
  1. Don't give anything on credit that you're not prepared to give for free. Always collect your money on or before delivery. 
  2. Have proper record keeping systems in place and ensure your operations are air tight. 
  3. Always be known for delivery of sound products / services in a timely manner. Your clients will be more inclined to pay on / before delivery of your offering. 
  4. Have clear written policies on your invoices. Many people no longer honor their handshakes. [Sometimes contracts aren't worth the paper they're written on] 
  5. Always collect deposits. Why should you invest more in someone's interest than they are willing to put in themselves. 
When doing business. There's one result that you should require for the work that you do. 

Here it is! 

Remember, accounts receivable affect small business owners even more directly than that it would larger businesses.

Richie B. is responsible for Business Development with Blades & Blades Consultancy Services LP. He has experienced many successes for his clients over time and enables them to realize their business dreams. The above information will help you fast track your business to success; saving you time and earning you money.

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