This is a list from Brian Tracy...
Using time effectively is one of the main keys to success. Remember the old saying.. “If you need something done, ask a busy person to do it!” Why is that? Well in many cases it’s simply because they are usually organised.
Here are 21 ways that will get you going.
1. Be decisive
2. Set clear goals and objectives (using SMART)
3. Set a daily work plan (the night before)
4. Prioritise tasks using A,B,C,D,E (consider the consequences in setting priorities). Reprioritise A tasks using 1,2,3 to identify the most important A tasks and so on
5. Separate the urgent from the important (what are the long term potential consequences of doing not doing tasks?)
6. Use the law of forced efficiency (what is the highest value use of your time, right now?)
7. Use the 80/20 rule to identify the 20% of tasks that will have the greatest benefit and just do those
8. Develop stamina and high energy through proper exercise, diet and rest
9. Develop single-handling skills to concentrate on one task at a time
10. Eat that Frog (do the hardest task of the day first – don’t sit and look at it or procrastinate – just DO IT!)
11. Organise your work workspace (don’t work in a mess). Use the acronym TRAF – Toss, Refer (delegate), Action, File to help you
12. Use travel time effectively (listen to CDs, prepare a work schedule for flights/rail journeys)
13. Develop expertise in key tasks through practice and repetition
14. Work in ‘real’ time (pick up the tempo, develop a sense of urgency, do it NOW!)
15. Learn to make decisions quickly; don’t carry ifs, buts, and maybes around
16. Reengineer work processes: map them out and identify what needs to be done to reduce the number of steps by 30% minimum
17. Reinvent yourself at least once a year: identify what you need to do to become more productive, because everything changes (90 day plan)
18. Ask yourself this on a regular basis: knowing what I know right now, would I be doing this/be in this relationship/working with this client etc
19. Identify what tasks to procrastinate on, i.e. the lower priorities that can wait, the 80% of tasks that have less value and only contribute 20% of the output
20. Decide to work to live, not live to work. This means working towards a balanced life. It’s the quantity of time on downtime and the quality of time at work to aim for.
21. Be Intensely Action Orientated. It’s acting and executing that generate results
Wednesday, July 22, 2009
Thursday, July 2, 2009
Keep Cash Flowing
IF YOU’VE DONE THE HARD WORK AND BILLED YOUR CLIENT, THE LAST THING YOU NEED IS SLOW PAYMENT playing havoc on your own cash flow. Setting up a system to ensure your debts are paid on time should start before a contract or terms of trade even begins.
Putting these controls in place from the start and taking the appropriate steps in a disciplined manner shows customers you mean business, so they’re more likely to pay on time. Here’s a few pointers for settings up credits controls, managing debtors and improving the chance of payment when things go wrong.
SETTING UP CREDIT CONTROLS
Systems: Have a system and process in place and stick to the process.
Automatic payments: Encourage payments to be made automatically to your bank account.
Credit checks: Use references and reports to check credit rates for new customers, in particular those placing significant orders from the outset. Such checks should identify any new customers with bad credit experiences in their past, so these can be monitored.
Stick to terms: Set terms of trade at the outset and enforce them. It’s much easier to follow up on slow payers if your trading conditions have been clearly laid out from the beginning.
Rank debtors: Debtors should be ranked by value and risk, and their accounts monitored accordingly. This is particularly important for new customers.
MANAGING DEBTORS
Follow up: Follow up on all slow players.
Decision- makers: Those responsible for the transaction should deal directly with your customer’s decision-makers. Monitor collections and follow up if payment schedules are not met.
Reminder letters: Automatically send 30, 60 and 90 day reminder letters. Insist on your trade terms being met.
Personal contact: Go and see them if payments are not made on time, and don’t leave the premises without having a commitment for payment.
Keep in touch: Don’t rely on one visit. Follow up, including regular telephone reminders, if necessary. Again, don’t finish the call without obtaining their firm commitment to make a payment. And follow again if it is not paid on the promised date. Or better yet, undertake to pick up the cheque on the day promised.
Review: Review credit ratings and available reports regularly to check any changes in buying habits and increasing levels of debt. Customers with whom you have done business for years are often the greatest credit risk, because no one thinks to check on them.
Check your systems: If you don’t get invoices out promptly it encourages customers to delay payment. Delivery systems should also be checked. For instance, do you keep signed delivery dockets so you can prove delivery? Efficient systems avoid arguments later.
Check growth: As part of the monitoring and review process, keep an eye on customers undertaking fast expansion. An expanding customer may help your sales, but rapid growth also puts pressure on the customer’s management and may increase risk. Make sure they continue to pay promptly.
Special arrangements: Be careful when handling any request for extended credit. Check out the customer‘s ability to survive, and make a commercial decision based on the available information.
PROBLEM CUSTOMERS
Warning signs: Look out for warning signs of customers that may be experiencing difficulties. Sometimes they are not easy to recognise. For example, while the sales team may want to claim credit for any increase in a customer’s ordering, the new business the customer is giving you may be the result of other suppliers removing credit facilities. Industry gossip about a company’s financial position is often surprising accurate.
Commitment: It’s important to get difficult debtors to admit they have problems in paying and to then obtain a firm commitment for an amount. When possible, get this in writing, or write to them confirming their confirming their commitment.
Stop supplies: If accounts are not being paid, supplies should be stopped. This should be part of your credit system. You can then discuss the situation with your customer, and perhaps reach an understanding regarding payment for past supplies and conditions for new customers.
Legal action: Don’t put off sending professional demand letters or threatening legal action.
Collection program: Discuss your policy and the credit limit you are applying up front so customers know you are serious about your collection program.
Debt Collectors: If necessary use a professional debt collector and be prepared to go to court.
Some business owners are concerned about taking such a disciplined approach to debt collection as they are afraid of upsetting and losing the customer. But if customers are not meeting their payment obligations, they’re not worth having. You should be using your debtors to fund your own business, not your customers’.
Putting these controls in place from the start and taking the appropriate steps in a disciplined manner shows customers you mean business, so they’re more likely to pay on time. Here’s a few pointers for settings up credits controls, managing debtors and improving the chance of payment when things go wrong.
SETTING UP CREDIT CONTROLS
Systems: Have a system and process in place and stick to the process.
Automatic payments: Encourage payments to be made automatically to your bank account.
Credit checks: Use references and reports to check credit rates for new customers, in particular those placing significant orders from the outset. Such checks should identify any new customers with bad credit experiences in their past, so these can be monitored.
Stick to terms: Set terms of trade at the outset and enforce them. It’s much easier to follow up on slow payers if your trading conditions have been clearly laid out from the beginning.
Rank debtors: Debtors should be ranked by value and risk, and their accounts monitored accordingly. This is particularly important for new customers.
MANAGING DEBTORS
Follow up: Follow up on all slow players.
Decision- makers: Those responsible for the transaction should deal directly with your customer’s decision-makers. Monitor collections and follow up if payment schedules are not met.
Reminder letters: Automatically send 30, 60 and 90 day reminder letters. Insist on your trade terms being met.
Personal contact: Go and see them if payments are not made on time, and don’t leave the premises without having a commitment for payment.
Keep in touch: Don’t rely on one visit. Follow up, including regular telephone reminders, if necessary. Again, don’t finish the call without obtaining their firm commitment to make a payment. And follow again if it is not paid on the promised date. Or better yet, undertake to pick up the cheque on the day promised.
Review: Review credit ratings and available reports regularly to check any changes in buying habits and increasing levels of debt. Customers with whom you have done business for years are often the greatest credit risk, because no one thinks to check on them.
Check your systems: If you don’t get invoices out promptly it encourages customers to delay payment. Delivery systems should also be checked. For instance, do you keep signed delivery dockets so you can prove delivery? Efficient systems avoid arguments later.
Check growth: As part of the monitoring and review process, keep an eye on customers undertaking fast expansion. An expanding customer may help your sales, but rapid growth also puts pressure on the customer’s management and may increase risk. Make sure they continue to pay promptly.
Special arrangements: Be careful when handling any request for extended credit. Check out the customer‘s ability to survive, and make a commercial decision based on the available information.
PROBLEM CUSTOMERS
Warning signs: Look out for warning signs of customers that may be experiencing difficulties. Sometimes they are not easy to recognise. For example, while the sales team may want to claim credit for any increase in a customer’s ordering, the new business the customer is giving you may be the result of other suppliers removing credit facilities. Industry gossip about a company’s financial position is often surprising accurate.
Commitment: It’s important to get difficult debtors to admit they have problems in paying and to then obtain a firm commitment for an amount. When possible, get this in writing, or write to them confirming their confirming their commitment.
Stop supplies: If accounts are not being paid, supplies should be stopped. This should be part of your credit system. You can then discuss the situation with your customer, and perhaps reach an understanding regarding payment for past supplies and conditions for new customers.
Legal action: Don’t put off sending professional demand letters or threatening legal action.
Collection program: Discuss your policy and the credit limit you are applying up front so customers know you are serious about your collection program.
Debt Collectors: If necessary use a professional debt collector and be prepared to go to court.
Some business owners are concerned about taking such a disciplined approach to debt collection as they are afraid of upsetting and losing the customer. But if customers are not meeting their payment obligations, they’re not worth having. You should be using your debtors to fund your own business, not your customers’.
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