Running a business is certainly a solid exercise in multitasking. If you’re running your own firm, you largely know this above all other things. Even if you have the best people stocked in every department a business could create, as the overseer you will have to keep in mind seemingly millions of things at once. This can serve to confuse you if you’re not careful. Luckily, it’s not impossible to do, but it can make you complacent in certain areas, areas which are best attended to for the overall long term health of your firm.
If you have issues doing this, then you’re likely to encounter very many difficulties while running your firm. Small issues compound into bigger issues, and bigger issues can form supergiant issues which can mean the life or death of your firm. It’s important to cut the process short in the beginning by taking care of the small things. We’ve listed what those are in this article:
Demotivated Staff
This is one of the biggest killers in workplace effectiveness, and it has been since the very first businesses and enterprises were being opened. A staff member who is unmotivated and unhappy with the work they find themselves doing will either look for another job or coast by doing the bare minimum and hide the fact they’re doing the bare minimum from you as well as they can. This is obviously something which is to be avoided. Implementing smart leadership habits to bring the team together is easily said, but hard to achieve.
It might look like installing an employee of the month routine, celebrating your best staff through social media, or simply giving financial incentives can help you the most. However, never ever underestimate the effectiveness of a quiet word of encouragement. Sometimes, that’s all an employee needs to hear to reconsider all of the quiet frustrations they might have had. Of course, it will never substitute the ills they face, so allow them a confidential space to voice their concerns and most importantly ACT ON THEM to maintain your workforce’s job satisfaction.
Penny Pinching
We love to talk about the best ways to save money here, but you may not have tried all methods to acquire money that you are owed. This is where debt recovery comes in. Many businesses simply write off excess debts because tracking down and spending the time and money required to notify someone you are willing to take legal proceedings is simply not worth it. For small firms, this can be truer than ever.
Trying to establish yourself as a name is hard enough, without having to deal with petty consumer squabbles. It’s a shame because these firms need their debtors to pay more than any other. The debt recovery process of your choice will be able to identify, send notices in the correct escalating manner which heavily encourages someone to act to overcome the debt issues they might be facing.
They can also help provide you and your client with a safe space to talk about the debt, without the client fearing you reprimanding them or simply forcing them to agree to payment terms that they might not afford. There’s no shame in trying to attain money that is legally yours, but there is shame in taking too strong handed an approach and losing contact with the client. Think of it like fishing; you will need to reel the customer in and hold them there while you bring in the value they promise you, at a rate they can afford. They might even contact you and your recovery firm through a debt charity, and in this case it’s advisable to listen to the terms offered by this organization, as people using them are much more likely to contribute to their debt woes with a great degree of success.
Over time, these tips will help you avoid the bad decisions firm makes, and focus on the smaller yet not insignificant daily duties which in the long run can spell out success.
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To your success,
Vinh Van Lam & Stuart Horrex
Your Coaches ArtSHINE industries
