Peter Master No Comments

Top Business Coaching in Klang Valley

How Business Coaching Can Help Klang Valley Businesses Prosper

Tired of seeing your Sales yo-yo up and down? Or worse, seeing your sales nose-dive in these uncertain and challenging times?  Not making enough profit because of high costs and stiff price competition? Stressed up because your team is not functioning well? You’ve come to the right place! Here’s how Business Coaching Can Help Klang Valley Businesses Prosper…

At Pelican Concepts, we help you Double Your Sales and Profits. We’ve been doing this for a long time and we’ve coached over 100 different industries to go from so-so to HO-HO and from Good to Great.

The 5 Powerful Benefits Of Business Coaching For Klang Valley Companies

Business Coaching is a highly skilled professional business service that supports entrepreneurs and business owners in a highly personalized and systematic way to guide clients to higher levels of business success.

At Pelican Concepts, we provide you with:

  1. A Customized Business Success Strategy and Implementation Blueprint
  2. Personal guidance, education and mentoring
  3.  Accountability for Action and Implementation
  4. Right Focus – Funnel Focus
  5. Sounding Board and Resource

 

  1. Customized Business Success Strategy and Implementation Blueprint

One of the very first things you will get as a coaching client of Pelican Concepts is a comprehensive and in-depth diagnosis of the current state of your business. It’s kind of like a medical doctor checking your vital signs. We will study the industry, the business, the company, the leader, its people, its capabilities and opportunities, working step-by-step to achieve the desired goals.

From this in-depth review of your business, the coach will work with you to craft an initial action plan. Coaching begins therefrom focusing on implementation week by week.

Results are tracked along the way and reviewed with the client as necessary. At Pelican Concepts we do not believe in ‘one-off fixes’ but a marriage – a long-term commitment on both sides.  It’s a partnership founded on understanding and building a relationship, embracing common goals. The coaching relationship involves continuous involvement and understanding, and working together to achieve the desired business performance of our clients.

  1. Personal Guidance, education and mentoring

We do not just teach, we coach.  Coaching involves a transference of skills and knowledge. Remember teaching is passive and probably forgotten once you are out of the classroom.  Coaching is experiential and applies beyond the “coaching room”. As the client is guided on the implementation of various strategies into their business, he or she receives coaching and guidance on that particular topic or area. Tools and templates may also be provided as appropriate to facilitate implementation.

Each coaching session also helps the client overcome challenges and obstacles they may face in the course of business or in the implementation of agreed strategies.

  1. Accountability for implementation and Execution

Our clients often tell us we’re the “police for the police”! The Founder(s) usually do not have a Board of Directors to hold them accountable – to do what they said and keep to deadlines. One of the unwritten roles of the Business Coach is to hold clients accountable to commitments and taking action as agreed. This alone will get you to do more (of the right things) in three to six months than you normally would in one or even two years! Obviously, the results will show from there.

  1. Right Focus – Funnel Focus

Business is dynamic. As Business Owners, new situations, new suppliers, new products, and a whole host of other distractions confront us everyday. Our job as a Coach is to make sure you stay focused on your goals, the agreed strategy and action plan. I call it “Funnel Focus”.

Too often business owners get distracted or seduced by the latest “flavor of the month” and veer off-track, only to realize later that they’ve lost a few precious months!

  1. Sounding Board and Resource

Entrepreneurs and business people have a new idea everyday – some good, some great, but many so-so …

Having an experienced independent Business Coach to brainstorm with and bounce ideas can save you a lot of time, and more importantly save you from a lot of costly mistakes and setbacks. The coach is your trusted adviser, not a yes-man. He can be counted on to tell it as it is – protecting your best interest. You may not always like what you hear, but usually you’ll appreciate the insights and the “blind-spots” that are brought to your realization.

 

The Critical Components of Business Coaching……

Analyze & Audit + Strategize & Plan + Implement & Train + Personal Guidance + Results Tracking

 

Your next step….

If you feel Business Coaching is exactly what you’re looking for or that it could be right for you, then take the next step. Just click on the box and request a Free Consultation. Don’t wait another moment, Do it Now and make a real difference in your business! See you on the other side!

Peter Master No Comments

6 Skills the Most Effective Leaders Develop

( The 6 Skills Effective Leaders Continuously Practice)  

It’s been acknowledged that a company is only as good as it’s leadership. Put another way, we can liken the level of leadership to the ceiling for growth, achievement or success of any given organization.

It’s likely, therefore, your organization is no different. And, hence, it’s no surprise that business and corporate leaders and entrepreneurs continuously strive to hone their leadership skills. And, there is the good news. Yes, I often tell the clients that I coach, leadership is a learnable skill, and we continuously need to get better at it.

Here are six core skills to get good at in your quest to up your leadership ante.

  1. Be Authentic

Effective leaders are authentic. They don’t wear masks. They are not two-faced. Who they are to the Board, to their direct – reports, to the shop – floor staff, to their customers, suppliers or investors is the same person. Jack Welch, the iconic former Chairman and CEO of GE, called it being “comfortable in your own skin.” And when it came crunch time, that was the ultimate criteria he used to pick Jeff Immelt as his successor in what was a very close 3 – horse race.

There is a certain sense of integrity about someone who’s authentic and this leads to trust. And relationships get better with strong trust, things move along and get done faster too.

  1. Communicate and Connect with your Team.

Another skill effective leaders practice is purposeful communication with their team. They practice great listening skills, listening with both their head and their heart.   

And, they make time to communicate with people – not only in a Town Hall gathering or in an email announcement, but one-to-one, especially with the most valuable people in their team. They’re also comfortable mingling with other staff at the Company Cafeteria.

One of my favorite coaching questions is “How much time have you spent one-to-one with your direct reports this week?”

  1. Be the Example

Yes, walk the talk, lead by example. When you want to implement change, when you want to instill a high-performance culture, when you want to have more open communication, when you want better customer response and engagement, you have to lead the change.

Not just tell them the way, but actually show them the way.

  1. Delegate and Set Clear Direction

Effective leaders are always thinking ahead. They are visionary and able to “vision-cast” clearly and vividly communicate where they’re headed. This is not just about the company’s  long term vision. It includes providing direction on projects, tasks and assignments, even in spelling out clearly a set of KPI’s – Key Performance Indicators.

Effective leaders are good delegators too. They know how to delegate tasks and assignments effectively to achieve results, while developing their team’s skills.

  1. Empower and Give Space

Once you’ve briefed your team on the direction, the project or task, you need to empower them to get it done. Give them the necessary resources, guidelines and time-frames. Give them space and a free-hand to execute and implement. And monitor their progress. This allows them to dig into their own resources and capabilities to get things done.

Micro-management stifles creativity and initiative, probably the only time you should  micro-manage is when you have a rookie team member or a poor performer on their way out…

In essence, you’re grooming the next batch of leaders for your organization.

  1. Give Feedback

Too often leaders wait for year-end appraisal time to give feedback, if at all.  Many times I’ve spoken to my clients’ team and asked them how often they receive feedback on their performance. Unfortunately, the common response is “hardly” or “very seldom”.

Part of building capacity, helping people grow and developing future leaders is to provide timely feedback-the good as well as the opportunities to improve!

Develop the habit of practicing these six skills. Constantly improve on each one, monitor   how you’re doing in each skills. Get feedback on how you’re doing in each of these areas. As a leader you need feedback too, so you can keep getting better. As they say, “feedback is the breakfast of champions”.

Peter Master No Comments

The Biggest Leverage In Business – How To Build It, How To Keep It

‘If we are a good team and know what we want to do, one of us can defeat ten of them.’

-Jack Ma

Imagine if you had no staff and you had to do everything in your business. Build your marketing machine, get customers, prepare reports, check the inventory, plan the purchases, …

Imagine if you did have a team but they’re under – performing… customer complaints, less sales opportunities, error and defects, inter-departmental conflicts, low morale..

Now, imagine if you had a team that was firing on all cylinders!

Wouldn’t that be magic, pure joy? No doubt about it, whether you have an online or brick and mortar business, a great high-performing team gives you immense leverage.

In fact, a top performing team could even be your Blue Ocean strategy.

So how do you achieve that?  

Here are the 7 Keys To A High – Performance Team for maximum leverage.

1. Have an Inspiring Vision

And articulate it vividly and clearly. Steve Jobs’ vision was ‘helping to change the world’. Isn’t that a compelling vision? As an employee or team member, wouldn’t you be inspired to be a part of that?

Li Ka – Shing put it this way. “Vision is perhaps our greatest strength… it has kept us alive to the power and continuity of thought through the centuries, it lends shape to the unknown.

So, what’s your compelling and inspiring vision for your business?

2. Align your Team

Once you’ve got your inspiring vision down pat, you need to communicate it clearly, powerfully and consistently.

Your team needs to be aligned. This is where a strong Company Culture is vital.

A simple way to look at Company Culture is “this is the way we do things around here.”

Define and articulate what are the half dozen core values (practices) in your company. I call it the glue that keeps the company together.

3. Systems and Procedures

To have a well – oiled organization and a high – performing team, you also need to have proper systems and procedures in place. This could be an enterprise – wide IT – based solution or a set of Standard Operating Procedures (SOP’s) or both.

4. The Right People on the Bus

Making sure you have the right people is obviously key. Just like a chef must get the right ingredients to prepare his signature dish, you need to have the right people to build your high – performing team.

What recruitment system, process and procedures have you installed into your business to attract (and retain) the right people?

5. Keep your Top Performers

Do you provide the Rewards, the Recognition and the stimulating yet conducive Environment to retain your good people? In short is your company an uplifting, challenging yet supportive and fulfilling place to work in?

Keep learning, Keep growing your people

Do you provide training and development opportunities for your team? In this Digital Age, we have to keep getting better or lose out. Period.

Many local business people worry about sending their staff for training for fear they will leave or get “pinched” by their competitors after training. Sir Richard Branson has this to say – “Train people well enough so they can leave, treat them well enough so they don’t want to.”

Ask yourself, what’s the cost of not training your team? What’s the cost of average performance vs top performance?

6. Open and Clear Communication

Communication is the lubricant for high – performing teams. It’s absolutely critical to have open and clear communication so that you get timely feedback across the company. This allows you to respond efficiently and speedily before any crisis, as well as take advantage of opportunities.

Open communication is the fertilizer for team Synergy. Good communication also means the team is kept informed and up to date when decisions are made or new policies, procedure or programs are implemented.

A good team plays as one in unison.

7. Effective Management and Elegant Leadership

Finally, we still need to provide leadership, to drive the vision and culture home. And, to inspire and build more leaders. On a day-to-day basis, we also need to manage the projects, the initiatives, the policies and procedures. Management is needed to operate efficiently. Leadership ensures we’re focusing on the right things, ie. our effectiveness.

So those are the seven keys to building and keeping a high-performing team.

How do you score in each of these seven areas?

We hope this inspires you a bit to build a great (or even better) team.

To Your Success,

P/S : Give us a call or drop us a note if you need some help or more information.

Peter Master No Comments

Is your business paying you 6.4% dividend or more …?

Recently the EPF announced its dividend for 2015. Given that 2015 was a challenging year, a 6.4% dividend is not bad. At least it’s higher than bank deposit rates and official inflation numbers!

If you’re in business, your business should be generating good dividends too, shouldn’t it?

Here are 7 things you can do to build a strong business that pays you handsome dividends every year.

  1. Protect Your Margins

Always protect your gross margins. If your costs go up (packaging and raw materials, transport and delivery costs, exchange rate, etc), you need to find ways to either raise your prices or trim costs elsewhere.

A strong brand (think Milo or Nescafe) with clear and definite uniqueness will help you command your margin and also price.

  1. Business Growth

Your business has to keep growing. At least in tandem with population and economic growth. Unless you’re in a sunset industry (eg. camera film!), your business needs to grow from year to year. What new products or services are you adding or launching? How are you getting new clients and customers? What can you do to get customers to buy more from you?

 

  1. Differentiation or Uniqueness

If you’re Guinness Stout, there’s not much direct competition. However, we’re not always so fortunate to have little or no direct competition. What makes you unique or different from others in your industry? Is it a unique customer or user experience, is it your years of experience or specific expertise? Or is it your brand or product range? Perhaps it’s even the brand strength of your principal or your distribution network?

  1. Customer Service

Very often, people tell me they provide good service. Doesn’t everyone claim that? What’s unique or so great about your service? Is it an extended warranty at no extra cost? Or, perhaps, a goods returnable satisfaction policy within 7 days of purchase?

What does your business do or provide to ensure a customer service rating of 8 or 9 if not 10?

  1. Sound, Competitive Strategy

Very often businesses run short-term promotions to boost sales. Nothing wrong with running promotions from time to time. But these are short-term tactics. What happens to sales after the promotion… normally it nose-dives.

It pays to develop a sound business strategy.

Does your business have a strong, competitive strategy to stay ahead of the game?

  1. Consistent Marketing

Marketing is the engine of any business. Without good marketing, it’s unlikely your business can grow. All too often, however, business owners do not sustain their marketing efforts. They either give up too soon or lose focus. Sometimes, they succumb to “Trial and Error” marketing instead of “Test and Measure” marketing – and that’s such a great tragedy. In today’s fast-paced world, Marketing has to be more scientific.

  1. Leverage Your Team

First, you have to build your team. Once you done that, leverage your team. A strong team highly skilled, highly motivated and high performing, will run circles around your competition.

So, there you have it. Seven essential pillars to building a solid business that gives you rewarding returns. Every year. To learn more about how to build a strong, profitable business successfully, why not join us on 24th March 2016 at our Quarterly Business Kickstarter?

Take your business higher! Enrol for Business Kickstarter now! Bring your team! Share this with your friends, suppliers and customers. Click here for details.

 

To your success,
Coach Peter Lam
Business Growth Strategist and Team Alignment Coach

 

Peter Master No Comments

5 Fundamentals for Better Marketing Results

Many Business Owners select a Marketing tactic and jump straight into execution. Very often there’s no strategy behind the tactic. Then, it doesn’t work, results are poor and they dump it, blame the tactic (e.g. flyers, telemarketing, facebook ads, direct mail) and say it doesn’t work for them.

Sound familiar?

Here are 5 things you must do to get Better Marketing Results.

The 5 Marketing Fundamentals

1. Have a Marketing Budget

Marketing is an on-going process. Have a pre-set Marketing Budget, just like you budget for salary before hiring or budget for machinery and equipment before adding a production line.

Many people just do ad-hoc marketing and decide to spend maybe RM 5,000 on a flyer or Google ads. Marketing has to be consistent to be effective. So start by setting a budget and allocating how you will invest it.

2 Monitor and Control

One you’ve set your budget, you need to monitor the results and control your spending. What are you monitoring? Here are a few important ones :-

i) How many responses or enquiries did your marketing piece / activity generate?

ii) How many of these enquiries turned into actual sales?

iii) How much was the average invoice?

iv) Did the increase in sales more than cover the spending to generate the sales?

v) What did it cost per new customer?

vi) What did it cost per new enquiry?

vii) If the marketing piece was a promotion targeted at existing customers, did they
buy more?


Knowing these critical numbers will help you make better decisions for your next Marketing activity and help you fine tune your current one.

3. Test, Test, Test

It’s a shocking statistics, but 80% of Marketing doesn’t work. If all marketing worked, life would be easy, isn’t it?

So, it’s imperative that we test every bit of our Marketing. That’s what big successful companies like Coca-Cola, Apple and Nike do. For example, they test their headline, their offer, the colour used, the medium used even the day of week.

Testing helps refine and hone down what works best with our target market – which brings us to the next fundamental.

4. Understand Your Target

Take the time to really understand your target. Who’s your primary target?

Your target could be women, for example. But exactly what sort of women? Young, old? Are they career women or home-makers? Are they middle income or higher income? What sort of hand-bag do they carry? Where would they go shopping? How often? Do they cook or mainly eat out?

Starting to get the idea?

All these things have an impact on the Marketing that we develop and ultimately on the results of our Marketing efforts.

5. Set clear objectives for each campaign

When I was an Advertising man many years ago, I’d wonder why clients always want to achieve so many things with one campaign. Yet the most effective marketing is usually single-minded. We might have 5 objectives, but to get the best results, each Marketing activity should focus on one over-riding objective – e.g. to generate trial or to generate enquiries or to increase bulk purchase, etc.

So there you have it. Five fundamentals that will help you get better Marketing results.

Get started with one and move on to the next. Keep at it until it becomes systematic and automatic and see your results soar.

All the best.

Peter Master No Comments

4 Steps to Start 2016 STRONG – MOVE FAST – Finish STRONGER

Happy New Year!

Hope you had a terrific celebration.

Now it’s time to start work.

Over the years, we have found that starting the year right, starting the year STRONG, can make all the difference between a so-so year and a Great year.

Step 1 – Set Clear Goals

If you haven’t already a plan in place for 2016, it’s not too late to start. As you warm up into the new year (only 2 working days have passed), take some time to chart the course for your business in 2016.

Many of you would have made some New Year resolutions I’m sure. Be sure you’ve written them down. This is the first step to success. If you haven’t already, write down your Top 3 -5 goals. Make sure they are concrete, specific and measurable. Why? Because if you can’t measure your goals, you won’t be able to monitor progress and you might as well say goodbye to that “goal”.

And, be sure to have at least one of your goals a numeric goal. Yes, one of your goals has to be a numerical goal – e.g. increase sales by 20% or reduce Days Outstanding from 60 to 55 days, or increase gross margin by 2%.

Step 2 – Prepare a detailed Plan

Once you’ve got your top goals down pat, the next step is to prepare your Action Plan. What do you need to do to achieve those goals? What strategies will drive your business? When do those activities need to get started? What resources do you need? Who will help you with implementation? What other preparation do you need to achieve your goals?

Step 3 – Implementation

Once you’ve got your plan done, run it through with your team. Make sure everyone is clear on what needs to be done and who’s responsible for what.

Implementation is the key to success.

The plan is like a roadmap, but you still need to make the trip –  the actual journey. If you’re climbing Mount Kinabalu, you need to book the flights, arrange for a mountain guide, decide who’s bringing what and actually make the climb! The more you prepare for the climb, the smoother the climb will be.

Same with business. The better your plan, the smoother the implementation.

Step 4 – Progress Monitoring

As you go along, check your progress. Celebrate when you reach your milestones. Make course corrections when necessary.

So, there you go, Four simple steps to START STRONG – Move Fast – and Finish Stronger.

All the best for 2016!

Peter Master No Comments

The 4 D’s of Great Time Management

In today’s fast-paced digital world, we’re constantly struggling to get everything done. We’re always trying to get more done, wishing there were more hours in the day. Nope. There aren’t 36 hours in the day. And the Time Travel machine has still not been invented.

But the good news is, there are a few practical hacks you can use to get more done in your day and increase your and your team’s productivity.

1. Do it, Defer it, Delegate it or Dump it

( There’s 4 D’s there already!)

This age old principle is time – tested. Whenever you open an email or WhatsApp message or pick up a physical document or letter, make a decision. Decide whether to handle it straight away (Do it ). Or handle it at a later time – but schedule when (Defer it) ,or delegate it to one of your team (Delegate it) or decide no action is required (Dump it).

This one technique, also known as “single-handling” will save you at least 15-30 minutes a day.

 

2. Dare to Decide

To practice the above “Do it, Defer it, Delegate it or Dump it” principle, you have to make a quick decisions. It takes a bit of practice but after a while it’ll become second-nature. Just get started on adopting this principle – just make a decision. If you don’t feel comfortable with your decision to Do it or Defer it for example, you can always change your mind or learn from it afterwards… “next time, on matters like this, I’ll defer it.” Or vice – versa.

By exercising a decision, your “decision-making muscle” becomes stronger and you become more confident.

Motivate yourself to build this habit by focusing on the reward of saving 15-30 minutes or more each day.

3. Diarize Daily

This is another great habit to develop. Plan your daily diary or schedule the evening before. You should have already planned your entire week in advance, but now as you approach a new day, it’s good to review that original plan scheduled perhaps a week ago, and put in more detail.

But planning the next day the evening before, you get off to a great start every day. You’re clear what exactly your day will look like, what the priorities are for the day and how you will start your day. There’s little room for ambiguity or pondering and wondering what to do next in the next hour.

The other benefit of scheduling or planning your day the evening before is you also get to review your current day. What went well, what results did you achieve and what can you do better the next day?

4. Discipline

Yes, at the end of the day, time management is about self-management. It’s really about self discipline. Scheduling your day with tasks and activities is one thing. But keeping to your schedule and working on the pre-scheduled priorities takes discipline. It’s often easy to lose focus, get distracted or wonder off-course doing something else, something that’s perhaps easier or more fun ……. like checking WhatsApp messages or having a coffee with someone who just popped by !

It’s easy to keep appointments with others, but it often requires a lot of discipline to keep appointments with ourselves – to do the necessary and important things that we must do, whether we like it or not.  Like planning, strategizing and reviewing.

And, sometimes, we need an external party to help us stay on track. That could be your PA, your wife or perhaps a business coach. In any case, if you practice this 4 D’s of great time management your performance will soar.

We have a special coaching programme to help you and your team get a hold of your time, productivity and performance. Call us for a no-obligation free consult or email success@peterlamcoach.com for more information about how to stop Procrastination – the Thief of Time!  

Peter Master No Comments

A Plan for 2016 – 5 Reasons why a Plan is critical for Businness success

A Plan for 2016?? … Or a waste of Time… ?

[what we can learn from Unilever, Google….]

Many business owners feel planning is a waste of time. Especially in uncertain times like this. How can you predict or anticipate where the Ringgit will be next year? How can you plan when there is so much uncertainty?

Yet, we all know successful companies like Unilever, Samsung, Google, Toyota, etc, always do their business plan or annual plan. Always. Without fail. They know the plan will change or be updated as they go along, but they never neglect it. And they start their planning process early too, way before the end of their financial year. Why is that?


Five Important Reasons Why Planning is Critical for Business Success

1. Planning gives clarity

The value of planning is not so much the plan itself but the process of going through the planning. Planning forces us to think through things, to evaluate and consider different elements of business.

2. Planning gets the Company Prepared

By thinking through each aspect of our business we are getting every department prepared and ready for implementation. Whether it’s the launch or introduction of a new product or building up inventory for a peak period or promotion.

3. Planning helps us anticipate

Through the process of planning we are able to foresee and anticipate any potential challenges, hurdles or obstacles in the way of achieving our plan. This helps keep us one step ahead.

4. Planning helps us more faster

As a result of all the above – greater clarity, problem-anticipation, and preparedness, we are able to move faster, to execute better.

5. Planning saves time.

The net effect is – planning is Not a waste of time. In fact, it actually saves us time and allows us to more faster with greater clarity.

So, make sure you get your 2016 plan done!

If you haven’t got your 2016 plan done yet, why not join us for Profit Plan 2016? Click here for details.

Peter Master No Comments

Are You Planning to Fail in Business … ?

“When you fail to plan, you’re planning to fail.”

Most of us have heard of this famous saying attributable to Benjamin Franklin. It makes sense, doesn’t it? You wouldn’t go for a holiday without a plan, you would never dream of building a house without a building plan too. And, you would never have your wedding without a wedding plan! In fact, many people even hire a Wedding Planner to help them plan their wedding.

So why wouldn’t you have a plan for your business?

Two Main Reasons Why People Fail to Plan

One of the reasons why business owners don’t plan is they feel they don’t have time. Or that planning takes up too much time.

In actual fact, planning saves you time! When you plan ahead you become much clearer about what you have to do. And when you have clarity about what to do, you move at a much faster pace. You’ve anticipated the issues and obstacles and you’ve pre-planned how to overcome these. You’re better prepared. Thereafter, you move ahead much faster.

Another reason why people don’t plan is because they are not sure of the process. Where do you start? How do you proceed? What needs to go into the plan? How do I do it?

Well, you can start anywhere. A half completed plan is better than no plan at all. But of course, a full plan is best.

In just 28 days, 2016 will be upon us. To help you prepare a simple yet solid plan, come join us for Profit Plan 2016. Just click here. At this event, using our C-A-S-T-L-E model, we’ll show you how you can Control your critical numbers, define your goals and Aspirations, clarify your Strategy, select your Tactics, Leverage your resources and Evolve your leadership. It’s a fun and interactive workshop where we’ll guide you step-by-step to prepare your very own 2016 business success plan.

So, come join us at Profit Plan 2016 and take your business to a whole new level in 2016!

Make 2016 a BIG year, your best year!

 

To your success,

P.S. – Register for Profit Plan 2016 here now!

Peter Master No Comments

23 + 1 Ways to Improve Your Cash Flow

Yes, I know you’re finding it more and more difficult making collections, imported supplies cost more and GST refund is not fast enough …

Obviously, all this puts pressure on your cash flow. And we all know, cash flow is the life blood of any business.

So, in this issue, here are some idea joggers for you to improve your cash flow – treat it as a checklist. Some may work for you, some may work for others …

  1. Set specific targets for your days’ receivables, your days’ payables and your stock turns
  2. Set par levels before ordering more inventory
  3. Carefully project inventory needs
  4. Try to increase Cash Sales
  5. Send out invoices immediately
  6. Send out past-due notices after 14 days, not 30.
  7. Develop a Receivables follow-up System
  8. Explore hiring a factoring firm
  9. Hire a collections agency for seriously overdue accounts
  10. Offer special sales on slow moving /obsolete stock
  11. Phase out items that aren’t selling or aren’t profitable or aren’t leading to other sales
  12. Offer bulk sales to increase inventory turns
  13. Take a down payment on all financing deals
  14. Send all invoices accurately the first time
  15. Never let perishable inventory reach expiry
  16. Appoint one person accountable for payment due.
  17. Appoint one person accountable for tracking inventory levels and turns
  18. Be polite and friendly during follow up
  19. Look at sourcing debt, investment capital or financing
  20. Weed out or reduce trading with slow-paying customers
  21. Find new vendors with more flexible payment terms
  22. Update your cash flow projection weekly / monthly
  23. Review your Receivables report everyday for overdue accounts
  24. Find creative ways to get customers in slow or down times

Now time to implement. Drop me a line to let me know which is your favorite – would love to hear from you.