Rick Baker Thought Posts
Left Menu Space Holder

About the author

Name of author Rick Baker, P.Eng.

E-mail me Send mail
Follow me LinkedIn Twitter

Search

Calendar

<<  November 2024  >>
MoTuWeThFrSaSu
28293031123
45678910
11121314151617
18192021222324
2526272829301
2345678

View posts in large calendar

Recent Comments

Comment RSS

Sales Tweet #108

by Rick Baker
On Dec 15, 2010
Sales Tweet #108 Ernest’s boss thinks Ernest is in denial. Ernest thinks denial is a river in Egypt.
 
The Thinking Behind the Sales Tweet
Most of me suspects I stole this from Zig Ziglar. But part of me is pretty sure I overheard a conversation, some time ago, between Ernest and Ernest’s boss where Ernest actually said he was definitely not in denial…he was nowhere near Egypt. Then, Ernest walked out of his boss’s office… shaking his head, he muttered something about his boss having a few too many martinis at lunch.

Tags:

Thought Tweets | Ernest Seller

Permalink | Comments (0)

Collecting Accounts Receivable…7 Tips

by Rick Baker
On Dec 14, 2010
7 Tips for creating smoother & less-stressful collection of money owed to you
  1. Understand the party you are dealing with:
    • Is the party creditworthy?
    • What’s the party’s current financial and ownership status?
    • What’s the party’s process for paying its bills? [who, what, when, where, how…why?]
    • Who are the key contacts?
    • Understand exactly how they go about making payments
    • Understand how the party pays its best supplier
  2. Understand the specifics of the Purchase & Sale agreement
  3. Keep your invoices simple and clear
  4. Issue your invoices consistently…same timing, same method of delivery, etc.
  5. Over-communicate about your invoicing process…example: send notes explaining your process
  6. Have a disciplined collection process…write it out…make sure each step is clear. For example:
    Step 1: issue invoice on the __ day of the month
    Step 2: __ days later contact __________ to ensure your Client received your invoice
    Step 3: __ days prior to due date contact ___________ to __________
    Step 4: depending on the complexity of your Client’s internal approval process…repeat Step 3
    Step 5: [from time to time] when due date arrives contact your Client to thank them for paying
    Step 6: in the event payment did not arrive on time
    • immediately contact your Client to let them know
    • request your Client’s – i.e., your key contact’s - help…ask for an immediate correction
    • be friendly, be objective, be clear, & be firm
    Step 7: in the event payment is ‘stretched’…see the next Thought Post on this topic…or contact us for suggestions
  7. Make sure your employees are trained on all aspects of your collection process…including ‘interpersonal skills’ training
Footnotes:
Question: How can we do better at collecting?
Answer: Have a disciplined collection process, make sure your people always follow that process, and make sure your Clients know your people have a process and will be following up closely if/when payments are not made on time.
Question: Why spend time on improving collection?
Answer: Improving collection increases your bottom line a number of ways:
  • At one end of the spectrum – it reduces bad debt
  • At the other end of the spectrum – it reduces your people’s stress levels…better concentration, less mistakes, less talk & more action, etc.
  • In between – it reduces use of your line of credit and interest costs, it makes your accountant happy, etc.

Tags:

Leaders' Thoughts | Pay! - a philosophy about money

Permalink | Comments (1)

Sales Tweet #107

by Rick Baker
On Dec 14, 2010
Sales Tweet #107 Question for Clients: What are the 5 most-important things you need to succeed in business?
 
The Thinking Behind the Sales Tweet
If you know what your Clients need to succeed in business then you are able to help them get what they need. One example is Clients’ Clients. If you provide a good Client to your Client then your Client will appreciate it. That is a slam dunk. Every business wants good Clients. But – what else do your Clients want? Good suppliers? Good employees? Good technology? All of these sound like good ideas. But – why guess when you can ask you Clients what they need?

Tags:

Questions?: The Art of Asking Good Questions | Sales | Thought Tweets

Permalink | Comments (0)

Sales Tweet #106

by Rick Baker
On Dec 13, 2010
Sales Tweet #106 Ernest Seller gets no respect. He asked for help with cold calls. His boss moved his desk outside.
 
The Thinking Behind the Sales Tweet
Ernest is a patient man. He knows his boss makes these sorts of mistakes from time to time. Only a few months back he made a similar mistake and sent Ernest to Greenland.

What a waste of key-man sales talent!

Sitting at is desk…outside…in the cold…reminds Ernest of his Grade 12 Math class…but, that’s a digression…for another day…

Tags:

Thought Tweets | Ernest Seller

Permalink | Comments (0)

Sales Tweet #105

by Rick Baker
On Dec 10, 2010
Sales Tweet #105 When you plan your next sales call...include a selection of a 'Top CD' for your car trip.
 
The Thinking Behind the Sales Tweet
Zig Ziglar called it Automobile U. Jeffrey Gitomer talked about using rock & roll music to get himself primed for the sales call. Whether you use motivational CDs or music or both…pay attention to what gets you primed and pumped and ready to excel at those major sales calls. And use it.

Tags:

Sales | Thought Tweets

Permalink | Comments (0)

Feel good, look good, be good

by Rick Baker
On Dec 9, 2010
We have defined Integrity.
 
Definition of Integrity
  1. When you know your Personal Values and
  2. When you can express your Personal Values in writing [showing how you think the think] and
  3. When you can and do talk with others about your Personal Values [talk the talk] and
  4. When your actions are consistent with your Personal Values [walk the walk] and
  5. When you acknowledge your think-talk-walk errors and strive to not repeat them
            …then you have Integrity
 
That definition of Integrity is ‘personal’: each person is the judge of his/her own Integrity. When we created the definition we intentionally avoided including judgmental things such as ‘honesty’, ‘probity’, etc. Our definition of Integrity is about do the pieces hold together rather than what is [morally] right or wrong.
 
Normal people know right from wrong.
 
Yes – there is a range. At the centre there is common ground.
 
Regardless, normal people know when they are doing right and they know when they are doing wrong.
 
Dr. David J. Lieberman states our mind consists of 3 parts:
  • The Body…this part of the mind causes us to do what feels good
  • The Ego…this part of the mind causes us to do what looks good
  • The Soul…this part of the mind causes us to do what is good
That simple summary captures normal people know right from wrong.
 
That does not mean we always do what we know is right. As an example: sometimes self-esteem is low and ego takes over, causing us to do what makes us look good rather than what we know is right. Other times our desire for short-term pleasure trumps the right thing to do.

When we do wrong – when people of high Integrity do wrong – we find ourselves at Point 5 of the Integrity definition.
 
So - people possessing high Integrity do not need us to act as their judge: they are self-regulating.

Tags:

Beyond Business | Definitions - Spirited Words Defined | Emotions & Feelings @ Work | Values: Personal Values

Permalink | Comments (0)

Copyright © 2012. W.F.C (Rick) Baker. All Rights Reserved.