There is so much uncertainly at the moment around the
financial status of Australia
I receive a daily report from a well known business blog,
where I regularly read about large iconic companies going into receivership,
this makes me question what effect the financial crisis has really had on small
business in Australia. Locally this is a
subject I am being asked about constantly.
There is no doubt that financially many businesses have been effected and going on the increased number of inquires we are taking for debt collection I can only assume there has been some backlash.
A business coach once told me it is not until you have sufficient
pain that you are motivated to move to the next level, when things are going
along ok there is no need to make changes, the financial crisis may be just the
opportunity to have a look at how things are going and make some much needed
changes to move your business to the next level; by using the pain of the
financial crisis as a medium to improve our business practices.
There are some common threads that run through the
statements made by potential clients with regards to their outstanding accounts
and these are usually around the need to improve their own operations.
- Lack of documentation: such as written quotes, signed contracts, explanation of outcomes expected by both parties and also how accounts will be paid.
- Failure to confront conflicts: some accounts have been left for months and months because a disgruntled customer has not been dealt with.
- Customers that have already been strapped for cash, have not been audited properly before promising to do work on their behalf, this can be avoided by doing simple credit checks and asking for trade references.
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