When you own and manage a business your focus has to be on success over the short and long-term. You focus your employees and all your resources on this objective and push as hard as you can to achieve it.
Sometimes however, no matter how much you push, you find that you cannot reach the goals that you set. When this occurs the first reaction is fear and major concern from everyone in your organization. The wonder if the company will be able to turn things around and get back on the winning track.
It is at this time that it’s more important than ever for those in charge to do a few things that can help the company rebound and stave off financial ruin. Here are some of the most important things that a company should do.
Focus on Collecting Pipeline Revenue
When you own a business part of your responsibilities and challenges regarding generating revenue for your business, is to be able to collect that revenue. Most companies don’t understand the complexities of collecting revenue that is owed from your clients or customers. The truth of the matter is that often people that owe your business money simply will not want to pay or pay on time. The results of this is that it will negatively impact your ability to successfully run your business.
In fact it might be in the pipeline Revenue in your company to correct any financial problems your company may be experiencing. But without being able to collect that Revenue it is the same as not having it. If your company does have considerable pipeline Revenue, it can be extremely frustrating. This is why you need to work with Receivables Performance Management.
Receivables Performance Management is a company that designs a receivables strategy that ensures your company collect its outstanding receivable from customers in a timely and efficient way. Part of what they do is to go after pipeline revenue.
They develop and implement a plan to get that money out of your customer’s account and into yours. They also design an efficient strategy so that going forward, your company collects the revenue it is owed on time. They offer a complete service that integrates with your company so their activities are seamless with your business.
Be Honest with Your Employees and Enlist Their Help
When things go bad in a company management will often try to hide it from their employees. This is a bad strategy because the chances are very good that the employees already know how bad things are period when management doesn’t act honestly with employees about the state of the business, employees feel cheated and confused.
For this reason, the best approach is to gather the employees at a convenient time and tell them where things are with the company. Remain calm when you’re having this discussion. Let them know how things got where they are and more importantly what your plans are for turning things around.
Take questions and allow people to vent their frustrations if that occurs, but make sure when they leave the meeting they are clear about what you’re planning on doing to turn things around and the role they should play in being a part of that. When you bring employees on board in this way, they feel appreciative and empowered to do something to right the ship.