Diversity is a feature of the modern business world which is often not managed properly. For instance, we all know the issues associated with a diverse workforce of people from different age groups, cultures and religious groups. However do we really understand and pay due diligence to the diverse range of problems associated with different customers and their business process systems?

I suggest many business owners and their management teams do not really understand their customers and how they operate. The exception of course is when trying to sell their goods and services to the customer. Then management and the salespeople do everything they can to understand the customer. They know this information is the key to getting the customer's signature on the contract.

In addition, it seems many organisations are seeking to create a simple sales and payment process. Unfortunately in a world of diversity of software systems, payment options and business cultures, this simple process is rarely achieved. Understanding these diverse options and being able to deal with the resultant scenarios, is now a key factor in business success.

If you are unsure of the impact of diversity factors on your business, I suggest you complete a periodic audit of your customer types, your customers' trading requirements and payment patterns, the different types of billing systems they employ, etc.

Such an audit will provide you with the knowledge to help you understand and deal with your customers profitably. Failing to understand the costs of diversity in customer types and their billing requirements may impact negatively on your costs and the long-term sustainability of your business.

If you would like to know more, contact Kim Radok at kim@creditmatters.com.au