Strategies for Managing Directors

What Are You Good At? Kim Radok October, 2012

What Are You Good At?

One of the core aspects of all business owners is to identify what they are good at, and what they are not good at. Having made that decision, they are then encumbered on employing people who can do the other tasks more efficiently and usually, at a cheaper rate than the owner.

This is in contrast to those business owners who believe they must be hands-on everything in their business. Unfortunately this is not always a good policy in the creation of a healthy business, especially if the wishes to grow their business.

Without doubt, the one task which causes these owners the most grief is making contact for the outstanding invoice(s).

Most business owners cannot accomplish these contacts in a professional manner, and nor should they. In fact, and strategically, it is often more desirable for someone else to make these contacts. 

The exceptions to this situation are if the business owner is:

(i) comfortable and disciplined in making the contact when it is due; or

(ii) able to make the contact more  beneficial to their business, i.e. it is not just a debt collection contact, but a customer service contact.

If the business owner cannot make the contact for the unpaid invoice(s)in a professional manner, then it is their responsibility to their business's welfare (and cashflow) to employ somebody who can.

Previous Strategies