Create a culture of “this is how we do it here!” Here are some ways to get started. These are little things you can do to bring your culture to the next level.
Monday Mastermind Podcast
You inspire your family and you should inspire everyone at your business. Be strict but fair, celebrate victories, and treat each employee as unique.
The next Servant Leader’s of Wisconsin meeting is coming up soon! The guest speaker is Tom Thibadeau of Viterbo University. He instructs a Masters of Servant Leadership program, if you are new to it, it’s stability in the workplace. The acronym for Servant Leader’s of Wisconsin is SLOW, which helps you to slow down and really think of how you lead your people.
The Servant Leaders of Wisconsin Group is really resonating with me and it can with you too. There are several steps to take when starting a Servant Leadership journey. First you have to understand yourself, next you have to understand another person, and the third step is to serve a group. To help you begin your journey, we are giving you a free coupon code for the About Me Card Website. The code is WTAQ and the website address is aboutmecard.com.
Along with Mission Statements and Vision Statements, you need to establish your core values. They are important in creating your corporate culture.
Sometimes you need to lose control to stay in control.
Some people consider me to have a control mentality and that’s true to a certain degree. I do like to have a certain amount of control over the things in my life. However, a few years ago I found that sometimes fighting to stay in control sometimes takes control out of your hands.
Life is kind of like a river. Sometimes the river is easy to navigate and you can just float down it gently, sometimes there are rocks in the water that are easy to steer around, and other times the water can become very rough and full of so many rocks, it becomes hard to navigate.
But really, it all depends on how you get through the river.
I used to ride down the river in this shiny little power boat. When the waters became rough and things went out of my control, my power boat would smash into the rocks and it didn’t look so pretty at the end of the journey.
What I learned is I needed to trade in my old boat in for a more practical one. Now, I ride the river of life in a big inner tube. When the water is calm, I can paddle myself around. When there are a few rocks, I can gently push myself away from them. And when the water gets rough, I learned to just tuck my legs inside the inner tube, let the river take me, and say, “Weeee!” My inner tube bounces off the rocks and at the end of the ride, it looks just as good as it did in the beginning.
So, the lesson here is this: at times, you just need to surrender! Don’t try to be in control of everything. Just tuck your legs inside your inner tube and go along for the ride!
Social Media: Why You Need to Get on the Bus!
Ten Top Cash Flow Improvement Recommendations
From Bill Goodman, CEO of Schenck Business Solutions
1. Cash is King. Not only does it drive successful operations, it is the key to business valuations and borrowing capacity. Apply significant management focus to improving cash flow.
2. CPA – Complete, Prompt, and Accurate – Don’t provide an excuse for a customer to delay payment by sending an incomplete or inaccurate invoice. Bill as soon as the product or service is delivered. Note a specific payment due date, follow up immediately when due.
3. When negotiating purchase terms – Strive to match due dates for payments with the estimated receipt date for sales. Delay payment as long as reasonable but live within agreed terms. Adhere to the terms agreed to.
4. Establish borrowing arrangements with your bank that fit your needs. Carefully, conservatively, project your cash flow needs and discuss with your bank. If significant deviations come up, re-project and discuss with your bank before you are in crisis mode. Fund operating payments with short term funds, fund long term assets with long term funds.
5. Business managers should focus on the impact on cash flow when evaluating any transaction. Transactions resulting in negative cash flow should be priced to cover the added cost of capital.
6. Understanding the source and uses of cash is a key business necessity. Is your cash flow coming from operations, investment decisions or financing transactions? If you must borrow or liquidate investments to meet cash flow needs for operations, carefully reconsider the cash impacts of operations. Are fixed asset acquisitions drawing cash away from operational needs? Consider financing alternatives to leave sources of cash for operations available.
7. The overriding challenge is to accelerate cash inflows and delay cash outflows. Critically analyze the time period from order to payment – strive to reduce this time period. Do the same with outflow – strive to extend outflow.
8. Evaluate customers based on their profitability including timeliness of payment. Frequently low margin customers are the slowest paying. Is it worth it?
9. Understand DSO’s (Days Sales Outstanding: (AR (or AP) /Sales * 365) for accounts receivable and accounts payables – drive down AR DSO and up AP DSO. In any event AR DSO should shorter than AP DSO.
10. Consider asking for advance payments to cover your cash outlay up front. Billing up front for out-of-pocket costs will greatly enhance your cash flow yet leave the customer covered for potential service issues.