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Friday, 1 November 2019

5 BETTER WAYS TO ACHIEVE YOUR GOALS AND ELIMINATE TIME WASTERS

5 Better Ways to Achieve Your Goals and Eliminate Time Wasters

Here are 5 mistakes to avoid and suggestions for a better way to achieve your goals.

Benjamin Franklin is usually credited with the phrase: “Time is Money.”

1. Failing to make accurate estimates

Better way:

If the job is for your services, bill by the hour instead of charging for the entire project so you know you’ll be properly compensated. If you must provide an estimate, then use software or apps designed for your industry to help you create a better, more accurate, estimate so that both you and your customer are satisfied.

2. Asking for something without any compensation

Better way:

To receive a better response, offer compensation. Examples: a gift certificate or future discount for referrals; a chance to win something for answering a questionnaire; a bonus or a raise an employee’s extra efforts. Make the compensation commensurate with the effort that you’re asking for.

3. Charging customers for breakage

Better way:

Make sure your insurance provides adequate protection for such losses. Any losses not reimbursed by insurance are fully deductible (or otherwise accounted for in the cost of goods sold) as a business expense on your tax return.


4. Charging interest for late payments

Better way:

Get paid when the work is being done—via credit card, check, cash, Apple Pay, or PayPal—so you don’t have to wait for payment following an invoice. Apps and simple devices (such as Square for a smartphone or tablet) make it so easy to get paid on the spot. For big jobs, you may have to collect partial payment as phases of the work are completed. For goods that are shipped, get paid up front or upon delivery (e.g., UPS will collect C.O.D. up to $50,000).

5. Continuing in-house collection efforts

Better way:

Turn delinquent accounts receivable over to a collection agency. While you won’t get the full amount you’re owed (the agency keeps a percentage of what it collects), at least you increase the chances of getting some payment. Or have your attorney send a collection letter threatening legal action for nonpayment (something that’s feasible only if significant sums are involved to justify the time and collection of this pursuit). Even better, follow the advice in #4 above and get paid on the spot so you’re not chasing customers for payment.

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