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Learning to Overcome Challenges in collecting client payments by Danielle Hayden of @KickstartAcct

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by Danielle Hayden | Featured Contributor

Let’s get real and talk about our fears over money and more importantly how do we get more of it back in our business.

This interview I did with our bookkeeping client provided her with so much clarity she asked me to share it with you.

Here is what we conquered:

  • Learning to overcome challenges in collecting client payments
  • Overcome mindset issues around money and why that contributes to your ability to collect payments from clients
  • Strategies to increase cash collections
  • Practical accounting strategies to use in your business

 

What are the mindset issues around money that contribute to our inability to collect payments from customers? 

We all have mindset issues around money from our childhood. Some of us were taught not to discuss money and that asking for money would come off as rude or unprofessional. We lack the confidence to know our worth and that we performed the service or will perform the service and invoices NEED to be paid in order to perform the service. Take a moment to reflect right now on how your parents spoke about money? Did they speak openly? What was there overall tone? 

 

 

What strategies can I use to overcome these mindset issues? 

There are so many mindset books and strategies out there in the entrepreneur’s space so I want to keep this simple. Remember that you are in business to make a PROFIT! Yes, you heard me. There are so many business owners out there that are so passionate about what we do and helping others that we forget that if we only help other people for free we will not be able to create a sustainable business that generates profits and is able to support your family. You are worth the prices that you laid out for your customers, now hold firm to your mission.

 

 How can I increase the profits and cash in their business? 

I firmly believe in the 1% theory. If you can increase your prices by 1%, increase your volume by 1%, increase your collections by 1% and decrease your expenses by 1% can you imagine the amount of profit you would generate in your business? Start taking one action step every day to increase your profits. If you need ideas you can refer to the Profit Planner.

 

 

What are some practical strategies that I can use today to increase my cash?

Automate your bookkeeping systems, t ake payments or partial payments upfront before services are performed, accept credit card payments at time of service, automate monthly subscriptions so that they are billed automatically, send automated collection reminders, send out personal messages monthly to any clients who have not paid and stop servicing clients who are not paying their bills.

 

How do we overcome the mindset issues that creep up when clients do not pay?

This is something that we struggle with. We all know the value that we are providing to our clients/customers and most of us could never imagine not paying our vendors but there are people out there who don’t understand the value or do not have the ethics in themselves or their business to uphold their debts. This is not your burden to carry. That person has their own issues that they need to work through and it likely has NOTHING to do with you and your service or product. Remember to spend more time and energy on your ideal clients who value you and your service and less energy on the people who will not value. Terminate those relationships quickly!

 

Time = Gold (and … money = silver) by @SBSLEducSoltns

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by SJ Barakony | Featured Contributor

Putting Productivity ahead of Busy-ness in Business

 

“I’m so busy!”

“How are you? How’s business?  Busy!”

 

There are mild variants,  yet, the theme is constant: The individual is … say it with me now …. B-u-s-y.

Since when did our nation’s backbone, entrepreneurs, decide that this status was the end all, be all, in conversation, let alone in practice?

Let’s reframe. First, though, empathy & grace are necessary.

I know: There’s a LOT on your plate;  I’m sure many of these are on your calendar, scribbled on sticky notes, and/or are pop up reminders on your smart device:  Payroll. Review insurance coverage. Talk to the V.A; accountant; and/or financial advisor. Respond to client messages. Etc …

Still, we shouldn’t aspire to busy-ness; when we stop, if merely for a moment & reflect, we realize that as entrepreneurs, we’re solution providers & producers.

Thus, the more we produce, the more pro-ductive we are: it’s productivity which we should strive for, a 1:1 replacement for the ‘busyness’ that is our default answer to so many questions.

Painting a picture to aid in this mindset shift, we revisit the 1st few words …

 

Time = Gold.

 

… and now can move to implement this truth in our business first ( self-leadership ), then, model it for staff + customers, lastly, replicating it to other entrepreneurs in our network.

 

Those who are wise won’t be busy, and those who are too busy can’t be wise.”
― Lin Yutang

Click to Tweet

Lin Yutang #quote

 

 

Precious Metals

 

Gold :  

Time is an irreplaceable asset, just like gold. Gold is finite & very rare: Its value has held firm for thousands of years & once was used regularly in commerce worldwide. Just like there’s always been a 24 hour day, the amount of gold available for mining is constant; fluctuation in the ‘price’ of gold is due to the underlying currencies, just like your productivity ties to how well you lead yourself.

Silver :

Money is a reflection, a flag, which signals how much value you’ve added to the marketplace; your monetized service, product, &/or specialized knowledge is your entrepreneurial bridge b/w problem identified & solution provided. We look to silver now, as its value is also stable, yet it’s more abundant in nature than gold. So, with an abundance mentality x growth mindset, you know you can grow your share of this not fixed pie.

 

 

Two must read books

Without a shred of doubt, I wholeheartedly recommend both. Each has a high ceiling of potential energy which can be tapped to lead to dramatic improvements in your productivity & reduced busy-ness.

 

E-Myth: Revisited

The Fifth Discipline

 

Stephen R. Covey

He passed away over 6 years ago, gone & not forgotten as a pioneer; through his off the charts levels of contribution, we have much to tap into. The 4 quadrants is something to study often, & implement in short order.

 

Covey’s Time Management Matrix, in the written word

Or perhaps you’d learn better from a visual?

 

 

Suggested ‘Twitterverse’ Follows

 

A Helpful Guide to Becoming Unbusy by Joshua Becker

How to Stop Being Busy All the Time from Gus Razzetti

4 Ways to Break Free From Being “Too Busy” penned by Rikki Rogers , culled from The Muse

 

Leverage = Legacy

 

This concept is transformational.  Pulling from the vastness of the internet, here are two marvelous resources. Once you take this small two-step seriously, my advice is to keep going!

 

Kelly Azevedo

Amanda Abella


Systems Thinking?  

 

Its powerful.  In a previous post, you learned all about the power of principled self education.

Here’s a superb opportunity to practice what you read by visiting Donella Meadows ‘s website.

And if you haven’t yet bumped into this infographic, please, I implore you, dive in over the next 24 hours. Your income can become systems driven wealth through active application of this business truism.

 

In my ongoing discovery, I’ve repeatedly shared these maxims with those whom I mentor, in coffee 1:1’s, & elsewhere: Why? They’ve allowed me to run multiple business ventures at the same time, all while making strides towards being productive = gold = time & (more) passive = silver = money.

 

Next steps:

 

 

What can Westminster Abbey teach about implementing this content?!  

 

This inscription, when understood at a deeper level, reflects the ongoing value of lifelong learning.

 

Action Time

 

As with anything you choose to read, listen to, or watch, the truest formula = what you do next, how you proceed, & why?

Reflect, through meditation, prayer, yoga, or in a moment(s) of silence on this post, please, & thank you for reading!

 

In short …

 

  • A producer is productive; a consumer is busy. ‘Busy’ shouldn’t be a status, symbol, or state of being for the wise entrepreneur
  • Time = gold.  Money = silver.  Prioritize your irreplaceable asset;  focus on it and not on money (income, wealth) as #1.
  • Review the links to invest in 2 highly recommended books
  • Covey’s quadrants/matrix is a terrific tool in and by itself
  • Suggested Twitter follows & some of their scholarly tweets. #MustReads
  • Understand systems & leverage in your entrepreneurship education
  • Leadership starts with self

 

5 Things to Implement In The Journey Called Success by @DeniseDamijo

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by Denise Damijo | Featured Contributor 

When you first make the decision to want to be successful you enter into your own personalized journey uniquely made for you. After your intentions are sent out into the atmosphere, you will be targeted, have obstacles, have doubts, and have everything that you couldn’t even imagine for yourself come against you to challenge your belief in your success.

Before it is said and done, many people fall back and go running back to their comfortable and safe places and never return back to the journey called success again. They give up on their dreams and what was possible for them to do things that are safe and easy to do. At the end of their road, they are usually filled with many regrets.

While you still have breath, your dreams are possible for you to obtain. It will not be easy, quick, or without you having to take risks, nevertheless; it will be worth every bit of it. To really truly prepare for the success that you are looking for, there are 5 main things that you should do every day.

1.Visualize yourself where you want to be

Many people are visual. They really grasp concepts and ideas from actually seeing something explained versus just hearing it or reading it. Many times visualizing things also helps to imprint it in our memories. Take the time every day, 2-3 times daily to visualize what you want to achieve. If you would like to increase your money, close your eyes and think about money pouring on you. Visualize money overflowing out of the drawers in your house and piling up inside your home and bank account. If you want to have more authentic relationships, visualize you being surrounded by and appreciated by people who really care about your well being and success and you being able to reciprocate that. Place pictures that represent the things that you desire to have all around you so that you can see them throughout your day on top of your visualizing exercise.

2. Vocalize your ideal situation

It’s one thing to think about something and it is a completely different thing to say it. For some, the only reason why they haven’t said certain things out loud is because of their lack of belief in it. Your dreams and success will never become real if you can’t say them out loud with confidence. Start vocalizing what you want several times a day. If you want to be a major positive influencer in society, say I am a positive influencer who transforms lives for the better around the world. If you want to be a celebrity cook, be bold enough to say that you cook for celebrities even BEFORE it becomes your reality. No one is ever going to believe that you will become successful until you do.

3. Play a stimulating audible while you’re sleep

When we go to sleep, our mind is not sleeping, it is still going. Why not put it to use? Start playing stimulating audible books, motivational videos, or even classical music while you are asleep. It would be perfect if you have hours of audio playing or are able to put a particular audio that you like on repeat to play for the whole time you are asleep. Even though you weren’t consciously awoke while your audio was playing, your brain subconsciously will pick it up and will not forget it.

4. Think of what it would be like to be where you want to be

This one can be very tricky because it will cause you to really dig deeper than you have ever dug before to get a complete and honest understanding of what you really desire. It is not just about thinking or believing that your life will be better, you would have stress because you have more money, or you may feel validated and affirmed. Ask yourself questions like what would your the things around you smell like? What kind of people would you be around? What kind of conversation would you have? Ask those things daily. Over time, some of those things will change as you change, grow, and develop.

5. Work with what you have in your hands

This is huge for a lot of people because it is so easy to worry and remind yourself of what you don’t have or what isn’t going right. It has become almost natural. It is time for you to develop a new natural. Start thinking about what you can do right now with what you have in your hands. Even if you feel as if you are lacking in a few areas, start working with what you are not lacking in and build from there. Work on obtaining or developing the areas that you are lacking in parallel to the things that you are not lacking in. Eventually, an opportunity will present itself and you want to make sure that you are ready.

Your time is your most precious commodity. Where you spend it is even more important. Where you spend most of your time is what you will eventually see become your reality. Make sure, every day you’re working hard to obtain your goals and you’re also implementing these 5 things so that you can reach your goals a lot quicker.

How to Raise Your Money Set Point and Eliminate Scarcity Once and For All by @mindycrary

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ow to Raise Your Money Set Point and Eliminate Scarcity Once and For All

by Mindy Crary

Why is it that some people are constantly going broke, but have to have the latest and greatest thing, while other people are like the millionaire next door, living well below their means?

In my experience, it’s because these two different types of people have different money set points.

We arrange our life to match our unconscious expectations of the amount of money you “should” have—this is your money set point. It’s based solely in your head, in your wealth mindset.

You have an upper limit that prevents you from busting through your comfort zone, and a lower limit that prevents you from financially crashing. That sweet spot in the middle is your money set point.

When people have a lower limit problem, every time they start bringing in a little more money, the basics they “can’t live without” get a little more expensive. So no matter how much they make, they always seem to end up with the same result.

This is called your net cash flow. When you’re in that situation, you want to find away to make more money and keep more money, right? And with most things, clarity is the first step. Clarity around exactly what money is coming into your household every month, and clarity on the best use of every dollar leaving it.

If you think you might have a lower limit problem, ask yourself: If you couldn’t do the work you’re currently doing, what amount of money do you know you could go out and generate in another way?

I knew a client once who made really good money, but said, “If everything went to hell, I know I could go out and get a job waitressing and make enough to cover the basics.” Her basics were about $40,000 annually, so that was her lower limit.

On the other side of things, upper-limit problems are almost always wrapped up in our self-worth. And it crosses all kinds of boundaries — from happiness and love to money and self-worth.

We get a raise, we get a promotion, we land that big client… And we start to feel bad, feel guilty. We get sick, pick a fight with our partner, run out and spend it all on who knows what.

THAT is an upper limit problem.

To help identify your upper limit, think about an amount of money that you feel absolutely comfortable generating as income on a monthly basis. You should have zero physical reaction to this number.

Now, double that number . . . how did that feel? Did you start to react? If that number was still in your comfort zone, try increasing it by $5,000 . . . how about now? Play around until you find a number that makes you nervous; that’s your upper limit.

The easiest way to raise your money set point is to consciously plan how you’re going to allocate it. Every year, I make a list of everything I want to spend money on, in addition to my normal monthly expenses and savings (of course, this list gets changed, updated and reviewed several times per year as I think of new things and cross off old ones). For me, this list creates the why behind increasing the upper limit. If I can reasonably predict how I would allocate the money, then I have no internal conflict about generating it.

If you think you might have upper limit issues, you might want to make a list like that and post it someplace conspicuous, to remind yourself why it’s so important for you to raise your limit. The more you tend to “settle” for what you get money-wise, the more frequently you should look at the list.

And if you really think you have upper limit issues, you might want to get some support in generating the list, to help you see the possibility and reinforce the idea of expecting more.

Your money mindset sweet spot is when you have an upper limit and a lower limit that are working for you, not against you.

Remember: Just because you have a money set point doesn’t mean it’s set in stone. You can work to adjust it, and find your very own sweet spot.

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mindy craryMindy Crary, personal finance expert and author of Personal Finance That Doesn’t Suck, helps both you AND your money succeed. From growing your wealth to the actual person behind it, Mindy bridges the gap between the energetic, spiritual and practical financial services industry with a creative twist. Check out Mindy’s excellent (and FREE) ebook on Money Chakra.