By Chris Wells, Experienced Credit Professional
It is surprising you know, how many times I have heard the phrase “it will never work”, yet often and invariably it does.
This phrase is often trotted out when a “change” is in the offing and often identifies the procrastinator as a resistor to change. If it is a co-worker it can usually be overcome with tact and diplomacy, however if it is the boss (and the driver is cost) then that can definitely be harder to crack, but do not give up if you believe in what you are setting out to do.
Let me declare my position in all this, while I am not an advocator of change for change sake, I do believe in “working smarter and not harder” and this leads me to the point.
Those of you who are in a large organisation will be fully up to speed with the new technologies (both hardware and software) and the need to keep abreast of these advances, however those of you who are in SME’s often have to wear several hats and keeping all those plates in the air can become draining, both physically and mentally. So, if not already in place now is the time to look at the various workloads (in terms of time) and see if any automation can be introduced to speed things up OR achieve a better end result.
Now is the time to look at the various workloads and see if any automation can be introduced to speed things up or achieve a better end result
With this in mind, the first place to start would be in Accounts Receivable, after all remember that “cash is King” and “a sale is not a sale till it is paid for”! There are plenty of “off the shelf” accounting packages available which can save a lot of time and effort in the book keeping area of the business thus leaving more time for you to spend following up the slow (or delinquent payer). The end result of this will be that your DSO reduces, your bank balance improves and consequently so too will your bottom line (much to your boss’s pleasure).
Obviously, cost will come in to it somewhere, however in the majority of cases any time saved by automation in the processes WILL have a positive monetary benefit in the longer term. Now, the vital part in all this is YOU, no one else can know exactly what you do and how you do it so you are best placed to identify those areas which could be introducing or updating software or processes which enable a release of your time.
In Credit Control, it is the relationship that you have with the customer that will get money flowing in, so make sure that you have enough time to be able to spend in enhancing that relationship. Do not be resistant to change as sure as eggs is eggs, the only constant in this world is change!