FM Walsh & Associates Inc.

A lot of business owners hate chasing down customers for payment - rather than ask, a lot of them let it go. Big mistake. You don’t want to send out a message to the market that you work for free. But at the same time, very few of us have any training in effective collection techniques.

That’s why I really like this article in the Wall Street Journal - Eight Steps for Effective Collection Calls. Martin Sher, co-chief executive officer at AmSher Receivables Management, outlines 8 easy steps for collecting on those unpaid invoices. As he says, “The people who get paid are those who ask.”
Check out the article here.

The best part of working with entrepreneurs is their energy and their ideas. Great entrepreneurs are like idea machines – constantly coming up with new ideas for business, new ideas for marketing, new ideas for customers and products.

And sometimes the worst part of working with entrepreneurs is all their ideas. It is what I call the “shiny penny syndrome”. They come up with a strategy for business development, they start work on it and then they get distracted by another idea and head off in a new direction. This is a killer for business. Yes, you do need to come up with new creative ideas to keep your business fresh and growing, but you also need to keep focused on your priorities, otherwise time slips by and you are not where you would like to be.

Having too many ideas can be costly. Successful entrepreneurs have developed the ability to take all these ideas, identify the best ones and then actually make the best ones happen. Many great business ideas have languished on the sidelines because no one gets around to taking action - there’s just too much other stuff to get done.

So if you are overwhelmed with ideas, here’s what you do. Grab a notebook, label it Ideas, and start writing down every brilliant idea you come up with. Carry it around with you so it’s there when inspiration strikes.

Once a month, review all your ideas and decide which ones are action-worthy. Which ones will contribute significantly to the growth of your business? Be very picky – only choose the ones that are going to have a big impact.

Then, for each of those ideas, outline all the action steps that have to happen to make this idea come to life. Be thorough. Write down everything that needs to be done – research, design, resources you need, meetings, promotions, etc. Now assign a deadline for each action step and decide who is responsible for getting it done.

Using this simple system keeps you focused on where you really want to use your resources and stops your great ideas from being derailed.

I recently had the opportunity to hear Robyn Ritter Simon speak in LA on running for public office. Her message was strong and ear-catching so I interviewed her for the Women of Substance column.

Married, with 3 sons, Robyn began her career as a broadcast journalist and political commentator, producing and hosting her own public affairs program - Robyn Ritter Reports. In addition to being involved in several other projects, she is also President of the National Women’s Political Caucus, LA-Westside and in February 2008 she announced her candidacy for the Los Angeles City Council, District 5.

What’s the most important skill that’s gotten you where you are now?
A centered family life – everything for me comes from there. You sometimes have to make difficult choices. I always tell women you can have it all, you just can’t have it all at the same time. You will have to make choices but always remember that you can come back to it.
Define what you want and then have a plan that makes it happen. Your days will never be flawless; just keep your priorities straight and focus on what’s important.

Advice you’d give to young women in business?
Two things I want them to keep in mind:
1. You have to be a great listener and communicator to achieve success. If you don’t listen to your audience and get in tune with them – make a connection with them – then you will never be successful. Don’t rely on technology to make those connections - get out and meet people in person!

2. Do something today because tomorrow may not be here. Too many times I see young women who want to run for office but keep putting it off until the ‘time is right’. I want them to know there is no magic test for running for office. If you believe in it and go for it, then the opportunity presents itself.

Robyn has incredible energy and I found her very inspiring to speak to. She nearly got me running for public office! Read more about Robyn’s story here.