Who Is Kenneth Grayer .....Really

Spontaneous Idealists like me are creative, lively and open-minded people. I am humorous and dispose of a contagious zest for life. My enthusiasm and sparkling energy inspires others and sweeps them along. I enjoy being together with other people and often have an uncanny intuition for their motivations and potential. Spontaneous Idealists are masters of communication and very amusing and gifted entertainers. Fun and variety are guaranteed when I am around. However, I may be sometimes somewhat too impulsive in dealing with others and can hurt people without really meaning to do so, due to my direct and sometimes critical nature.

I am a keen and alert observer; I miss nothing which is going on around me. In extreme cases, I tend to be oversensitive and exaggeratedly alert and I am inwardly always ready to jump. Life for me is an exciting drama full of emotionality. However, I quickly become bored when things repeat themselves and too much detailed work and care is required. My creativity, imaginativeness and originality become most noticeable when developing new projects and ideas - I then leave the meticulous implementation of the whole to others. On the whole, Spontaneous Idealists attach great value to their inner and outward independence and do not like accepting a subordinate role. I therefore have problems with hierarchies and authorities.

As a Spontaneous Idealist I am one of the extroverted personality types. I enjoy working in a colorfully diverse group of people who interest and inspire you. Working in a “secluded room” is not my thing. My sense for the motivation of others is almost eerie. I constantly observe that which happens around me and have no problems noticing all sorts of things simultaneously or communicating with several people at the same time.

My enthusiasm is contagious to others and that is why my colleagues and friends all appreciate me as an important member of their team. My articulateness and sensitive ear for nuances in conversations with others obviously play a role. For me, this team-oriented environment is very important because I need to receive positive feedback and recognition like other people need air to breathe. It would be practically impossible for me to contribute everything I need to maintain my high ideals, by myself.

Variety, challenges and fun are important ingredients in my area of responsibility. I appreciate receiving new stimulation, meeting new people, and continuously collecting unique experiences. However, too much routine, too much detail work and the necessity to stick with one project for a very long time is not my thing. My strength are creative problem solutions, discovering new ways and opportunities, the conceptualization of new ideas on one hand, but not so much their concrete implementation on the other. Ideally, I have a staff of capable colleagues that takes over my concepts and runs with them.

This Is Me!! ….

Should-a, Would-a, Could-a, ...Are You That Business Owner or Entrepreneur

Entrepreneurs are persistent, and yet vulnerable.  When an entrepreneur is locked onto an idea or a thought, they will stop at nothing to see a project succeed. Entrepreneurs think “Do Now”- develop the plan along the way.  In the beginning there is only one direction and that’s up-maybe you take a couple of hits along the way but that’s all part of the journey. The plan that should not be developed along the way is your “Getting Paid Plan” 

The start-up phase of anything is exciting- it’s dealing with the bumps and bruises along the way that if you are not prepared can leave you and the business vulnerable or even bankrupt.  What is the most important aspect of a business? Is it sales, marketing, or cash flow? It’s all of the above if you don’t market the business; there are no sales thus any cash flow. The guru’s say “If You Don’t Plan-You Plan to Fail” are the so called guru’s giving you the complete “Plan For Success”?  

It has been my experience that most businesses fail due to cash flow management- what I mean by that statement is  entrepreneurs don’t think about policies and procedures until it is too late. In the beginning you should be thinking-what are my policies and procedures if a client is not paying me, or is a slow or sporadic payer, at what stage should I consider outsourcing, what skill sets if I hire an accounts receivables representative have, what resources are available for credit & collections training, how much money am I losing if the receivables stay on my books etc..  There is not enough emphasis placed on Entrepreneurs and Small Business owners to get the education they need in order to efficiently and effectively manage their accounts receivables.   

As I have stated in the past most small business owners and entrepreneurs are reactive in nature instead of proactive.  You should of done-ABC, which would have done-XYZ and prepared you to handle obstacles that came your way that could have yielded a more positive result.   At some point entrepreneurs, small business owners and the gurus should stop take a step back and realize just how important it is for businesses to have a plan in place for their credit and collections.  Oh-how does that saying go “If You Don’t Plan-You Plan To Fail”

Let’s Get It Right The First Time

Thanks For Reading My Blog
Kenneth Grayer

Establishing Your Credit & Collections Policy

A credit and collections policy is a document for your business and your clients. Whenever you aren’t paid immediately for the product or service you just provided; you have just extended your client a line of credit even if this was not your intentions.  Let’s look at the other side your client does pay you immediately but the check was no good, the clients bank account was closed or perhaps the client was not happy with the product or service you provided or maybe the client is a slow or sporadic payer.

A credit and collections policy addresses all the issues above and much more.  Here is the bottom line you went into business to make money, be in control of your destiny well I hate to break the news to you without your own established policy it’s easy to let your client’s control you based on what their needs are.  There is an old business school joke that says “You Set the Price, I will set the Terms” and your clients literally did and do.

Some Consideration in Setting Your Policy

Let’s take the guess work right out of it and get started in setting up your policy by asking yourself the following questions:

1. How do I want to receive payment cash up front, Cash On Delivery (C.O.D) or extend credit
2. When I establish a new customer what processes do I have in place I.e.…credit application, detailed explanation of services to be provided
3. Establish a survey that ask question such as: were you satisfied with the product or service provided...(Optional) however this limits the possibility of any disputes and addresses any issues or concerns the clients may have.
4. Will I accept deposits for work performed or shipment of products?
5. What contract forms do I need and what type of language do I need in my contracts.
6. Debt Management Recovery Plan (what action will you take to recover outstanding receivables)Recovery Action by (This is where you are to select an agency for collections activity) Debts in excess of $______ (example $1,000.00) will be referred out for collection Delegation of Authority (Whom will have authority to place accounts for collections) This is Typically the responsibility of the CEO, President, CFO When account is unsuccessfully recovered (Forward flow to Legal Counsel for litigation)

Any number of credit and collections policies will do the trick; well I should not say that, the policy should be industry specific.  The main idea is to establish your credit and collections policies before you open your doors for business.  I know that could be difficult but it will eliminate spur of the moment decisions and will allow you to think clearly when you begin to discuss your policies with your clients and staff.   

An informed client is a happy client. The issues that I see when it comes to your credit and collections policies are enforcing them, this is not a document that should be taken lightly and your clients should be aware that you do enforce your credit and collections policies.   

After your policies are established it is important to sit down with your executive team and review this policy with them.  Especially your sales force since they are the ones that will be selling your product or service.  As a start-up it is ok to not have such a rigorous financial policy we don’t want to scare customers or clients away.  On the other hand it may be in your best interest to eliminate the business that has issues with signing contracts with you or make firm commitments