To Err is Human – To Forgive Divine – but to Profit is Really Really Smart….
We are all human and prone to err, and this very human trait is what separates us from predictable, boring robots. If we never faltered, never had to re-think, re-do, re-purpose, remove, re-tool, or re-tune, there would be zero chance for growth, and how boring would that be?
Mistakes are inevitable, but like my Mama used to say – ‘it’s only bad when you don’t learn.’
Can Mama’s rule be used in business, and if so can the lesson become profitable? The answer, of course, is Yes!
PICB has been sharing ‘how to’ procedures for responsible credit management for years. When used diligently, your company will GROW. Our system for employee involvement can help offset mistakes, lead your business to increased cash-flow/revenue, and help your business avoid repeat setbacks. The point is Profit, and any mistake can be used to serve your company’s bottom line.
WHEN WE LEARN TO GROW… GROWTH MAKES US SMARTER, LEANER, WISER AND MAKES US MORE MONEY.
- Listen to feedback and appreciate alternative perspectives. The more you listen, the more information you will have to find the solution.
- End mistakes before they begin by implementing procedures that the entire staff is required to follow.
- Advise ALL staff that HONEST input is crucial to identify mistakes and integrate solutions.
- Resist the temptation to handle everything on your own. Your employees are only as good as your training. Let your training do the work for you
- Nurture without suffocation. Encouragement is helpful, but doing it yourself undermines the purpose of your staff.
- Train employee’s by re-creating past mistakes to see what your staff will do on the fly.
- Once the exercise is performed allow for NEW solutions to be presented.
- Get rid of processes that are extraneous or redundant and always look for ways to improve the process
- Resist criticism and educate your staff with positive feedback on strengths first, and areas for improvement last.
- Offer individual suggestions for improvement as each staff member will have individual strengths and weaknesses.
- Walk away and watch. The more you can remove yourself from staff interactions with customers, the more value your training will ultimately create
By regularly reviewing your processes you are always seeking improvement by strategic adjustments and not becoming the boring and predictable robot!
Here is one way to make a quick and immediate change to improve cash flow:
Have you looked at your credit processes recently? Did they become robotic or are they always being reviewed? Make sure a customer seeking credit is creditworthy.
