QuickBizBreak by david weaver

Take a quick break from your biz to ponder new ideas and strategies that will turbocharge your business.

Posts Tagged ‘Financial Management’

What Are Your Challenges in Todays Economic Environment?

Posted by QuickBizBreak on September 16, 2010

How do I plan for the future when I don’t know what the future holds? How can I best identify and attract good customers? Is social media really the way to go? What are my options? When I do grow, how do I fund that growth? How are current and future tax laws going to affect my business? Are there legal issues I need to be aware of?

So many questions – where do I go for answers from qualified experts? Glad you asked – keep reading!

Getting Answers

I don’t want to attend a bunch of seminars!

We understand. That’s why we assembled the best advisors from different specializations who can answer those questions and challenge you to ask even more of yourself and your business.

Intoducing The Georgia Business Resource Alliance

On Tuesday, September 28th, you will have the opportunity to tap the minds of specialized advisors to answer your most pressing questions about handling business in the current economic environment!

From 11am-3pm, the Georgia Business Resource Alliance is hosting an elite group of advisors who will address critical business issues. You won’t want to miss this opportunity to get answers to your important questions all in one place!

Maggiano’s Lunch

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Did I mention that for your incredibly small entry fee, you also get to enjoy Maggiano’s Buckhead 5-Star all-you-can-eat lunch? That’s worth the price of admission alone!

Topics and Speakers

Legal Issues You Need to Know for Small Businesses – Mark deAndre, deAndrade Callahan, LLC

Identifying, Attracting and Retaining Your Best CustomersDave Banko, President of Loyalty Marketing Solutions

Harnessing the Power of the Social Media Sphere – Emma Loggins, LNP Studios

Developing a Business Plan for Success – David Weaver, Managing Partner, The Weaver Group

Investment Strategies in an Ever-Changing Economic Environment – Darryl Dyche, CFP, Compass Financial Services

How Tax Laws Are Affecting Businesses – Ben Loggins, CPA, Loggins & Associates

Small Business Challenges in Today’s Banking Environment – Billy Lovett, Co-Founder, One Georgia Bank

Learn more about our speakers and topics here.


Pre-Event Registation Only $35

Limited Seating – Order Now!

Each advisor can only admit 20 attendees and I’d love to see you there. But….this newsletter went out to hundreds of contacts in metro Atlanta, so please, order now to ensure your seat!

Click here for ordering info.

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Dealing With Collections Excuses

Posted by QuickBizBreak on July 28, 2009

296223_empty_pocket_1My wife and I replaced the foundation plantings at the front of our house this past April. Some sort of plant disease in the Atlanta area we couldn’t identify was slowing eating away at the shrubs and it seemed easier to replace them all rather than find similar-sized plantings. We paid 50% down with the balance due upon delivery. When the delivery was made, however, the driver indicated the local nursery in Roswell would send us a bill since he didn’t know the final amount due. Fast forward to July when after repeated promises from the nursery that someone would call with the correct billing amount, we simply stopped calling. This week, someone finally found the outstanding balance, called us, and we paid.

While this example is most likely an oddity in these times of reduced sales for most businesses, it got me thinking about billing and collections practices of small businesses. An important rule of on-time collections is to have on-time billing. Otherwise, we may be setting the stage for late payments from our customers by our own actions. Showing clear payment terms at the point of sale is perhaps the number one rule. If customers aren’t sure of your terms, don’t expect timely payment.

I ran across a great article in Entrepreneur magazine with more insight into collections. Steve Wideman with Credit Control LLC recommends alternate payment methods, such as a credit card, if a customer is asking for terms. “If they’ve got an order for $500 or $1,000 and the owner won’t put it on his credit card, you’ve got a problem. You know he doesn’t have the confidence that he’s going to have the money to pay for things.” Lawyer Steve Harms, co-author of Credit & Collections Kit for Dummies, suggests setting up an installment payment plan with the first payment due today. Insisting on “today” is key, he says, because it’s a test of whether the client is lying.

If a customer is facing personal problems that are preventing them from paying, perhaps a family illness, Harms advises that he still needs to get him “to prioritize my bill even though he’s got personal problems. He advises structuring a request for payment in a way that shows concern for the client while cautioning him against causing further problems by creating credit and business problems.

“The check is in the mail” is a common response from late-paying customers. There are only so many times you can hear this and that number is two. After hearing it the second time, Harms is concerned the customer is lying. “Tell the client you’re sending an overnight delivery service to his office that afternoon to pick up the payment…and insist on a cashier’s check.” If a customer isn’t paying you, they cease to be a good customer.

What to do when a customer doesn’t take your calls or respond to voice mails and e-mails? The article suggests confirming if the business still exists, checking the company’s website for any relevant news, ask other suppliers if they are experiencing the same kind of collections problems. Check your files for other contact information such as home phone and address, personal e-mail addresses or even Facebook or Twitter contact information. Send a certified letter demanding payment. The last step is a collection agency or even small claims court.

Alan Hauff, director of the University of Missouri-St. Louis Small Business & Technology Development Center, recommends flipping the conversation. “Bring it back to: ‘We need this business relationship. I need it, we need it.’ “ Don’t be afraid that needing your money now is a show of financial weakness. It’s not. It’s a sign of sound financial management.

David Weaver


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Oh no! Another business blog!

Posted by QuickBizBreak on June 27, 2009

Why should I subscribe to, much less read, a new business blog?  There are hundreds of business blogs out there and thousands (millions?) of business articles I can access with a few keystrokes via the Internet.

The whole idea here is to provide a quick break for you to step away from your business and work on your business instead of in your business.  What’s the difference?  We’ll cover that in my next post.

So, here are 9 reasons why you should read this particular business blog regularly, regardless of whether you are a business owner, a manager or an employee:

1.  You Know Me – You Don’t Know Them

  • At least not personally, that is.  While certainly there are plenty of well-know business experts blogging today, I’m someone you know, or can get to know, and trust.  This first edition is going out to those in my personal and business sphere of influence.  That means I’ve either met you, talked with you, been recommended to you or somehow come across your business card (remember those cards you pinned to the bulletin board at the local Mexican cantina?).

2.  I’ll Bring You the Best of Business Blogging

  • Along with my own content, I’ll highlight that of my associates, as well as tidbits from the 30+ blogs I believe are the best in the country.  All served up with my own twist and related to you with specific examples of how to maximize the performance of your business.  But wait, there’s more!

3.  Video Blog

  • Each month, I’ll bring you video that showcases the best business ideas.  Some will be from my own perspective but we’ll also highlight local business owners who are ‘doing it right’.  You’ll learn from your peers about what’s working for them in the current economy.

4.  Actionable Ideas

  • Not just fluff but ideas you can act upon.  Remember, I’m going to get you thinking outside of the day-to-day routine of your business.

Not Enough To Convince You?  Try These Hard Facts:

5.  According to the SBA, over 50% of small businesses fail in the first five years.

6.  A study done by Inc. magazine and the National Business Incubator Association (NBIA) revealed that 80 percent of new businesses fail        within the first five years.

7.  According to Dun & Bradstreet reports, “Businesses with fewer than 20 employees have only a 37% chance of surviving four years (of      business) and only a 9% chance of surviving 10 years.”

8.  Restaurants only have a 20% chance of surviving 2 years.

9.  Of these failed business, only 10% of them close involuntarily due to bankruptcy and the remaining 90% close because the business        was not successful, did not provide the level of income desired or was too much work for their efforts.

The old adage, “People don’t plan to fail, they fail to plan” certainly holds true when it comes to small business success.

So how do you plan and ensure that your business is going to be successful and provide the level of income you really desire?

Stay tuned, my friends!

Best of business,

David Weaver



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