Abundance is achieved when we are not wasteful. Abundance is achieved when we complete a business transaction from start to finish. Abundance cannot be achieved when we allow invoices to get lost in the layers of a business.
We no longer live in a time where you make the most of what you have. We no longer live in a time where you continue to use something until it wears out. And we don’t live in a time where you take special care of your things so they will last as long as possible.
Instead, we live in a time where if what you have doesn’t meet your needs, you go get something that will. Everything is replaceable and little is valued. The invoice that didn’t get paid gets replaced with another invoice.
Once that mindset happens, the replaced invoice becomes a problem no one wants to deal with. So the responsibility to deal with it gets passed from person to person, department to department, and then ultimately written off or shipped off for collection. When often, the only thing missing was one person taking the time to re-establish a relationship with the customer to address the unfinished business.
I’m not talking about a relationship where you go out to dinner or on vacation together. I’m talking about a relationship that involves a form of gratitude for the business, a conversation about the business conducted and a conversation about the invoice for the services and ultimately a conversation about the expectation of payment.
Because of the many layers in business, no one individual feels responsible to initiate this relationship.
In The Art of War for Women, author Chin-ning Chu says, “Eat what you kill. One who is skilled in warfare will not depend on the food supplies that are transported from the distant home country.”
From my perspective, this reaffirms the problem of the unfinished business. Don’t depend on future sales or band-aids such as a line of credit or layoffs to make up for lost profit from invoices you don’t collect.
Is your Unfinished Business of AR draining your business of its extra 15%?