Recovery Reader The September 2019
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FROM THE DESK OF Dan Larson
Ahhh! Fall is coming. The days are getting shorter and leaves are turning red, just like those receivables! So , how do you rake up those dollars littering the receivables landscape?
Collection recovery takes tenacity to produce results. Also, it takes TIME! Chasing debts can displace your staff’s focus in generating new sales. Adding staff to attempt collection of aged receivables can cost more than the original debt. A better approach is to tighten billing and credit processes AT THE BEGINNING of the sale. Focus on developing clients with a good credit screening process, and follow up, then forward those aged receivables to the professionals. This month’s article of changes to attract millennials is also changing the landscape of collections. In years past, to many people, paying your debts was the “right” thing to do. You and your customer worked out the repayment. Increasingly today, there is an attitude of entitlement. That can be a game changer. Some adults have a “catch me if you can” attitude. Consumer regulations also impact the methods of collection. So, the techniques to recovery are changing. Recently, we began collection on accounts for a local landlord, when I delivered her first statement, the manager looked at the check, looked again, and said, “Well, that’s more than we ever recovered ourselves!”
ARE YOU USING LINKEDIN PROPERLY? Best Practices for Modern Professionals Networking in the modern age is a complicated and nuanced part of running any business, and choosing a social media platform for it can be a huge commitment. Luckily, this is where LinkedIn, one of the top business networking sites to date, comes into play. Two business professionals join the platform every second, with 590 million users recorded at the end of 2018 according to Hootsuite. LinkedIn is the clear choice for business networking, but even the best tool needs to be used correctly to be effective. Here are some do’s and don’ts to make the most out of your LinkedIn experience.
I SMILED AND REPLIED, “AND THAT WOULD BE WHY YOU HIRED US!”
When posting content on your LinkedIn page, you need to ensure it will add value to the people who are following you. A great rule of thumb is to make sure the content is related to your industry or a related field of interest. You need to think about your followers’ lines of interest, not just your own. This is something to keep in mind for direct messaging as well. If a customer doesn’t see a direct value to themselves in your marketing, then they will usually consider it spam and might even unfollow you.
Give me a call, we can bundle up those receivables for you, leaving your receivable landscape looking great!
- Dan Larson
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UPDATE YOUR PROFILE REGULARLY
It’s important to keep your profile current. Keeping your info relevant is the best way to make sure you’re maintaining and nurturing your brand awareness. As a general rule, you should check your profile at least once a month. Try to look at your profile through the lens of a potential client or a new connection. Would someone recognize you by your current profile photo? Are the skills you have listed the only skills you’re utilizing? Did you recently acquire any new certifications that are not up yet on your profile? The more skills you have listed, the more connections you can make that benefit you and your business. So, when in doubt, always add it to your profile. While these are some great tips and tricks to increase your personal brand awareness on LinkedIn, they’re just the basics. Every industry is different, but this advice will get you started on the right path toward making yourself known on a professional level.
ASK COLLEAGUES TO ENDORSE YOU
COMMENT, SHARE, AND LIKE
Don’t be afraid to ask your peers or colleagues to endorse you on the platform. This benefits you in several ways. For one, it’s an easy way to maintain a connection for you and your peers. It also increases your chances of being found via LinkedIn search. Recent studies have shown that if you are endorsed, you’re more likely to show up higher on search results within your industry.
If you’re not participating in the growing conversations about your industry on LinkedIn, then you’re missing out on an excellent opportunity to generate brand awareness. When you comment or share content, you are networking in a noninvasive manner and prompting your followers to engage with the content you’ve posted as well.
You might have heard people call millennials lazy, entitled, and afraid of long-term commitments, but that trend is starting to shift. Today, businesses can’t afford to write off millennials because they actually make up a major percentage of the workforce. According to the Pew Research Center, there were 56 million millennials either working or looking for work in 2017, making up 35% of the labor force. When so much of the country’s available labor is part of one demographic, you must ask yourself this question: How do I get millennials to work for me? RECOGNITION, FLEXIBILITY, AND PURPOSE 3 Tips for Attracting Millennial Employees
CREATE A SENSE OF PURPOSE More than anything, millennials are looking for some level of personal fulfillment — not just a paycheck. Create a brand story and work culture that expresses a greater purpose for prospective employees to get behind. Set high standards for the culture you want to create and maintain those standards. If you do this right, the talent you’re looking for will come to you. Just because millennials want more flexible work schedules and individual recognition doesn’t mean they aren’t willing to work hard. In fact, the opposite is true. By adapting your company culture to suit their lifestyle preferences, you can make sure your younger employees take an interest in your business and stick around.
DITCH THE 9-TO-5 STANDARD Offering more flexible work hours is a start, but if you really want to attract millennials, then your entire work environment should embrace modernity. Have the latest tech and tools for day-to-day operations, offer frequent opportunities for promotions and raises, avoid micromanagement, and give your young employees room to learn and grow.
CATER TO THE INDIVIDUAL Millennials don’t want to be just another cog in the machine. They want to work somewhere that values their unique skills and lets them use those skills effectively. When seeking millennial talent for your company, highly specific job listings will attract exceptional employees. Once they’re on board, be sure to nurture their skill set. Give them a chance to grow with your company, and they’ll be sure to stick around.
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WHAT HAPPENED IN REED SPRINGS?
How a Small Town Went Bankrupt Over a Pothole
Dwyer left office while being investigated for insurance fraud, child pornography, statutory rape, witness bribery, and perjury, and he was later sentenced to seven years in federal prison. Among his many indiscretions, Dwyer also let the town’s insurance policy lapse. Reed Springs didn’t have insurance when Sally Stewart got hurt, which is why they had to write a check out of their own budget and ultimately declare bankruptcy. In this case, what started as a simple pothole accident quickly unveiled the lasting damage of an unscrupulous politician. Perhaps this case serves as reminder about why it’s important to vote in local elections.
surgery. To help pay for the medical bills, Stewart, who’d never sued anyone before, initially filed a personal injury lawsuit against the owners of the store in front of the pothole. However, the Missouri Court of Appeals determined the city of Reed Springs was liable for Stewart’s injuries. The court ordered Reed Springs to pay Stewart $100,000, over half the city’s annual budget. Despite the high price tag, in normal circumstances, this verdict wouldn’t have forced Reed Springs to declare bankruptcy because the town’s insurance would have covered the bill. Unfortunately, at the time of Stewart’s accident, the mayor of Reed Springs was a corrupt man named Joe Dan Dwyer.
In 2002, the quaint town of Reed Springs, Missouri, declared bankruptcy. The hard decision came after the town was forced to pay $100,000 to Sally Stewart, a woman who sued Reed Springs after she tripped over a pothole during a shopping trip. News of a greedy woman ruining a small village to make a quick buck sparked outrage across the country. But Stewart wasn’t the real villain of this story. A little digging into this case reveals a much deeper conspiracy. Stewart had been visiting Reed Springs in 1998 when she tripped on a pothole hidden beneath some overgrown grass on the sidewalk. But this was no small stumble. Stewart tore two ligaments in her ankle and had to undergo
Take a Break!
CLASSIC APPLE CRISP
Inspired by Food Network
3/4 cup all-purpose flour
5 lbs Granny Smith apples, peeled, cored, and chopped
1/3 cup brown sugar
1/4 cup pecans, finely chopped
1/4 tsp ground cinnamon
1/4 tsp salt
3 tbsp all-purpose flour
6 tbsp chilled butter, cut into pieces 1/4 cup pecans, coarsely chopped
2 tbspmaple syrup
1 tbsp lemon juice
Directions: 1. Heat oven to 350 F. 2. In a mixing bowl, mix all filling ingredients together. Transfer to individual serving ramekins. 3. In a different mixing bowl, combine flour, sugar, cinnamon, and salt for the topping. Mix in butter until it forms lumps roughly the size of a pea, then stir in pecans. Sprinkle topping over filling. 4. Bake for 35–40 minutes, let stand for 10 minutes, and serve.
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INSIDE THIS ISSUE From the Desk of Dan PAGE 1 LinkedIn Lessons PAGE 1 How to Attract Millennials to Your Business PAGE 2 A Surprising Reason for Bankruptcy PAGE 3 Take a Break PAGE 3 Classic Apple Crisp PAGE 3 A Reading List for Real Success PAGE 4
BUILD A MILLIONAIRE’S LIBRARY: Book Recommendations from the Ultra Successful
‘IT’S NOT ABOUT THE COFFEE: LEADERSHIP PRINCIPLES FROMA LIFE AT STARBUCKS’ BY HOWARD BEHAR Who read it? Katrina Lake, founder and CEOof Stitch Fix Starbucks is known for its quick coffee and seasonally controversial cups, but that’s not what turned the company into a world-conquering success. In“It’s Not About the Coffee,” Howard Behar highlights the importance of company culture and the role business leaders play in helping their team members reach their full potential. ‘CREATIVITY, INC.: OVERCOMING THE UNSEEN FORCES THAT STAND IN THEWAY OF TRUE INSPIRATION’ BY ED CATMULLWITH AMYWALLACE Who read it?Mark Zuckerberg, co-founder and CEOof Facebook Ed Catmull, co-founder of Pixar, is responsible for some of the most successful animatedmovies in the history of cinema. “Creativity, Inc.”explores the creative process behind such films and how this process can be replicated in any industry. Forbes has suggested that Catmull’s book“just might be the best business book ever written.”
What does every successful person have in common? They read. Avid reading is a key characteristic of the ultra successful because, through great ideas, you can learn how to achieve your full potential. If you want to be more successful in business and in life, you should definitely add these great books to your reading list. ‘BUSINESS ADVENTURES: TWELVE CLASSIC TALES FROM THEWORLDOFWALL STREET’ BY JOHN BROOKS Who read it? Bill Gates, founder of Microsoft Famously loaned to Bill Gates byWarren Buffett himself,“Business Adventures”was written and originally published shortly after the stock market crash of 1962. In this book, John Brooks recorded the successes and failures of 12 major companies of the era, including Ford, Xerox, and General Electric.
‘LETTERS TO A YOUNG POET’ BY RAINERMARIA RILKE Who read it? Jen Rubio, co-founder and president of Away
From 1903–1908, renowned German poet Rainer Maria Rilke wrote letters to a young, aspiring poet. These candid thoughts fromone of the greatest artistic minds offer insights on life, love, and how to fully experience the world we live in. Each letter is a valuable reminder that we should never underestimate our own artistic spirit.
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