Just think about it folks, just think, today is 1st of July. We have crossed the halfway mark of 2016. If you made any new year resolutions, do you even remember them?!
Where has the first half of the year gone? All I have to show for the first 6 months of the year is more grey hair, further growth of Gynecomastia and less elasticity on my ageing skin.
Will the rest of 2016, just pass away? All I can say is that the first six months of the year have been very difficult. Very difficult. I am beginning to see some positive changes in the second half of 2016.
I have no doubt you know, my dear reader, that you really have to on top of practice management (PM). It is so easy to slip up on PM. One example of this is changing client’s discounted flat rate after a year. Why do we not get a HMRC reminders 11 months into discounted rate, saying flat rate goes up by 1%, remember to change it. This one is so easy to miss. We missed a couple!
We have some clients who pay after work is completed and not through monthly direct debits. On checking, I did not invoice them earlier for the work. It is is very poor business practice.
One aspect to take on board from well-known businesses like Vodafone and Virgin is they do not miss a trick to make sure that you are informed how much you have to pay and by when. Miss a payment, you will get calls, texts, emails and letters until the account is cleared. When it comes to money it is NOT personal like their adverts, that depict how warm and friendly they are.
No one likes paying bills. For a small practice like mine, I need to be extra sharp to make sure invoices are settled promptly. If not, start chasing. I think I am soft. Can’t have this. We have done the work, pay now!
Thankfully 80% of my clients are on DDs. I will get on top of 20% to make sure we have paid what was due to us.
We are working towards getting PM bang up to date. Further, keeping it up to date.
Value Adding Work
I did spend some of the week, but not enough of it, on value adding work. It included thinking about marketing. As I mentioned in an earlier blog, I have stopped all marketing activities. It is showing now with considerably less potential client interest. At this stage, we are okay since we are catching up with existing work.
I will get back on marketing bandwagon in August.