We’re not talking about your employees instead we’re talking about all of the people you work with through your business. So in this case Suppliers, Customers and Professional Advisors. Are they ‘radiators’ that project energy and enthusiasm and have gone all out to help, or are they ‘drains’ that sap energy and are high maintenance?
Suppliers
Who has been supportive and understanding of any payment difficulties you may have had? Who was proactive offering advice and support rather than simply sending more “we are open for business” e-mails?
Go through you main supplier list and grade them in three categories….
1. They have been helpful and understanding and really tried to add value to your business despite their own challenges. They went all out to adapt and maintain supplies?
2. They have been OK. Not caused us any hassles with payment issues or supply needs, but still broadly reactive and added very little.
3. It has been a difficult relationship in the last few months. Aggressive debt collection, poor communications and inconsistent supplies.
Based on that perhaps you should make a clear resolution to place more business with those in category 1 and less (or nothing) with those in category 3. Those suppliers that have acted as ‘partners’ sharing the challenges, will be the best ones to work with during the recovery period.
Customers
As with suppliers, customer relationships should be mutually beneficial. Have any taken the mickey with cancelling payments, or been unfairly aggressive on price negotiations? Do the same categorisation…
1. Have they worked with you to keep orders flowing and understanding of any difficulties with work or deliveries? Have they paid on time and been positive and great to deal with?
2. Have they just bought less stuff and been a little elusive to contact? Were they unreceptive to proactive ideas?
3. They have failed to pay agreed bills, avoided all attempts to communicate and orders dropped off a cliff.
Of course you may be sympathetic to their struggles adapting to the crisis, and they may well have had bigger difficulties than you. But look carefully at all your customers and consider saying ‘thank you’ to those in category 1. You will be amazed how much impact a simple card or a box of chocolates can have for those that have worked positively with you.
Also take a look at those in category 3. The odds are that these have always been the difficult customers, always wanting more for less, and maybe your recovery will be easier without them. You should also consider whether those in the bottom group are a higher than normal risk of a bad debt? The last thing you need in recovery is to sell stuff that you don’t get paid for.
Accountants and other professional advisors
Most businesses will have a firm of accountants to help them with accounts, audit or tax work for example. Many will have a firm of lawyers that they use regularly for all sorts of advice, and others may work with surveyors, funding experts, financial advisors or all sorts of specialist professionals.
Make a list and ask yourself whether they have been proactive and innovative during the last few years. Have they looked for ways to help, offered ideas or inspiration, or simply made contact to see if you are OK?
Grade them from 1 to 5…
1. No contact at all. Didn’t even respond to your calls or e-mails
2. Available when needed, but no proactive contact.
3. They only made contact to communicated changes to their business (opening hours etc)
4. Contact made, normal service maintained and some ideas, but only when asked
5. Proactive, innovative, supportive. Pushed out really useful information and called regularly
Perhaps you should consider whether any professional advisor with a score of 1 or 2 deserves your business? Even a 3 or 4 may not be enough to help you tackle all the challenges that will come during recovery. Do you need all the advisors on your team to score a 5?
If your accountant hasn’t scored 5, we would be delighted to talk to you!
We are strong believers that the people you work with can make an impact on you and your business which is why our DNA reinforces everything we do here at Mark Holt & Co Group and drives us to make an IMPACT to you.
Sharing with you that our goal is to make a difference does have its problems as anyone can say the same. So we must find ways to show you what we do. First step is to hear from some of our clients…