If you have an issue with an employee, you can’t afford to wait and see if it straightens itself out on its own. If there is a problem, address it head-on at the source. Ignoring an issue, or leaving it for a future date, will not only hurt your business in the short term, but it could have a lasting effect on your company culture, other team members, and your bottom line — for months, if not years. Have a tough conversation today to minimize the damage down the road.
Speaking of tough conversations, collections are another area where many business owners like to put off the inevitable for fear of having to make hard decisions. But allowing a customer to push their payment back 30, 60, 90 or more days can really hurt your bottom line and your ability to pay your own employees and vendors. Compounding the issue, if you put off sending a client to collections and allow them to purchase from you in the interim, you could end up losing even more money in the long run if they choose to delay or deny payment altogether.
There are many scenarios where the “wait and see” method is a great way to free up your time and energy to focus on the things that really matter with your business. But when it comes to sales and marketing, staffing, or collection issues, you’re better off addressing the issue head-on, as soon as you realize there’s a problem.