Bridge Firm Recovery June 2019

Bridge Firm Recovery June 2019

Recovery Reader The June 2019

www.bridgefirmrecovery.com (269) 359-0814

MANAGING YOUR RECEIVABLES When you first open your doors for business, you tend to take every customer who walks through your door. Some pay up front, and some ask to be billed. Either way sales are booming! It feels like the world was just waiting for your business! Or so you think … About the fourth month, the unpaid sales have also spiked to new highs. Even more challenging, cash flow begins to tighten. Uh oh! What happened? As it often turns out, some customers who “flocked” to you are people who take advantage of businesses. They don’t pay anybody if they can get away with it. We are often asked to recover on these potential bad debts. While we love to do it, we also believe there is a better way to manage those outstanding receivables. FROM THE DESK OF Dan Larson Have you determined your risk tolerance and set standards for deposit and progress payments? Do you have a process in place that allows you to review and determine the customer’s ability to pay for the services? Do you have a quality contract? Written by an attorney who protects YOUR interests? AND signed by your customer? Do you maintain detailed documentation, change orders, and notes from discussions and emails? Do you have a specific process to bill and follow up on payments due? If you answered NO to any of these questions, we would love to talk with you. Together we can keep the cash flowing and your customers coming back for more! • • • • How so? Receivables management begins BEFORE the sale: •

“When we make progress and get better at something, it is inherently motivating. In order for people to make progress, they have to get feedback and information on how they’re doing.” –Daniel H. Pink Every business owner knows that providing feedback to their employees is an essential part of their operations, and every one of them reading this article most likely holds annual or semiannual performance reviews to talk about employee performance. But are these reviews really substantive discussions that provide team members with actionable information so they can grow and develop, or are they just formalities in which you run through a list of standard questions and metrics? Are they the only real discussions based on feedback that team members receive? Regardless of your answers to these questions, the fact of the matter is that most business owners and managers could do a much better job providing regular, relevant critique to their staff. A Foundation IQ survey asked more than 30,000 employees to respond to the statement “I know whether my performance is where it should be.”Only 29 percent answered, “always,” 14 percent said, “frequently,” 21 percent said, “occasionally,” 15 percent said, “rarely,” and 21 percent said, “never.”That adds up to more than half of the workforce not knowing if they’re doing a good job most of the time. It’s up to business owners and leadership teams to correct these alarming numbers. If your feedback is deficient, follow these tips for better methods of reinforcing positive behaviors and reversing negative ones. FEEDBACK SHOULD BE CONSTANT The first thing you can do to improve your feedback system is to make it an ever-present initiative. If you let an employee make a mistake without correcting it, you may think you’re giving them the benefit of the doubt. But what happens if they make the same FEEDBACK THAT FEEDS EMPLOYEE GROWTH How to Provide Guidance and Praise in aWay That Resonates

Remember, the sale is not complete until the cash register goes “Ding!”

Have a great month!

- Dan Larson

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Cover story, continued ...

mistake again, or a third time? Suddenly, a small but correctable problem is driving coworkers and management up the wall. What could’ve been remedied quickly and without fuss is now a serious issue. Scheduled, formal reviews must be supplemented with regular feedback. If an employee has project-based work, it’s helpful to debrief at the completion of each project to discuss what went well and what could be improved upon. These sessions can be held in groups or in one-on-one environments. What matters is that you don’t wait until a specific date on the calendar to discuss issues or celebrate good work. IT SHOULD BE DETAILED It’s always nice to hear, “Good work,” but it’s not super helpful. Sure, it’s an affirmation of effort and dedication, and it’s decidedly better than nothing, but it also doesn’t tell an employee very much. Instead, point out exactly how the employee excelled.

Consider these two brief statements:

these topics, but you have to be tactful and empathetic about it.

“Bernice, you are a scheduling rock star.”

Let’s say you have an employee who brings up relevant issues but does so in a way that tends to leave people feeling upset. You should not take the employee to task for their personality, but instead, point out the results of their“pedal to the metal”style. Giving them tools to be more delicate will make themmore effective, which is what they’re after in the first place. AND IT SHOULD LEAD TO IMPROVEMENT If somebody’s attitude is so noxious (or their performance is so inadequate) that you can’t think of anything constructive to say, perhaps you need to consider having a different conversation with them. However, in the vast majority of cases, honest, measured feedback will help an employee improve and make them feel more secure in their role. Whether it’s positive or negative, employees want to know how they’re doing. It’s up to you to start telling them.

“Bernice, we really appreciate the way you schedule things with an eye toward both patient satisfaction and a work schedule that allows us to perform efficiently. The fact that you balance both is amazing and makes our lives so much easier.” Not only is the second statement going to make Bernice feel better, but it also lets her know just what she is doing that makes her valuable. You can bet that reinforcing this specific behavior will enable it to continue. BUT IT SHOULD NEVER BE PERSONAL Feedback, first and foremost, is about the work. It should never stoop to petty snipes at somebody who rubs you the wrong way. Now, that’s not to say you can’t critique the way an employee presented something or suggest a different communication style with their coworkers. You should discuss

LAWSUITS FROM BEYOND Let’s Hope There’s a Courtroom in the Afterlife

We pride ourselves on being a country where everyone receives a fair trial. And while that’s not always the case, even the craziest claims still have to be heard in some capacity by a court of law. As you can imagine, this can result in plenty of spooky high jinks in the courtroom. Let’s take a look at some of the more baffling court cases in recent memory.

occasions after his lawyer missed certain deadlines to turn in proper documents. Thankfully, the issue was resolved, but not before he had his credit cards and Medicaid revoked after appearing to be dead.

SOLEMNLY SPOOKED

DEAD MAN TALKING

An unnamed New York resident — just what on earth is going on in New York? — claimed that the house they’d recently purchased was horribly and cripplingly haunted by unseen forces. The poltergeist was said to disrupt their daily activity, and the plaintiff was suing on the grounds that the home was notorious in the area for being haunted and had a reputation as such. Therefore, the owner felt it should have been disclosed to them before closing on the home. They won. That’s right; the court ruled that the seller misled the plaintiff and should have disclosed the nature of this potentially harmful house. Shockingly enough, this type of thing is required to be disclosed when selling a house in New York. Well, at least a buyer will have peace of mind knowing that they got a sweet new pad and a ghoul for pennies on the dollar.

In something straight out of a Coen brothers movie, a New York man had to sue The New York Times on three separate occasions to get them to stop reporting that he was dead. In all fairness, it seemed like an honest mistake prolonged by the ineptitude of his public counsel and a whole lot of terrible coincidences all rolled into one. Juan Antonio Arias just so happened to share the same first and last name as one “Juan Arias”who had met his untimely demise. After it was reported in a Times article, the living Arias accidentally had his own date of birth and Social Security number added to the death certificate of his now deceased namesake in a terrible mix-up from the coroner. As a result, he sued on three

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Defeating the Summer Slump 3 Ways to Keep Up Productivity During the Summer

June 21 marks the official beginning of summer and the productivity slump most businesses experience. The sun’s tantalizing rays draw your eyes from computer screens or conference room meetings to the outside world. A weekend of fresh air, sunshine, and cool evenings on the back porch infiltrate your mind. Your productivity is sapped, but you’ve still got work to do. So, what can you do? Here are a few ways to combat the summer slump.

outside, or implement exercise breaks every couple of hours. Moving around boosts productivity, and doing it outside can be a great change of scenery.

DRESS DOWN

If shirts and ties are the norm at your business, you might want to consider embracing the laid-back vibe of summer by relaxing the dress code a bit. It’s a small way to ensure employees don’t feel like they’re missing out on all the perks

RELAX THE WORK HOURS

If you’re in a management position, consider tweaking the standard 9-to-5, Monday through Friday schedule a little bit. Some businesses will implement a 9/80 schedule, meaning employees work 80 hours in nine days instead of 10, so they can get every other Friday off. Some businesses will let employees work half days on Fridays during the summer, and others will let employees work remotely on certain days.

of summertime without losing productivity. Plus, who wants to wear a suit in July? It’s tough to compete with the allure of a warm summer day, but sometimes those days can work to your advantage if you make a few simple swaps in your everyday work routine.

GET MOVING

Sitting at a desk for eight continuous hours can stagnate productivity at any point during the year, but during the summer, there’s an easy way to remedy it: getting a little exercise. Since the sun is shining, why not take advantage of it while you work? Try scheduling a “walking meeting”

Take a Break!

BLT DOGS

Inspired by FoodNetwork.com

Is a hot dog a sandwich or not? We’re not here to weigh in on the ever- contentious debate, but when you combine a hot dog with a BLT, it definitely becomes more sandwich-like —and way more delicious.

Ingredients

• •

4 strips bacon

•

1 head romaine lettuce, shredded 1 large tomato, seeded and diced Salt and pepper, to taste

4 hot dogs (ideally Boar’s Head Beef Frankfurters, but any all-beef variety will do)

•

• •

4 hot dog buns

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1 tbsp mayonnaise

Directions

1. Heat a skillet tomedium and fry bacon until rendered and crisp. Transfer to a paper towel to drain. 2. Fry hot dogs in bacon drippings, creating a crust, and cooking until warmed through. 3. Using a dry skillet or oven, toast buns. 4. Spreadmayonnaise on buns, place hot dog and bacon inside, and top with tomatoes and lettuce. Serve.

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Bridge Firm Recovery www.bridgefirmrecovery.com (269) 359-0814 [email protected]

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INSIDE THIS ISSUE From the Desk of Dan PAGE 1 Is Your Feedback Just Static? PAGE 1 Crazy Lawsuits Surrounding the Dearly Departed PAGE 2 3 Ways to Keep Up Productivity During the Summer PAGE 3 Take a Break PAGE 3 BLT Dogs PAGE 3

A Few Dads Who Went Above And Beyond the Call of Duty PAGE 4

HEROIC DADS WHO DIDN’T BACK DOWN Being a Parent Isn’t Always a Walk in the Park

Kids often look up to their father as one of their greatest heroes. There are the long drives to sports tournaments, the late-night movies, and the sweets when Mom isn’t looking. We probably all have some reason to look up to our dad as one of our biggest influences. It’s Father’s Day this month, a special time of year when we take a moment to think about the sacrifices the father figures in our lives have made for us. Most dads are pretty great, but some go above and beyond the fatherly call of duty. Let’s take a look at some heroic dads who risked everything to keep their families safe. BRAD LEWIS: OVER THE LEDGE Life can change in a split second, and how you choose to react in a moment of peril can define your legacy forever. Few people know this as well as Brad Lewis. When Brad and his young son, Oscar, were deeply entrenched in an intense Nerf battle, he surely didn’t think the situation would turn as dangerous as it did. When a few darts missed his father and

landed on the balcony, Oscar ran after them but soon found himself teetering on the balcony’s ledge, 12 feet above the ground. Thinking fast, Brad grabbed his son just before he fell over, both taking the plunge while protecting his son with his own body. Just as he’d intended, Brad absorbed most of the blow. While Oscar sustained serious wounds, his father’s injuries were more severe. Brad was left fighting for his life in the ICU, with severe fractures to his skull and vertebrae. Thankfully, Brad is expected to make a full recovery and has made serious strides since the accident. He and his son will live to play another day. GREG ALEXANDER: COULDN’T BEAR TO SEE HIS SON HURT While camping in Great Smoky Mountains National Park in June 2015, Greg Alexander awoke to the sound of a nightmare. The screams of his son intermingled with the roars

of an unknown assailant, beckoning Greg to his son’s tent. There, he found his son Gabriel being attacked by a bear. The bear had his son by the head and was dragging him away. Greg jumped on the bear’s back, desperately trying to take attention away from Gabriel. Amazingly, it worked, and in the end, the bear ran away. Gabriel was left with serious cuts to his head, but thanks to his dad’s heroism, the two were able to walk away from that campsite and back to their lives together. The important thing to remember is that you don’t have to take a leap of faith or fight a bear to be a hero in your family’s eyes. Just be yourself, show some support, and do the best you can. Happy Father’s Day, everybody.

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