• Establish the amount due: provide written documentation to the Client and ask for confirmation that the amount is correct
• If they agree to the amount, negotiate a payment schedule, send them notices in advance of due dates (requesting read receipts), call them right away if they are late or miss a payment – staying in touch with them throughout this process is key as you want to hold them as close as possible to their commitment. You are relying on their ethics. It’s easy to get fatigued and stop paying attention but don’t let that happen – stay vigilant!
• If the Client does not acknowledge the amount, engage them in a discussion to understand their point of view and consider the legitimacy of their claims. Try to find out very specifically the points of agreement and disagreement. Based upon a dispassionate consideration of their statements, was your Company’s performance worthy of the invoiced amount? Are you willing to accept a smaller amount either because they have a legitimate point or simply in order to move on?
• If you are not willing to negotiate, tell them so in writing with a request for payment. If they do not respond to this in a reasonable timeframe, ask your attorney to send them a demand letter – this will often do the trick and its money well spent.
• If you are willing to negotiate the amount and the timing of payments, tell them so. You may want to estimate your expected legal fees and the value of your time. Generally speaking, small claims are not worth pursuing from an economic and opportunity cost perspective. Large claims may be worth your time and money.
• Ultimately, if they won’t pay and the amount owed is large enough to justify your time and investment, you may have to pursue them via legal means.  Unfortunately, in our legal system, it is very unlikely that you will recover your legal costs, and the process may take 1-2 years to complete so make sure you have the stamina and wherewithal to go through it.

A year ago, a business advisory Client did not pay the final amount due on a business plan because he had cash flow problems in his business. It was disheartening because I had gone the extra mile on the Plan and really enjoyed working together. He was never willing to commit to a payment schedule despite my numerous repeated attempts but the amount was not large enough to justify taking him to court. So, I stayed very constructive in our communications – though I was tempted to not be civil – and a year and a half later he stopped by and made his first payment and handed me a note that said “This is a very small part of what I still owe you. You will have the balance in full soon.” Conducting yourself as a professional craftsman sometimes pays unusual dividends.

Business owners and Bruce Springsteen fans, check out the book “Born to Run: A Hidden Tribe, Superathletes and the Greatest Race the World has never seen” by Christopher McDougall. It will stretch your imagination, improve your stamina, help you sprint past obstacles, increase your appreciation for different running (your business) styles and remind you of just how glorious it can be to achieve great things.

This story of Mexico’s Tarahumara Indians, whose lifelong activity of ultra-running (more than 100 miles at a time, sometimes as long as 48 straight hours) in perilous conditions, will amaze you. And their climactic interaction with some of the most elite ultra runners in the U.S. will really have you huffing and puffing… with sheer joy.

This story reveals scientific evidence that the human race was meant to run – to outlast prey through superior endurance and despite inferior speed and that the introduction of the running shoe by Nike in the 1960s has led to a staggering injury rate for the reason that the supposed protection these shoes offer actually condition runners to not follow nature and do harmful things to themselves.

Business success is not a marathon but an ultra-marathon. You can survive on a minimum diet if it’s the right food (the right team, the right products, the right strategies). You can overcome great obstacles such as heat stroke (intense competition), dehydration (running out of cash) and getting lost (lack of a good business road map).

The camaraderie and shared values of the elite US ultra-runners with these tribal people makes me think of the value of a strong industry – competitors yes but with a healthy regard for the rights of others and an underlying knowing that a strong industry is better for all.

Your ultra-success can be found when you commit yourself to finding the hidden trails, learning the smooth motion of the Tarahumara runners and enjoying the journey.

Business owners like us, baby we were born to run!

You want your Company to be valuable?  Then you must generate a stream of consistent earnings growth over a period of years with performance better than most of your competitors.

There are exceptions to this but they are few: you may have assets i.e. intellectual property, products, land/building which are more valuable than your earnings stream or you may be in a hot market where, for a period of time at least, buyers will pay a multiple of sales to absorb your customer base and reputation. But, these are the exceptions. 98% of the time prospective buyers will value your business on expected earnings and they will base this largely on actual results.

So, business chefs, it’s all about Pi.

Here are some key ingredients:

• High retention rate of profitable Customers
• Selling more to existing Customers
• Steady addition of new Customers (efficient/effective marketing and sales)
• Maximize Gross Profit dollars (the right price/quantity balance)
• Minimize expenses (increase high ROI spending, limit low ROI spending)

Fire up the oven, it’s time to bake Pi!

Who is 6’ tall, weighs 175 pounds and frustrates the daylights out of the best basketball players in the world? Jose Barea, that’s who.

The pesty, faster than greased lightning, body contortionist was the game-changer that allowed the underrated Dallas Mavericks NBA team to beat the favored Miami Heat for the 2010-2011 NBA Title.The average NBA player stands 6’7” and weighs 221 which means, when you add on wingspan (he doesn’t have any), he is severely undersized and disadvantaged to defend an opponent, to take shots, to withstand body shots… you get the picture. Heck, most 6 footers would never attempt to penetrate the lane against large, muscled defenders who have no intention of allowing a shot and yet …

Barea is oblivious to this. He didn’t read the “conventional wisdom” beliefs that leave guys his size on the sidelines. He spins, whirls, dashes about, squeezes between large bodies where there is virtually no room and puts up shots that have never been seen. In one play, 6’8” Udonis Haslem practically smothered Barea and could only shake his head after the ball miraculously went through the hoop. His expression seemed to say: “I hate this. I can’t believe this. This pipsqueak is an out of control whirling dervish.”

Barea illustrates the lesson that even in a league of supremely gifted, tall, fast and well trained athletes, there is a way to succeed when you are short, can’t jump and make the referee look tall.

Find the Barea in you – the basis upon which to compete successfully – and steal the thunder in your market!

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Trying to build up the courage to take some risks in your business? On this page you’ll find free business assessment tools that will help you. They were inspired in part by reading “Shadow Divers” by Robert Kursonwill, which I’d recommend you read.

It will provide you with a compelling illustration of just what extreme risk looks like. A quick business assessment of this venture would have had large red letters marked “danger!”

What is Deep Wreck Diving?

Deep wreck diving is among the most perilous of human activities. These brave adventurers risk their lives – and often lose – in pursuit of glory, riches and perhaps simply to test themselves.

But what does deep wreck diving have to with business & corporate growth?

The business owner who considers such a risk is betting on his/her ability to win or, in the event of a loss, starting over. Is that you?

Important Questions: What are the risks?

This is one of the most important questions regardless of whether you’re doing a free business assessment or paying for one. In the case of deep wreck diving, for example, the risks are huge:

• Strong and very unpredictable currents,
• Limited visibility in which to get lost both inside and outside the wreck,
• Sharp edges and heavy objects on damaged/decaying ships and
• The almost inconceivable pressure on the human body when depths beyond 100’ below sea level are explored.

Every 33 feet you descend into the ocean increases the pressure on your body by one atmosphere. 95% of diving in the ocean is recreational and takes place in depths of less than 50’. Divers report that at 130’ the body starts rebelling, and at more than 200’ – where this story takes place – hallucination and even worse set in.

As if those problems aren’t enough, returning to the surface must be done very slowly – often up to an hour- with rest/recovery at specific depths in order to allow the body time to adjust. Those who return rapidly to the surface often do not survive.

Important Questions: What are the rewards?

What’s the Return on Investment (ROI) on such a venture? Financially, it would depend upon the value of goods salvaged from the wreck. The reputation or Brand impact for your Company would be measured in the ability to convert success into future business. The Personal Satisfaction from such an undertaking may also influence your go/no go decision.

THIS Opportunity

These divers report having explored the sunken U-869 60 miles off the New Jersey coast beginning in 1991 for 7 years! It was a boat that simply couldn’t have been there according to the war records of the Allies and German military. It was enticing yet far more difficult – 230’ below sea level – than other deep sea wreck explorations attempted by anyone. As a business owner, your assessment template should be based on the idea that you don’t consider something like this unless you truly understand the risks and are willing to take your chances.

How they did it

Meticulous planning, a very experienced team, operating as safely as possible and avoiding bad weather were just some of the keys to success. You can’t leave persistence out of the equation however. Lesser adventurers would have given up on this quest years before this team did. As you look at your own team, do they have the right stuff to attempt a major move? This is not a good time to perform an inaccurate assessment.

The Result

The divers ultimately did solve the mystery of the U-Boat. 3 diving companions lost their lives. The surviving families of the crew of the U-Boat were told of the fate of their love ones. Valuable items were recovered but the divers primary satisfaction came from solving the big mystery… by taking the big plunge.

Are you considering a big plunge? Think deep. And take this free business assessment that we developed just for you.

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1. Take a look at your existing markets.

Getting new customers is something than many businesses focus on when they want to grow.  However, your existing customers can be a much better place to look for more sales.  After all, they’re already buying from you.  It’s a lot easier to get them to buy again than it is to convince new customers to buy.

2. Referrals are valuable.

Your existing customers can also help you find new ones.  By referring you to their friends and relatives, they can help your business grow and your reputation improve.  However, you shouldn’t assume that just because you do a good job, your existing customers are passing on the word.  Seek referrals actively to get the best results.

3. Find new uses for your services or products.

One way to find new markets and get more purchases from existing customers is to discover new, innovative uses for your service or product.  After all, many things have multiple uses – you just have to find them.  Diversifying what you offer is another version of this that can be very effective.

4. Find new customer pools

Extending your reach to new customers can be a big help.  This can include opening new physical or virtual locations so that you can reach more people, or by increasing your advertising.  Choosing to advertise in media that targets a new market can be very profitable.

5.Look for niche markets.

If you’re capable of dominating a small, unique sector, it’s a lot more effective than being a small fish in a big pond.  Specialization can be a very good idea if you can find needs that aren’t being met.

6. Trade shows are valuable.

Trade shows can be an extremely effective way of helping your business grow, by drawing in people who already have an interest in what you do.  Your bottom line can improve significantly.  Just make sure that you choose your shows with care and find the ones that go best with your company.

7. Keep costs down.

Remember that growing your business is actually about improving the bottom line.  If you can reduce costs and make things more efficient, things will improve.

Of course, these are just a few ways to help your business grow.  There are plenty of others that’ll help you increase your bottom line and become a real success.  Use these tips with a smart strategy to keep on expanding.

What market share does the company have and where does it stand among its competitors? How cost effective is the business and where is it leaking time, money and resources? Every part of your company’s operation can help to generate corporate growth. In fact, if you come across any part of your operation that isn’t contributing to your company’s growth, it is probably detracting from it.

The next stage is to decide on which areas need improvement and allot a specific task to solve the shortfall. For example, through strategic alliances and re-distribution of existing resources, it may be possible to expand the production line, increase capacity and accelerate the time taken from production to market. These are all vital components in corporate growth.

New ways need to be found to connect executives with the funds, resources and partnerships that will trigger corporate growth. Aggressive marketing, capturing a greater share of the market, venturing into new markets and distribution channels all have the potential for fast growth. By developing cost efficient methods it is possible to accelerate revenues and catapult productivity at the same time.

Everything you do should be aimed at increase in the following areas:

• Resources
• Market Presence
• Productivity
• Profit
• Efficiency
• Sales
• Quality management

When you have a system in place to ensure you and your team are actively engaged in increasing the above areas in your business, it will be almost impossible to prevent corporate growth from taking place.

Des Vadgama is a leading expert on fast business growth and boosting profits by 50% or more.