10 CREDIT CONTROL LESSON FROM LORD GANESH ~ Samruddhi Safal Nivesh 2020

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10 Credit Control LESSON FROM LORD GANESHA

Goddess Parvati creates Lord Ganesha to guard the entrance while she takes a bath. Lord Shiva returned home at the same time but was not allowed to enter the house by Ganesha. He lost his head to Shiva's divine fury but did not break the trust of his creator and breach his duty.

When Parvati knew about this, she was angry and decided to destroy the world. She was stopped by lord Shiva who realized his mistake and gave Ganesha a new life and the status of being foremost among the gods.

Are you confuse about my blog start with lord Ganesha's spiritual birth story. The story says that there is no shortcut to success. All of us are in such a hurry to attain success that we keep looking for shortcuts. In most cases, shortcuts lead to disappointment rather than quicker success. Dedication and sincerity are the stepping stones to corporate success.

Life Lessons

Lord Ganesha will now be ready to come to town - and he's bringing lots of top Credit control tips with him. People will celebrate Ganesh Chaturthi on 22 August this year. Many Ganesh Mandals have already decided not to celebrate the festival with huge pomp and show in order to contain the spread of coronavirus. Instead, The Pandal has decided to set up Blood and Plasma donation camps.

The move has been taken in adherence with an appeal by Cheif Minister Uddhav Thackeray to mark Ganeshotsav 2020 with more devotion but less pomp in the wake of the raging COVID-19 Pandemic.

10 CREDIT CONTROL LESSON FROM LORD GANESH

Whilst business guidance may not be top of your Ganeshotav wish list, you won't want to miss these 1o credit control lessons that you could learn from Lord Ganesha.

Lord Ganesha Rewards Good Behavior.

One night, Lord Ganesha went to ride on his mouse and a tiny mouse could not bear his weight. The moon started laughing and Todd to Lord Ganesha. Due to such behavior Ganesha got angry and cursed the moon saying that anyone who looks at the moon on the right of the Ganesh Chaturthi will be falsely accused. The moon begged Ganesha to remove the curse and Ganesha also realized that he had overreacted but he could not take the curse back.

Everyone knows that if you've been good you'll probably get what you asked for, but if you've been bad you'll wake up on Ganesh Chaturthi morning to a sack full of coal.

Rewards For Good Behavior.

Your customers too should know what will happen when they pay on time and when they don't. always think before you react because anger passes on but actions remain. So next time you feel the blood rushing down your veins a tad faster, take your emotional temperature, and allow yourself to cool down. You will be amazed by the change in your perspective regarding the situation and how to deal with it.

Often just thanking your prompt payers is enough to encourage them to pay on time in the future. But have you considered offering early settlement discounts to incentive your customers to pay on time? The discount percentage doesn't need to be excessive, nor apply to every customer, but just enough to encourage early payment and improve cash flow.

More importantly, you need to make it clear what will happen if your customers miss payment deadlines and end up on your naughty list. Make sure your terms and conditions include a section on your late payment procedure; This can include charging late payment interest and outsourcing the debt to a collections agency. Often this will be enough to encourage customers to pay on time, every time.

Lord Ganesha pays attention to detail.

Once upon time goddess, Parvati had a divine fruit wanted by both her sons Ganesha and Kartikeya. Lord Shiva decided that the one who circles the world three times and comes back first would get the prize. Lord Kartikeya swiftly got on his peacock and Ganesha was well aware that his enormous form and his vehicle, the mouse, spoiled his chances of winning the race.

After a little thinking, Ganesha started walking around his parents, Lord Shiva and Parvati. When Shiva and Parvati asked him why he was not circling the world, Lord Ganesha replied - My world is at my parent's feet. He not only won the fruit but also earned the admiration of other gods.

The Ganesha Kartikeya story highlights the importance of thinking clearly especially in an adverse situations. Panic clouds your judgment so all you need to do is master the art of controlling your intentions and focusing on how to utilize available resources to make the best out of the worst.

Don't panic, make the best of your situation

When Ganesha makes his list and checks it twice he's extremely careful to make sure no mistakes are made. Your business should take a similar approach to your invoicing. Making mistakes on your invoices not only makes your business look unprofessional and unorganized, it could also lead to disputes on payment and be costly for your business. So, like Ganesha, be

diligent with each and every invoice you send out.

Lord Ganesha takes the time to get to know his Devotee.

Every year Lord Ganesha takes the time to find out who's been naughty and who's been nice. And your business should too. Offering credit to customers who can't or won't pay can be devastating. But the risk can be reduced by using credit reports which allow businesses quick, informed decisions about who you do business with. And he doesn't just make his list once. Ganesha redoes the list every year to make sure he gets it right. Likewise, credit checking shouldn't be a one-off event when the first order is placed- it should be an ongoing task. Even the most reliable customers may have a change in circumstances that could affect their ability to pay on time.

Takes the time to get to know his Devotee.

Lord Ganesha got a system that works.

Ever wondered how Ganesha manage to only work over the Ganesh Chaturthi period and then spend the rest of the year? It's all down to good planning and a system that works, with an efficient procedure in place your credit control too can be plain sailing. Clearly set out a day-by-day strategy and make sure you train staff appropriately so that all stages are adequately completed and meticulously stuck to. This credit control procedure should include every step, from the moment the order is placed until the invoice is paid.

10 CREDIT CONTROL LESSON FROM LORD GANESH

Got a system that works.

Lord Ganesha loves his job

Keeping scores, trying to get even, and pulling-down always make you less than what you are. Moreover, the energy you invest in holding a grudge steals energy from other important things.

Ganesha is always jolly and most of that is because he gets joy out of doing his job. He loves his work and whether he's in his workshop, out on his sleigh or meeting his fans he's always smiling. And like a credit controller, you should love what you do too.

But, unfortunately, with late payment putting increasing strain on small businesses many companies are falling out of love with credit control. If the task of credit control is becoming too burdensome for your business, outsourced Credit Control companies can take on the task for you. Their passion and commitment to the job, combined with their extensive expertise, will often see better results.

love Your Job

Ganesha always listens carefully.

Every year Ganesha takes the time to meet with his adoring public and lets each child sit and tell him what they want for Ganesh Chaturthi. His impeccable listening skills and genuine interest in the needs of children all over the world means he is never short of fans.

The relationship you have with your customers should never be underestimated. Like Ganesha, your business can benefit from a friendly and positive relationship with your customers. Not only will it encourage them to purchase more goods and services from your business, but it will also improve the chances of getting paid on time - the more they like you, the less likely it is that they'll keep you waiting.

Always listens carefully

Lord Ganesha- never loses his cool.

Confidence is silent and insecurities are loud. Humility is a very endearing quality which is becoming hard to find. No one appreciates people who keep boasting about their achievements. Humbleness can help you build genuine and richer relationships with people you work with. Try not to become too big for your boots, as circumstances might force you to eat the humble pie. So, it's better to be humble yourself in the first place.

Be Cool.

Have you ever seen Ganesha get angry? Of course not. Being jolly is part of Anant Chaturdashi package and even when he's got loads of work to do he never lets his stress show. This is an extremely important skill that all credit controllers need to learn.

Whilst listening to excuses and dealing with difficult customers can be hard work it's important to never lose your cool. When it comes to Credit Control, you need to be firm but fair. Being aggressive towards customers is unnecessary and could damage relationships and your brand.

Lord Ganesha - Hires Good People

There is a famous saying that the smallest package is a person wrapped up in himself! We often forget what others think or feel as in this cut-throat competitive world, selfishness seems to come easy and naturally. Helping a sharing our ideas and resources, not only benefits the team but it also benefits us an individual.

Lord Ganesh would be nothing without the help of his elves and reindeer. They do an impeccable job in making sure that the toys are ready and that they all get delivered in time for Chaturthi morning. And your Credit Control will benefit from a good team too.

Hire Good People

When hiring Credit Control staff, or even when outsourcing to a debt collection agency you need to make sure that your company is being represented in the best way possible. The key is finding employees and / or a debt collection partner that will respect your brand as much as you do.

Lord Ganesha - always keep his promises

Every year Ganesha promises to deliver toys to all the little girls and boys. Can you imagine what would happen if one year he decided not to bother? There would be mayhem of course.

Likewise, you need to make sure that you always do what you say you're going to or your customers will lose faith in you too.

If you don't follow up with your customers when you say you're going to, they will think you've forgotten about it and could stall payment for even longer.

keep Your promises

Lord Ganesha not afraid to work hard

on the night before Ganesh Chaturthi travels the world delivering presents so that, on Chaturthi morning, all the children wake up to a stocking filled with presents. Since in 2020, he decided to take it easy due to COVID 19 pandemic - there would be lots of upset little children.

Not afraid to Work Hard

Likewise, Credit Control can be hard work. To keep the cash coming in on time requires dedication, persistence, and a lot of hard work. But the more you put in the more you can get out of it. And if you apply strong credit control processes for a short period and then slacken off, you will lose many of the benefits. The key to success is to be consistent in your efforts.

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