I enjoy rolling my sleeves up and getting things done, which is probably why I like fixing things on our family vehicles. My husband and I have a 1979 VW convertible Super Beetle that gives us the opportunity to tinker with restoration.
The front wheel seized up recently, and I was confident we could get her right with an hour’s investment. Four hours later, we found the adjustment screw for the drum brakes and released the wheel. But when we took a look inside, we immediately knew the shoes and springs had to be replaced.
Job not complete. No satisfaction.
The following weekend, we replaced the front brake shoes. Surely this would be done in about four hours. Nope. After replacing the shoes, we realized the wheel cylinders were also shot and had to be replaced. Two weekends later and I still can’t drive the car.
Job not complete. No satisfaction.
I started out with a laser focus on a stuck wheel and didn’t consider the other detours that might hinder my timeline. It was supposed to be simple and quick and, when it wasn’t, I confess I was pretty disappointed. We were supposed to be riding into the sunset two weekends ago, but it didn’t pan out like I thought.
You might not be a mechanic or get excited about tinkering on vehicles, but switch out the car in my story to an accounts receivable project.
Now you can relate. These projects drag on and never seem to produce the cash we anticipated. When’s the last time you had that “riding off into the sunset” feeling after working an AR project?
We get off track because we laser focus on the dollar amounts displayed on the AR report (aka “the stuck wheel”). We have great expectations of collecting that number to the penny … and we dive right in. Two weekends later, there’s no riding into the sunset. It doesn’t turn into cash. It takes longer than we expect.
Job not complete. No satisfaction.
Instead of diving into your AR report and figuring it out as you go, put a plan in place. Collect more of what is collectible, and stop wasting time on what isn’t. Before your next AR project, shore up expectations by doing things differently:
It’s time to square off with your AR report and set yourself up for success instead of disappointment. We share more tricks and tips to teasing out collectible dollars during our Snatch Your Lunch Money Back from the AR Report Bully event on Thursday, September 28th at 2 pm Eastern. Join us for this schoolyard showdown!
The front wheel seized up recently, and I was confident we could get her right with an hour’s investment. Four hours later, we found the adjustment screw for the drum brakes and released the wheel. But when we took a look inside, we immediately knew the shoes and springs had to be replaced.
Job not complete. No satisfaction.
The following weekend, we replaced the front brake shoes. Surely this would be done in about four hours. Nope. After replacing the shoes, we realized the wheel cylinders were also shot and had to be replaced. Two weekends later and I still can’t drive the car.
Job not complete. No satisfaction.
I started out with a laser focus on a stuck wheel and didn’t consider the other detours that might hinder my timeline. It was supposed to be simple and quick and, when it wasn’t, I confess I was pretty disappointed. We were supposed to be riding into the sunset two weekends ago, but it didn’t pan out like I thought.
You might not be a mechanic or get excited about tinkering on vehicles, but switch out the car in my story to an accounts receivable project.
Now you can relate. These projects drag on and never seem to produce the cash we anticipated. When’s the last time you had that “riding off into the sunset” feeling after working an AR project?
We get off track because we laser focus on the dollar amounts displayed on the AR report (aka “the stuck wheel”). We have great expectations of collecting that number to the penny … and we dive right in. Two weekends later, there’s no riding into the sunset. It doesn’t turn into cash. It takes longer than we expect.
Job not complete. No satisfaction.
Instead of diving into your AR report and figuring it out as you go, put a plan in place. Collect more of what is collectible, and stop wasting time on what isn’t. Before your next AR project, shore up expectations by doing things differently:
- Classify your significant payers.
- Prioritize projects based on cost-benefit.
- Sample the project before expending significant resources.
It’s time to square off with your AR report and set yourself up for success instead of disappointment. We share more tricks and tips to teasing out collectible dollars during our Snatch Your Lunch Money Back from the AR Report Bully event on Thursday, September 28th at 2 pm Eastern. Join us for this schoolyard showdown!
RSS Feed