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Business Tips – How to turn mistakes into opportunities for business

images/BusinessTips.JPGYou’ve botched up on a job or are following up a client who is now upset. So how to turn mistakes into opportunities? You don’t know whether to admit your mistake service or forgetfulness. Here is one way to turn mistakes into opportunities that can turn to profits – a tip – be honest!

Warren Harmer at Flying Solo writes -

First Incident - I’d been getting a lot of telemarketers calling the business line, trying to convince me to buy everything from shares to advertising, or to extract donations for a variety of causes. So when I received a call from, (I hate to admit), an Indian chap who kicked things off with “the reason for my call today” I went in automatic not-interested mode and immediately asked “are you trying to sell me something?”

His response caught me off guard: “no I’m looking for help with a business plan”, then our call was cut off.

Feeling embarrassed, I stewed for the next hour, trying to justify why I need not admit my ill-judgement and call back. The self-talk was quite convincing, but I overcame it, swallowed my pride, called back and apologised.

The customer was very appreciative that I had called back and the conversation quickly moved on to his project. At a project meeting a few days later, he said he had no intention of calling me back, but when I made that call and apologised he said to himself “I gotta go with this guy”.

The second incident in the ‘klutz files’ happened when I missed a call from a new enquiry. She left a message asking me to call back, but I got caught up in a super busy project and almost a week passed before I got to it.

Again, feeling like a doofus for such poor sales skills, I ummed and ahhed as to whether I should really return the call at such a late stage. I did do it however and I immediately opened with “Jayne I am going to start with an apology for taking so long” before sheepishly enquiring whether she had found the help she needed.

Luckily for me she was still looking and was appreciative of me following up and being honest. We went on to do a great project together for the next two months.

Even after 20 years in business, consulting to hundreds of businesses and writing on the subject I still occasionally make stupid mistakes with clients and new enquiries. We all do. What counts though, is how seriously you try to recover. It’s not always easy to ‘fess up and say your behaviour was not up to standard. But the reaction you get when you make yourself vulnerable is amazing. It endears you, even to strangers who are debating whether to place their professional confidence and money in you.

In short, being a real person who is able to speak honestly is a good foundation for ongoing business relationships.

So much about  how to achieve success in business, is over-complicated. Small events in my business life remind (and still surprise) me of the simplicity of great business relationships of all kinds: respect, honesty and vulnerability. The business world so often portrays itself as a dog-eat-dog world where honesty is a weakness, and only the fierce thrive. Those who want to be open and let their true personalities show really do stand out.

So the next time you’re faced with swallowing your pride, remember it’s a golden opportunity not just to get new business, but also to create loyal followers and raving fans.

Rather than making assumptions, focus on making the connection; even if you have to go cap in hand.

Need help? Not sure? Call for FREE30min advice / strategy session today!

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MYOB – Overpaid supplier in MYOB –Hhow to handle

images/Client phoned.jpgCaller questioned meI have an overpaid supplier via online banking for the total on their account in MYOB, but when I went to record it in MYOB Account Right, I realised I had not deleted a bill I entered twice and it was included in the allocation of the amount due – how do I handle it and correct this?

Answer You can correct it –

(a)   If you haven’t sent the ABA file to online banking, or Actually paid online - the payment has to be deleted first – so

  1. Find the payment in bank transactions – easiest way is to use Find Transactions (Ctrl+Y) or from the lower part of any Command Centre;
  2. Open the transaction (white arrow on left);
  3. In the TOP menu click Edit then Delete Payment;
  4. Then go back and delete the un-wanted bill – and check all those remaining bills match the statement (if you agree with the supplier).

(b)   If you ALREADY PAID – either sent the ABA file form MYOB, or Paid directly online, the amount on your bank needs to be allocated, so the extra invoice needs to stay there, so it all matches the total paid.

  1. Notify the supplier what has happened;
  2. Create a NEW purchase with note about what invoice was double paid (use a service purchase so you have room in the Description to make reference notes) BUT MAKE the AMOUNT NEGATIVE the amount overpaid, and save – this creates a credit purchase that can be applied to the next bill you owe the supplier, or you can receive the amount back if the supplier refunds you (do it in the Purchase Register).

Need help? Not sure?

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Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
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