Have you ever wondered what your net worth is, as a human being? What your experience from birth to right now, this very moment has made you worth? It is one of those questions we can often think about, but as women never answer or avoid at all costs. There are some women will go directly to their current hourly rate, in employment. There are some who will say instantly say I am worthless and those who will tell you they are worth a million pounds. The truth could be in-between all of the above.
With that in mind, let’s do a little task. This task could take you a few minutes, hours or days (especially if you decide to do the task truthfully). Arrange to get some time on your own, without any distractions, interruptions and in a quiet place that will allow you to think freely.
Now, grab a pen and paper and write down all your qualifications, even those swimming qualifications and gymnastic badges you had as a child. Include any exams you gained from school, college and or university. Don’t forget those extracurricular activities like piano or guitar qualifications. Just write them down and do not re-read them. Once you have finished, turn the piece of paper over. Then, on a separate piece of paper add all the experiences you have had over the last few years. Include your jobs, your home and family responsibilities. These will include your personal responsibilities. Those responsibilities that you do every day without even thinking about it. For example, do you have a pet that you look after or have older parents or younger siblings that depend on you? All of these experiences create value to you as a person. Once you have finished, I would like you to put these two lists away for 24 hours. Don’t read them, don’t look at them, just put them away.
24 Hours Later
Now, I would like you to take your lists and read them.
Read out aloud all the qualifications you have.
Read the list of all your experiences.
Did you find anything on these lists as a surprise?
Do you have more qualifications than you expected, do you have more experience than you realised?
Money is the key or is it?
Just for fun, on your qualifications list and experience list, how much do you think it would cost to get those qualifications and that experience if you were starting from scratch. State education cost per child circa £48,000. A degree can cost up £37,000 (without accommodation and living expenses). That is £85,000 we have had spent on us already, and we have not even started on our experience!
Now ask yourself the question, ‘If you had to pay someone else, with all those skills, what would their hourly rate be?’ It could be argued that this be your net worth.
Personal Reflection on Your Net Worth
I undertook this task a few years ago, and I was surprised and a little intimidated by the person who had acquired all my skills and experiences. We take ourselves for granted so often, that sometimes we just need to stop, take a look at ourselves and congratulate us for what we have done and what we will be doing in the future.
Your net worth is not the amount you get paid. It is the amount of money you would have to pay someone to do what you do, daily.
Credit control gives the impression that it is a dark art surrounded by mystery. People think it’s a hard task to undertake; they feel that the person on the other end of the telephone is going to be rude to them or they could ask questions that they simply don’t have the answers. However; the biggest fear appears to be the fact that; we can become very uncomfortable asking people for money. If a business has provided a product or service they are entitled to receive full recompense for that product or service.
Credit Control doesn’t have to become a difficult endeavour, once you have momentum, you will become exceptional at credit control. Below are some suggestions on how to tackle credit control.
Credit Control Tips
Make sure you are clear of all distractions as you are going to have to concentrate on one task at a time. That task has to be credit control.
Have a copy of the document/invoice(s) in front of you for reference.
Ensure you are familiar with the lay of the invoice as you will have questions. These questions will range from the invoice number, the quantity of goods purchased, the unit price of the goods, total price of the goods. There could be other questions that can easily be answered with a copy of the invoice in front of you.
In a calm manner, pick up the telephone and ask to speak to the accounts payable or ask to be put through to the person who deals with accounts queries.
Firstly introduce yourself and ask for the name of the person you are talking to. Explain in a friendly voice that you are calling on behalf of your employer (or yourself). You need to engage them in friendly conversation and explain that you are chasing payment for an outstanding invoice(s). There is no need to be aggressive or abrupt and will appreciate your calm approach. They may ask you a few questions about the invoice. Above all be helpful and reply to all the questions asked. The object of the call is to make sure they become receptive to your request for payment of your invoice.
Stay your ground
Ask when can you expect remit of the invoice. They may ask you to resend the invoice. If they do, send a copy via email and put a copy in the post. Then ask them again when can you expect to receive full payment of the invoice. Ascertain any problems with the invoice. What is preventing them paying the invoice as payment is overdue in accordance with your terms and conditions.
A cheque may need to be authorised by am a manager, or the invoice needs to be approved. In that instance, ask them when you can expect this to happen.
Thank them for their time.
Write on the invoice, on your accounts package or on an excel spreadsheet the outcome of your conversation. Write clearly the date that they said you can expect payment. In addition if you have sent a copy invoice, write the day you emailed the copy invoice and sent one in the post.
Enter a note in your diary to make an additional call to the person to make sure they have received a copy of the invoice. If the payment was expected on a particular date and has not been received, call again on that date. Tell the person that the payment has not been received and find out if there are any issues.
What if your client won’t pay you if you are a Virtual Assistant?
There could be occasions when your client, simply isn’t going to pay your invoice. On occasions like this, you are going to have to make the decision if you are going to embark on legal action. Legal Action could involve a solicitor or small claims court. In some circumstances, it may advantageous to write the debt off. In conclusion, the amount of the outstanding invoice may dictate the severity of your action.
Welcome to the Blog posts of Julie and the team. If you have been on one of Julie's training courses, you know that she is passionate about PA, EAs and Secretaries being the best they can be. She also has very strong opinions about what a PA, EA and Secretary should and shouldn't do.