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Business Credit

| April 01, 2009 | Denka, Andy | COPYRIGHT 2009 National Association of Credit Management. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Dear Andy,

My department is under increasing pressure to help the company improve cash flow and collect on delinquent accounts. How can I better focus my staff on what needs to be done to support company goats?

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When business conditions worsen, many supervisors revert to a hierarchical management approach with hopes of increasing control and restoring profits. But smart managers, recognizing that employees are their company's richest resource, take steps to harness the ideas and energies of their teams and direct them toward solving business challenges.

With this in mind, you're likely to get the best results by soliciting your staff members' help in establishing the objectives they'll be directly involved in achieving. Because group goat-setting gives employees a say in the process, they are more invested in the outcome, in addition, your team may have a better sense of what can be accomplished, and you could even be pleasantly surprised to find that they are willing to set more ambitious goats in some areas than you might. Moreover, employees will feel increasingly engaged in their daily work if they have helped to set the course.

Here are some suggestions for using group goal-setting to tap into your team's collective talents:

Communicate the big picture. Perhaps the most important rote of managers in this process is to set the stage for employees. Detail the challenges facing the business, and make the connection between your team's daily activities and the firm's overall well-being. Be clear on the impact your department has on the company's overall performance.

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