Weighing the Odds & Taking a Calculated Risk

I had an eventful day 2 days ago. As you may already know, I have been chasing a bad debt for some time already and we finally took action 2 days ago. Yeah!

When I first realised that the debtor has been pulling our noses along all these while, I decided to go all out to  claim back my rightful payment. But there were many routes to take and being really green at bad debt collection, we needed to consult our other working partners and weigh our options carefully.

We didn't want to rush into the situation, neither did we want to lose time as time wasn't on our side. Our debtor was closing down very soon. I knew deep in my heart that this time I want to go with my gut instincts. I will weigh all odds carefully, do my homework and let my gut decide. And my gut instincts told me that these are not nice people who are sincere in repayment and we should not play fair with them anymore.

The decision making process was one filled with a fury of emotions and arguments.In the midst of this mini crisis,  I came to realize that many would dish out advices out of good will to influence you to see things their way. Everyone thought they knew better. In times like this, being the owner of your own business, you must do this:

• Learn how to weigh the odds and take calculated risks
  
  • It is imperative that an entrepreneur is willing to do the above
  • If something is bound to happen for sure, anyone will know what to do next. In uncertain times, you just have to weigh the odds and go with the course of action that will most likely lead to your desired outcome.

• Have the courage to take responsibility and trust in your own judegment
  
  • When you have made up your mind after careful consideration, there's no need to fear your decision is not the best one. It is simply the best one at that moment if you have done your homework well and explored all options.

• Do your own homework
  
  • Do not rely on others in difficult times because you yourself will know your own business better than anyone else. You will know what is the best thing to do.
  • But do still keep your mind open before coming to a decision. The key thing is to be selective in seeking opinions and practise critical thinking. More often then not, most people will dish out textbook advices which sound right in theory but not of much value in a practical situations.

Now that our decision has been made and action has been taken, I'll keep you readers updated of  the outcome. I'll also share more about bad debt collection information that I have gathered in the process in my upcoming posts.

I feel happy and liberated. Previously, I was reactive and had to respond to what the debtor do or tell us. Now, I feel that we have gain control of the situation and it is a truly liberating feeling. Have a restful weekend everyone! =)