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Who is in your wallet?

Did you hear Morgan Freeman’s voice when you read the title?

In Capital One credit card commercials, he asks viewers, "What is in your wallet?”

I’m asking, “WHO is in your wallet?”

If you own and operate a business, you probably answer the same way I do: EVERYONE!

It seems like everyone wants in your wallet—all the time. That may not be true, but it sure feels that way. From suppliers, service providers and landlords to contractors, staff, and all the tax agencies…

I’ve learned there are only three guarantees in life: death, taxes and—if you own a business—somebody wants your money.

To be fair, entities do earn their way into your wallet by providing much-needed products and services. But there are times it feels like too many entities ask for too much too often.

As a business owner, I’m not supposed to take things personally or make emotionally-charged decisions. I need to be objective. That sounds like good advice, but it’s difficult to do when it comes to money—money the business earned and deserves to keep.

This constant barrage of wallet invaders started to get under my skin, so I needed to make a change.

Now, I’m shifting more bill-paying functions to a member of our team. We established guidelines and objectives to follow, so payment requests are paid accordingly. Any requests outside of those guidelines are brought to my attention.

This approach minimizes my dealing with payment requests. I find I’m more objective and less likely to overreact to another request, whether it’s warranted or not.

How do you handle wallet invaders?

#BeSignificant #philyale.com

PhilTakesSM are distributed once a week on LinkedIn, Facebook, Twitter and philyale.com. Review previous posts and locate additional information on the PhilTakes tab on philyale.com, and invite Phil to speak to your business group or service club.

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info@philyale.com   |   216-409-1610

Cleveland, OH USA

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