In this episode of the Max Your Business podcast, hosts Ben Fewtrell and David Carlin dive into the strategies for collecting outstanding money.
They emphasize the importance of effective cashflow management for business owners, touching on ideas such as invoicing efficiently, implementing subscription models, understanding terms and conditions, and maintaining good debtor management.
Ben and David also discuss potential pitfalls like delayed invoicing and relying too heavily on major clients who may have payment issues.
Additionally, they offer practical tips on making collection calls and the importance of maintaining good records. Throughout the episode, the hosts stress the need for business owners to rethink their payment systems to ensure they do not act as unpaid banks for their customers.
Head to www.maxmyprofit.com.au/cash to download your free work book.
00:00 Introduction to the Podcast
05:58 Main Topic Introduction: Collecting Outstanding Money
07:19 Preventing Outstanding Money
13:52 Strategies for Collecting Money
16:43 Cash Flow Management Principles
22:23 Avoiding Trouble in Business
22:43 Breaking Down Progress Payments
24:49 Legal Requirements for Deposits
27:14 Effective Debt Management Strategies
35:08 Handling Non-Paying Customers
40:26 Rethinking Business Processes
45:19 Conclusion and Key Takeaways
