Feb 28 2025 25 mins
Streamlining Payment Processes for Small Business Success
In this episode of Business Beyond DIY, host Steve Krausse addresses the common discomfort business owners feel when collecting money owed to them. He provides practical and actionable steps to streamline getting paid, ensuring it becomes an objective process. The episode covers four key actions: getting paid in advance, clarifying payment terms, making payments easy for customers, and controlling the credit offered to clients. Steve emphasizes the importance of maintaining clear communication, using digital invoicing systems, and considering the pros and cons of taking legal action or using third-party lenders for consumer credit. Additionally, he offers a downloadable structured collection procedure to assist businesses in handling overdue payments effectively.
Download the Example Collections Process here: http://nocobc.link/bbdiy010
00:00 Introduction and Host Welcome
01:10 The Importance of Getting Paid
01:23 Four Actions to Streamline Payments
01:53 Getting Paid in Advance
04:57 Clear Payment Terms
07:38 Consequences of Late Payments
14:36 Making It Easy to Get Paid
18:34 Controlling Credit
24:05 Conclusion and Final Thoughts