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037: Cracking the Late Payment Puzzle: Expert Solutions for Tradies to Get Paid on Time, Every Time
Manage episode 378026526 series 3440229
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Are late client payments killing your cash flow? Tired of wasting hours chasing payments while your business suffers?
As a trades business owner, nothing is more frustrating than doing quality work and not getting paid on time. It eats into your bottom line and creates unnecessary stress.
In this episode of Profit First For Tradies, we explore cracking the late payment puzzle expert solutions for tradies to get paid on time, every time.
Late payments are definitely a pain and it generates constant battles, days or even weeks of uncertainty, and the disruption of our hard-earned money.
However, you as the business owner should flip the script and take back control. With easy-to-follow systems, you can keep your finances steady and resolve cash flow issues.
In this episode of the Profit First for Tradies, you’ll learn the following:
- The three biggest frustrations of getting late payments (01:03)
- The value of getting back to your quote stage and payment terms (02:27)
- Why you need to invoice promptly after completing work (04:40)
- Looking at your processes to identify and fix issues causing late payments (08:11)
With this episode, you will discover how to set clear payment expectations upfront so clients know exactly when and how much to pay, learn the invoicing techniques to get money in your account promptly after a job, and efficiently recoup what's owed in your trades business.
If you haven’t listened to our previous episode about Busting the Top 3 Myths About Profit First, check out Episode 036.
QUOTES
"We need to teach our clients how we want to be responded to." -Katie Crismale-Marshall
"We need to make sure that we keep going back up the line and have a look at our process to see why our client isn't paying us on time." -Katie Crismale-Marshall
Resources
CONNECT WITH KATIE CRISMALE-MARSHALL
- Email: katie@profitfirstfortradies.com.au
- Website: https://www.profitfirstfortradies.com.au/
- YouTube:https://www.youtube.com/@profitfirstfortradies9503/featured
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