The EntreLeadership Podcast

Why You Can’t Afford Weak Leadership

Sep 4, 2023

Discussion on topics such as purchasing ownership in a family business, risks of borrowing a large amount for a business, moving money within entities, separating personal and business assets for risk management, managing overtime and employee benefits, the importance of personal growth in business, and setting clear expectations for payment terms.

46:29

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Quick takeaways

Setting clear expectations with customers regarding payment terms can help prevent late payments and avoid financial strain on a small business.

Carefully selecting customers and ending partnerships with those who consistently pay late can maintain a healthy business and reputation.

Deep dives

Setting Expectations with Customers

As a small business owner of an audio visual production company, the speaker discusses the importance of setting clear expectations with customers regarding payment terms. He shares that many of his customers are consistently late with payments, causing financial strain on his business. To address this issue, he suggests having a conversation with customers at the point of purchase, explaining the need for early or on-time payment due to the small size of his business. He recommends retraining customers and establishing a new norm from the outset to avoid late payments and potential reputation damage.

Introduction

2min

Buying Ownership in a Family Business

8min

The Risks of Borrowing a Large Amount for a Business

4min

The Concept of Moving Money Within Entities

2min

Separating Personal and Business Assets for Risk Management

5min

Managing Overtime and Employee Benefits

12min

The importance of personal growth, leadership, and managing franchise relationships

5min

Setting Clear Expectations for Payment Terms

8min

Today we’ll hear about:

• If it’s beneficial to buy partial ownership of a company

• What to do when your employees are drowning in student loans

• A 21-year-old that made $3 million selling smoothies and wants to take his team from good to great

• How to prevent customers from walking all over you

Links mentioned in this episode:

• The EntreLeadership Podcast

• Stages of Business Assessment

• Student Loan Debt in America Livestream

Have a question for The EntreLeadership Podcast? Leave a voicemail at 844.944.1070 or submit your question for a chance to be on the show with Dave Ramsey: https://www.entreleadership.com/ask

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