The EntreLeadership Podcast My Business Has Cash-Flow Issues
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Mar 31, 2025 Explore the journey of a business owner facing cash flow hurdles and learn strategies to manage project financing effectively. Discover insights on leading successful ownership transitions in family businesses and how one company remarkably doubled its revenue. The discussion also covers the critical impact of credit card fees on finances, with actionable advice on overcoming these challenges. Plus, dive into the importance of strategic planning and communication in fostering overall business growth!
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Securing Timely Payments
- Manage relationships with clients tightly and set clear payment terms upfront.
- Communicate your payment needs firmly but respectfully, emphasizing that you are not a bank.
Setting Firm Payment Deadlines
- Dave Ramsey shares a story about dealing with slow-paying ad agencies.
- He set a 15-day payment deadline and refused to run ads without payment, ultimately resetting the relationship.
Gradual Ownership Transition
- For smooth ownership transitions, start early and communicate transparently with the team.
- Focus on demonstrating competence and leadership so the transition feels natural.
