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2Bobs—with David C. Baker and Blair Enns
The War on Payment Terms
Sep 13, 2023
Exploring creative payment terms for agencies, negotiating onerous payment terms, advocating for fair payment terms for small businesses, adopting a cash neutrality policy to combat unfair payment terms, highlighting the importance of prepayment and timely payment in business transactions.
32:54
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Quick takeaways
- Small businesses can leverage their size to push back against onerous payment terms by emphasizing their inability to afford extended terms and the need for payment within 30 days.
- Diversity can be used as a leverage point in negotiations, where underrepresented groups highlight the contradiction between promoting diversity and imposing unfair payment terms, making it harder for large companies to continue pushing them.
Deep dives
Playing the Small Business Card
In negotiations with large companies, small businesses can leverage their size to push back against onerous payment terms. Small businesses should emphasize that they cannot afford extended payment terms and need to be paid within 30 days. By playing the small business card, it signals to the larger companies that they can't impose unfair terms on smaller businesses and highlights the need for equitable payment terms.
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