Profit by Design 143: Managing Credit and Collections with Katie Keich
When small businesses don’t manage credit and collections well, it has a big impact on us as business owners. It affects our ability to grow, it affects our ability to hire a team and expand, and it keeps us on a treadmill.
Having “more money in your bank account” is what we’ll be discussing with our guest today, because being Profit First professionals at Tap the Potential, our focus is helping clients get their expenses under control in creating profit, and money leaking out just undermines that.
We are so pleased to be speaking with Katie Keich today, who will be sharing her experiences in supporting business owners around this often-overlooked area in our businesses.
Katie Keich is a senior credit & collections executive with over a decade of experience and a proven track record working in the logistics and supply chain industry. Currently, she holds the role of Chief Operating Officer at Central Credit Audit and Statewide Tax Recovery, in addition to being the CEO of her own consulting company, Full Advantage, LLC.
Full Advantage, LLC is an outsourced solution for billing, credit, and collections. Full Advantage looks, sounds, and feels like an extension of your company without the hassle of hiring, training, etc.
Previous to that, she held the role of Vice President of Commercial Services, building out a new division of commercial services offering customized workshops, training, and consulting for insideARM and The iA Institute.
Before that, she worked her way up from being an accounts receivable specialist to Director of Credit & Collections as the organization grew from a franchise with under $5M in revenue to a global logistics organization with $1.5B+ in revenue.
It was Katie’s responsibility to establish a credit policy, build a collections department, and train sales and credit associates across the country.
As the architect of her organization's credit and collection policy, Katie achieved credit losses at one point of .3% on revenues of $650M, a record unheard of in the business-to-business space. She is a five-time winner of her organization’s Special Recognition for Outstanding Performance.
When she’s not out educating companies on how to reduce their credit losses without sacrificing sales and increased revenues, Katie spends her time writing, singing, and hanging out with her husband and daughter at home in Pennsylvania.
Profit by Design is a Tap the Potential Production in collaboration with Small Business Consulting Group.
Show Highlights:
- Katie explains how to start with the end in mind with considerations and strategies.
- Why all business isn’t good business.
- It’s important to do business with clients whose immutable laws are very similar to yours.
- Understand your client’s way of doing business.
- Questions to consider when negotiating credit with your client.
- Katies shares her Top 3 reasons why businesses don’t get paid on time.
- Dr. Sabrina explains the purpose of the “Profit Audit” for Tap the Potential’s clients coming into their program.
- You’re invited to join Tap the Potential’s Entrepreneurs Take Your Life Back! Facebook group. Upon joining, you’ll get access to exclusive, free, mini-trainings from Dr. Sabrina, including the Better Business, Better Life™ jumpstart, as well as the “How to Hire the Best” jumpstart! No charge to join! Let’s get to know each other!
- Katie provides an overview of how her collections process works.
- If you have payments and collections issues, don’t miss Katie’s closing thoughts and her free gift to listeners!
Connect with Katie!
Katie’s LinkedIn, Instagram, & Facebook
Full Advantage, LLC’s LinkedIn & Facebook
Links and Resources:
NEW! Facebook Group: Entrepreneurs Take Your Life Back! Upon joining, you’ll get access to exclusive, free, mini-trainings from Dr. Sabrina, including the Better Business, Better Life™ jumpstart, as well as the “How to Hire the Best” jumpstart! No charge to join! Let’s get to know each other!
BUY THE BOOK ON AMAZON: How to Hire the Best: The Entrepreneur's Ultimate Guide to Attracting Top-Performing Team Members by Dr. Sabrina Starling PhD
How to Hire the Best Toolkit
COURSE: How to Hire the Best
Taking care of yourself is important now more than ever. Are you ready to take your life back from your business?
The FIRST STEP is taking our Assessment at:
https://www.tapthepotential.com/assessment
NEXT, meet with our Success Team Lead to debrief your results.
THEN, join our Better Business, Better Life™ program.
Dr. Sabrina’s WEBSITE
Dr. Sabrina’s PODCAST - PLEASE RATE & REVIEW!
Profit by Design, a Tap the Potential production in collaboration with Small Business Consulting Group
For Resources & Tools from Sponsors - https://www.profitbydesignpodcast.com
Subscribe & Share Podcasts! - https://www.profitbydesignpodcast.com/podcasts/
Facebook Group: https://www.facebook.com/groups/ProfitByDesign/
Books Frequently Mentioned:
The 4 Week Vacation by Dr. Sabrina Starling PhD - COMING OCTOBER 2021!
How to Hire the Best: The Entrepreneur's Ultimate Guide to Attracting Top-Performing Team Members by Dr. Sabrina Starling PhD
How to Hire the Best: The Rural Business Owner's Ultimate Guide to Attracting Top Performing Employees by Dr. Sabrina Starling PhD
How To Hire The Best: The Contractor’s Ultimate Guide to Attracting Top Performing Employees by Dr. Sabrina Starling PhD
Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz
The Pumpkin Plan: A Simple Strategy to Grow a Remarkable Business in Any Field by Mike Michalowicz
Mentioned in this episode:
Join us August 5th - 7th for the FREE Better Business Better Life Jumpstart Workshop
We know that small business owners need a growth plan that delivers. In this 3-day workshop, you’ll understand how to: - Design Sustainable Profitability: We’ll help you calculate your profit potential and design a plan for profit in the year ahead and many more to come! - Simplify Your Business: Discover the profit that’s hiding in plain site. Then you’ll see a clear path to simplify to grow. - Identify Your Unique Value: What if you could charge more and free up your time? You can once you identify where you can deliver more value than anyone else. Visit https://tapthepotential.com/jumpstart to get registered today!