Let’s talk about cash flow, because ultimately? CASH is the lifeblood of every business under the sun.
Recently, I have had a number of conversations behind the scenes with clients that are feeling challenged managing payment plans, failed payments and the resulting cash flow challenges in their business.
In today’s podcast episode, we’re diving deep into payment plans, cash flow management and more.
Online course and coaching businesses USUALLY offer payment plans as an option for students and clients that are unable to pay “up front” for an investment. It’s a unique concept, in the sense that the course creator is ultimately shouldering the risk of defaults in the same way a bank would.
Here’s 10 things to think about when offering payment plans, and how to minimise your risk in offering them:
👉 Expect Defaults
👉 Make Projections Based on Pay in Full Payments
👉 Make It Clear That Payment Plans Are NOT a Subscription You Can Cancel
👉 Look for Options to Release Risk
👉 Keep on Top of Missed Payments
👉 Be Careful of LONG Payment Plans
👉 Ensure You Follow Up
👉 Prepare Templated Responses for Difficult Situations and Keep at Arm's Length
👉 Lead With Kindness
👉 Incentivise Pay in Full Payments
👉 BONUS -- Understand the Dunning Kruger Effect
👉 AND more!
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