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Making Sure You Get Paid | The Business Coach - Episode 44
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In this episode of the Business Coach Podcast, host David Finkel explains why efficient collection systems are vital for a successful business. He discusses the often overlooked, yet essential, process of ensuring receivables are collected, emphasizing that failing to collect can be worse than not making sales at all. Using a case study of a law firm, he illustrates how small improvements in the collection process can significantly boost profitability. David provides practical steps to revamp and front-load collections procedures, offering actionable insights to protect cash flow and enhance business operations.
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00:00 Introduction to the Importance of Collections
01:50 The Real Cost of Uncollected Receivables
02:16 Case Study: Law Firm's Collection Challenges
04:36 Steps to Improve Your Collection Systems
07:56 Front-Loading Your Collection Efforts
12:53 Dealing with Slow-Paying Clients
15:16 Final Thoughts on Effective Collection Processes
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