One business owner opens up about his approach to dealing with the unfavourable payment terms imposed by large companies, and how he addresses this for the sake of his business' cash flow.
"One of the biggest problems small businesses have is cash flow, and large companies don't seem to care," says Mikel Lindsaar, founder of digital developer reinteractive.
"We're not a bank – we can't afford this. We need better payment terms."
This up-front discussion is one that Mikel has with all of his clients, and he admits to having had great success in negotiating more favourable outcomes.
Speaking on the My Business Podcast, Mikel outlines:
- Exactly how he deals with companies such as Qantas and Westfield to deliver better payment terms
- His approach to managing and engaging with a remote workforce
- The process and benefits of delivering full transparency of business processes to clients
- Why fixed-price services can be bad for both your business and your customers
Listen to other instalments of the My Business Podcast:
Episode 29: Taking the frustration out of people management
Episode 28: 'How I achieved 80% growth in turnover'
Episode 27: Giving your business the perfect fit-out
Episode 26: Cash flow tips and tricks for SMEs
Episode 25: SMBs have their say on economic prospects
Episode 24: Offshore workers: the next bastion of business growth?
Episode 23: What Trump means for Aussie businesses
Episode 22: Balancing innovation with paying the bills
Episode 21: The do's and don'ts of selling online
Episode 20: A true blue Aussie success story