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 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
Episode 19: Growing a successful business against the odds
Episode 18: ‘Why I give stuff away for free’
Episode 17: The nuances of business expansion
Episode 16: Adding scale and value in a services business
Episode 15: Guide to winning clients and retaining staff