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That stat about 70% of small businesses failing because of cash flow issues finally got me to switch from net-30 to upfront payment for my dog grooming gigs.
I found it on a random SBA blog last Tuesday while I was waiting for a matted poodle to dry, and it hit me that waiting a month for $400 was basically asking for trouble, has anyone else changed their payment terms after reading something that scared them straight?
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the_felix2mo ago
and that SBA blog really shook me too, I was running my landscaping side gig on net-90 for years because i thought it made me look "professional" but then I got burned by a client who vanished with $1200 unpaid, so now I demand payment the day the grass is cut. yeah it means I lose some of the "big job" clients but honestly the peace of mind is worth way more than any fancy account receivable. plus it forced me to get better at actually asking for money which was the real lesson.
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ivan4622mo ago
Get rid of net-90 and you're just cutting off your own growth by scaring away the real money.
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the_laura2mo ago
Totally get that @the_felix, it's like that thing where you realize half the 'professional' stuff we do is just making life harder for no reason. Maybe it's just me but I swear once you drop the fear of looking pushy about money, everyone else relaxes too.
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