Your step-by-step guide to mastering your cash flow – Ep 3 (Tide Masterclass)
Episode 3: Why the right payment terms are key to getting paid quickly
Our Masterclass series “Your step-by-step guide to mastering your cash flow” is giving you direct access to a finance management expert! Former Small Business Commissioner, Philip King is passionate about helping small business owners master their cash flow. During these live events, he shares his top tips and answers your questions.
“Agreeing payment terms with your customer makes for healthier cashflow. Making them work for both parties means you’ll be genuine partners, and that’s a win-win.”
Philip King, Tide Cash Flow Expert and former Small Business Commissioner
Following the first episode ‘why it’s crucial to have your cash flow under control‘, and the second episode ‘the importance of knowing your customer to get paid on time‘ we cover the ‘when’. In this third episode, you’ll learn why it’s critical to agree the right payment terms as well as how to negotiate them.
This Masterclass took place on 9th December 2021. If you couldn’t join us on the day or you’d like to listen again, you can catch the recording on our Youtube channel or below!
Tide masterclass: Why the right payment terms are key to getting paid quickly
For this Masterclass, Valentine from our team is joined by Philip King, former Small Business Commissioner and Tide Cash Flow Expert.
Here’s what they discussed:
- The importance of agreeing payment terms as early as possible
- Negotiating payment terms that work for both parties
- Avoiding misunderstandings and confusion
Episode 3 takeaways
- Include payment terms in the first conversation
- Never be afraid to talk about it
- Always negotiate payment terms and agree them
- If you fail to negotiate, you’ll be paying your customer’s payment terms, whether you like them or not
- Agree terms in writing
- Don’t rely on verbal conversations
Our other events
Tide’s mission is to help small businesses. We make your financial admin easier so you can spend more time doing what you love. Our events are just one of the ways we support you and your small business.
In the sessions – currently happening online – we gather experts, often Tide members themselves, to share insights and practical advice you can put into action straight away.
To find out about upcoming events and the next episodes of the series, take a look at our list of events.
You can listen again to these live events:
- Your step-by-step guide to mastering your cash flow – Ep 2 (Tide Masterclass)
- Your step-by-step guide to mastering your cash flow – Ep 1 (Tide Masterclass)
- Listen again: A conversation about reopening with The Float Spa (Instagram Live)
- Listen again: A conversation about mental health with High Definition You (Instagram Live)
- Listen again: A conversation about reopening with The London Refinery (Instagram Live)