Asking your students for money is never easy. When a member of your martial arts school doesn’t pay on time, it’s tempting to let the delinquency slide to avoid confrontation. But you run a business. You deserve to be paid for the valuable services you provide. Still, how can you ask for late payments without sounding cold or impersonal? These seven tips will help you navigate how to collect and prevent late member payments:
Member-owner relationships are a bit like marriages. You work hard to cultivate strong, long-lasting bonds. You do all you can to show you care and provide what your member needs. Despite that effort, you can still find yourself dealing with absences, arguments, and painful breakups caused by disagreements about money. Among married couples, financial disputes are the second leading cause of divorce.
In the 26 years that Member Solutions has been in business, we’ve discovered that there are ways to alter member payment behaviors to ensure prompt and predictable cash flow to your facility. Here are10 tips to reduce your delinquencies and facilitate collections with our managed billing services.
1. Avoid statement or coupon billing methods whenever possible.
Whether you realize it or not, a major change is happening in wallets throughout the U.S. Perhaps it’s already happened to your wallet. If it hasn’t, it soon will.
The magnetic stripe credit card you’re used to using to make purchases has been – or will soon be – replaced by what is called a chip card.
Actually, there are a bunch of names for it: chip card, smart card, smart chip card, chip and PIN credit card, chip credit card. And you’ll often hear the cards referred to as EMV chip cards, EMV smart cards, EMV cards.
With all the different types of payment processors and ways to accept payments, it's important to figure out what is right for your business. Here are three things you should know about payment processing to help secure your business and step up cash flow.
I do not know if holiday seasonal stress disorder is an actual condition, but if it doesn’t really exist, it certainly should. Every fitness business out there is being pushed this time of year to offer some sort of special or deal in order to entice people to sign up or make that first leap into health and fitness. Given that our wonderful industry also has some of the tightest profit margins, it can cause a greater amount of stress to try and exceed the expectations of the consumer.
Imagine a brand-new member anxiously walks into your facility, eager to buy whatever is in sight. As he stocks up on gear, ready to make his purchase, you have to break the bad news: “Sorry, we only accept cash”. The member races to find some money but only has a few bucks in his pocket. He has a credit card on hand but you don’t take credit cards. Your member leaves disappointed and you lose a sale.
Is this you? Are you missing out on opportunities to grow your business? People rarely carry cash anymore; and when is the last time you saw someone with a checkbook?
Can your membership business continue to fund its growth? The balance sheet can answer this for you right away.
By knowing how to read a balance sheet, you’ll also be able to have a relevant discussion about it – or a discussion about the balance sheet of a business you’re interested in acquiring.
Two other uses: 1) Vendors and lenders can use the balance sheet in considering the creditworthiness of the business. 2) owners and potential investors can use it to help determine the value of the business.
As an owner or manager of a business I'm sure you have heard of Profit and Loss (also known as P & L). But do you know what it is and understand its components?
It”s important to understand in order for you to talk knowledgeably with your managers, bankers, tax advisors, and investors. In this article, I”ll show an example of a P & L Statement and explain what the terms mean.