Inspirational and Empowering Child Care Business Owners To Build Successful Child Care Businesses

Posts tagged ‘Money’

How To Get Parents To Pay Tuition On-Time

Recently, I have been asked the following question by many Child Care Business Owners: How do I get parents to pay on-time?

This is a tricky question, because it takes many different strategies to get parents to pay on-time and today I want to share one strategy with you that I use every week to let parents know that I am serious about collecting payments on-time and that is by posting a Tuition Due sign!

Every Monday I display my Tuition Due sign on the sign-in table where parents can see it. Also in small print you will see the words: If you have already paid your tuition for this week, please disregard this notice.

Having a Tuition Due Notice displayed on your sign-in table is a great way to enforce your tuition policy and also a great way to remind parents that payment is due.

To create your sign, simply type your notice using a Microsoft word program (use a very large bold font) and be sure to print the notice on a piece of yellow or orange paper. Then insert the notice in a plastic sign holder stand and display on your sign-in table. (you will find sign holders at your local Office Supply store)

Handling Delinquent Families
In the event that a parent fails to pay you after leaving the program, you have a right to send that family to collection or even collect your fees in small claims court. However, be sure that your failure to pay terms are clearly defined in your childcare payment agree and that you verbally tell parents about your collections procedures upon enrolling their children.

I hope this tip has inspired you to get diligent about collecting payments on time and you can start by creating  a Tuition Due sign. On-time Payments= Consistent Cash Flow in Your Business.

For more Tuition Policy tips, subscribe to my Tuition Policy Makeover eCourse. Also, be sure to subscribe to my Business Owner Makeover Tips eNewsletter, click here

Happy Tuition Collecting…..

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Mastering Your Accounting Skills

intermediateaccountingIt’s your money and it is vital that you manage it well

Money is the life line of your business and when it is gone, you could be out of business.” Furthermore, it takes money to start a business and it takes money to maintain the business. Moreover, that is why I want to inspire you to Master Your Accounting Skills.

Do you plan to have an Accountant or do you manage your own money? Many business owners choose to have an accountant because they are not good at managing money, however, if you want to save your self some money; you must become a mastermind at Accounting.

My thoughts on having an Accountant: I have decided that an Accountant is necessary in the event you meed an outside audit or if you have multiple locations.  Also, if you plan to have multiple locations, it is vital that you have an accountant to monitor your book keeping practices.

To find out how to master your accounting skills or for more Business Management tips, be sure to subscribe to my 21-day (Going to Another Level) Mastermind Mind eCourse. Click here

Shiketa Morgan

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