Money, Money, Money

The Digital Animal with Renier Lombard

This episode is all about money, and we cover two very important topics - maintaining cashflow and getting paid.
Renier also shares a strategy that he used when a company that owed him money took the work and ghosted him. Let's just say he got paid the next day.
In the episode we talk about a very useful YouTube video by Mike Monteiro, which you can find here
Here are some highlights if you want to skip ahead:
1:00 - Introduction
2:00 - A lot of people seem to have problems getting paid
3:35 - Cashflow is the backbone and blood of your business
5:25 - Two types of client you should be wary of doing business with
7:55 - Don't do work on the promise of there being more work down the line
9:30 - Why a 90-day waiting period for payment?
10:40 - F you, pay me.
12:00 - Service Level Agreements set the rules
14:45 - the 50-25-25 payment method
17:00 - Maintaining cashflow once you start scaling
20:10 - How the pandemic has affected Renier's business, Flance
25:25 - Losing clients isn't bad, but you need a strategy to replace them
27:28 - Getting everything you can out of all you've got - book
29:00 - Protecting staff when you lose clients
30:25 - How Renier got payment when a client ghosted him <-- GOLD
As we mentioned at the end of the show, we're taking a bit of a hiatus to build the website, and for Renier to focus on scaling his business up. We're excited to be back, bigger and better, in December.
Stay safe out there.