In the business of childcare, we have to be very good managers of our weekly rates. I really consider childcare business owners to be very caring and understanding. But I know that sometimes parents can take our kindness for weakness and you then find yourself emotionally hurt and financially overdrawn.
To avoid the emotional agony and to keep your income and expense manageable, you will need to have a payment- arrangement system in place.
When creating this system, keep in mind that a healthy daycare business operates with 5 percent or less in fees that are not paid on time.
It’s vital to gauge the length of time you will allow your business to provide a service on a promise to pay.
My No.1 secret: Only make arrangements for clients who have made two to three months of consecutive payments on time. Making arrangements with new parents always ends wrong.
Steps to creating a payment arrangement:
This system should then become a part of your payment collection system.
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