Managing Credit and Collections with Katie Keich

When small businesses don’t manage credit and collections well, it has a big impact on us as business owners. It affects our ability to grow, it affects our ability to hire a team and expand, and it keeps us on a treadmill.

Having “more money in your bank account” is what we’ll be discussing with our guest today, because being Profit First professionals at Tap the Potential, our focus is helping clients get their expenses under control in creating profit, and money leaking out just undermines that.

We are so pleased to be speaking with Katie Keich today, who will be sharing her experiences in supporting business owners around this often-overlooked area in our businesses.

Katie Keich is a senior credit & collections executive with over a decade of experience and a proven track record working in the logistics and supply chain industry. Currently, she holds the role of Chief Operating Officer at Central Credit Audit and Statewide Tax Recovery, in addition to being the CEO of her own consulting company, Full Advantage, LLC.

Full Advantage, LLC is an outsourced solution for billing, credit, and collections. Full Advantage looks, sounds, and feels like an extension of your company without the hassle of hiring, training, etc.

Previous to that, she held the role of Vice President of Commercial Services, building out a new division of commercial services offering customized workshops, training, and consulting for insideARM and The iA Institute.

Before that, she worked her way up from being an accounts receivable specialist to Director of Credit & Collections as the organization grew from a franchise with under $5M in revenue to a global logistics organization with $1.5B+ in revenue.

It was Katie’s responsibility to establish a credit policy, build a collections department, and train sales and credit associates across the country.

As the architect of her organization's credit and collection policy, Katie achieved credit losses at one point of .3% on revenues of $650M, a record unheard of in the business-to-business space. She is a five-time winner of her organization’s Special Recognition for Outstanding Performance.

When she’s not out educating companies on how to reduce their credit losses without sacrificing sales and increased revenues, Katie spends her time writing, singing, and hanging out with her husband and daughter at home in Pennsylvania.

Profit by Design is a Tap the Potential Production in collaboration with Small Business Consulting Group.

Show Highlights:

  • Katie explains how to start with the end in mind with considerations and strategies.
  • Why all business isn’t good business.
  • It’s important to do business with clients whose immutable laws are very similar to yours.
  • Understand your client’s way of doing business.
  • Questions to consider when negotiating credit with your client.
  • Katies shares her Top 3 reasons why businesses don’t get paid on time.
  • Dr. Sabrina explains the purpose of the “Profit Audit” for Tap the Potential’s clients coming into their program.
  • You’re invited to join Tap the Potential’s Entrepreneurs Take Your Life Back! Facebook group. Upon joining, you’ll get access to exclusive, free, mini-trainings from Dr. Sabrina, including the Better Business, Better Life™ jumpstart, as well as the “How to Hire the Best” jumpstart! No charge to join! Let’s get to know each other!
  • Katie provides an overview of how her collections process works.
  • If you have payments and collections issues, don’t miss Katie’s closing thoughts and her free gift to listeners!

 

Connect with Katie!

Katie’s LinkedIn, Instagram, & Facebook

Full Advantage, LLC’s LinkedIn & Facebook

Links and Resources:

NEW! Facebook Group: Entrepreneurs Take Your Life Back! Upon joining, you’ll get access to exclusive, free, mini-trainings from Dr. Sabrina, including the Better Business, Better Life™ jumpstart, as well as the “How to Hire the Best” jumpstart! No charge to join! Let’s get to know each other!

BUY THE BOOK ON AMAZON: How to Hire the Best: The Entrepreneur's Ultimate Guide to Attracting Top-Performing Team Members by Dr. Sabrina Starling PhD

How to Hire the Best Toolkit

COURSE: How to Hire the Best

Taking care of yourself is important now more than ever. Are you ready to take your life back from your business?

The FIRST STEP is taking our Assessment at:

https://www.tapthepotential.com/assessment

NEXT, meet with our Success Team Lead to debrief your results.

THEN, join our Better Business, Better Life™ program.

Dr. Sabrina’s WEBSITE

Dr. Sabrina’s PODCAST – PLEASE RATE & REVIEW!

Profit by Design, a Tap the Potential production in collaboration with Small Business Consulting Group

For Resources & Tools from Sponsors – https://www.profitbydesignpodcast.com

Subscribe & Share Podcasts! – https://www.profitbydesignpodcast.com/podcasts/

Facebook Group: https://www.facebook.com/groups/ProfitByDesign/

Books Frequently Mentioned:

The 4 Week Vacation by Dr. Sabrina Starling PhD – COMING OCTOBER 2021!

How to Hire the Best: The Entrepreneur's Ultimate Guide to Attracting Top-Performing Team Members by Dr. Sabrina Starling PhD

How to Hire the Best: The Rural Business Owner's Ultimate Guide to Attracting Top Performing Employees by Dr. Sabrina Starling PhD

How To Hire The Best: The Contractor’s Ultimate Guide to Attracting Top Performing Employees by Dr. Sabrina Starling PhD

Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz

The Pumpkin Plan: A Simple Strategy to Grow a Remarkable Business in Any Field by Mike Michalowicz

About The Author

Dr. Sabrina Starling, The Business Psychologist and international best-selling author of the How to Hire the Best series and The 4 Week Vacation™, is the founder of Tap the Potential and host of the Profit by Design podcast. At Tap the Potential, we work to free business owners from the constant demands of a growing business.

We believe work supports life, not the other way around. Clients in our Better Business, Better Life coaching program have more time for what matters most and more money in their bank account than they’ve ever had. Next, we send them off on a 4 Week Vacation™ to celebrate their hard-earned journey to take their life back!

Dr. Sabrina and her team at Tap the Potential are on a mission to change the story of entrepreneurship from one of long hours, grinding it out, to one of sustainably profitable businesses that support and enhance life. The Tap the Potential Solution™ and our Tap the Potential Family of Business Owners are disrupting small business as usual. We are on our way to making the Tap the Potential Solution™ the mainstream model for growing business.

By 2023, 150 Tap the Potential clients will have taken 4 Week Vacations. These are the trailblazers, role modeling what’s possible for entrepreneurs. In many entrepreneurial circles, it is becoming more and more common for one entrepreneur to ask another, “Have you taken a 4 Week Vacation™?” (as opposed to asking “How many employees do you have?” or “What is your annual revenue?”). Taking a fully unplugged 4 Week Vacation is rapidly becoming the recognized symbol of entrepreneurial success.

Never one to accept the status quo or back down from a challenge, Dr. Sabrina’s How to Hire the Best series grew from her desire to solve the toughest hiring challenges interfering with her clients’ growth and profitability. What sprang from her experience working with entrepreneurs in rural areas catapulted her into becoming the world’s leading expert in attracting top talent in small businesses—no matter what hiring challenges those businesses are facing—and earned Tap the Potential’s reputation as the go-to resource for entrepreneurs committed to creating Great Places to Work with thriving coaching cultures and highly engaged team members working from strengths.

As The Business Psychologist, and with her years of driving profit in small businesses, Dr. Sabrina knows what it takes to find, keep, and motivate exceptional performance out of your biggest investment—team members.