Payment policies are super important. It’s even more important to set your payment policies BEFORE you need them. You and everyone you are serving in your business needs to have a good idea of what to expect from the business relationship. You as the provider are in charge of this business and you are the one who can make it a success or a failure.
The number one thing I see providers doing is not running their childcare like a business. Providers, in their nature are lovers and givers. They are big-hearted people who want to help people. If you give people discounts because you feel sorry for them and then you can’t pay your bills, who are you helping? That’s not good for that family because you as a stressed-out provider who can’t pay her bills, are not going to be giving your best in care for their children. Payment policies will help with this tremendously.