SayPro Royalty Collection Plan

SayPro Royalty Collection Plan

Objective:
Collect a total of $40,000 in royalties and licensing fees from new school partnerships by the end of February 2025.

Timeline:
By the end of February 2025.

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1. Objective Overview

The goal is to successfully collect $40,000 in royalties and licensing fees from new partnerships with schools. This will involve establishing clear royalty structures, ensuring timely payments, and maintaining strong communication with school administrators and financial departments.

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2. Key Phases of Royalty Collection

A. Finalizing Licensing Agreements and Royalty Structures

• Timeline: Week 1 (Early February)
• Objective: Secure final, signed licensing agreements with clear royalty structures from new school partners.
• Actions:
  1. Confirm Royalty Terms:
     Review and confirm the agreed-upon royalty percentages and licensing fees for each school partnership. Ensure the terms are clearly outlined in the agreements.
  2. Finalize and Sign Agreements:
     Work with legal and financial teams to finalize the licensing agreements, making sure they include payment schedules, invoicing procedures, and any applicable penalties for late payments.
  3. Confirm Payment Dates:
     Ensure that all payments are due by the end of February and that the schools understand their obligations and deadlines.

B. Invoicing and Payment Requests

• Timeline: Week 1-2 (Early February)
• Objective: Issue invoices to each school partner according to the agreed payment schedules.
• Actions:
  1. Generate Invoices:
     Create detailed invoices for each school based on the royalty terms, including the agreed amount, payment deadlines, and methods of payment.
  2. Send Invoices Promptly:
     Send out invoices immediately after the licensing agreements are signed, ensuring schools are aware of their payment obligations.
  3. Payment Method Clarity:
     Include clear instructions for payments, including accepted payment methods (e.g., bank transfer, online payment portals) and contact details for any payment-related questions.

C. Payment Follow-Up and Tracking

• Timeline: Week 2-4 (Mid to Late February)
• Objective: Monitor the progress of payments and follow up with schools to ensure timely royalty collection.
• Actions:
  1. Track Payments:
     Use a centralized system to track payments received and the outstanding balance from each school. Regularly update the payment status for each school.
  2. Send Payment Reminders:
     Send polite, professional payment reminders to schools that are approaching their due dates. Include details from the invoice and emphasize the importance of timely payment to maintain partnership terms.
  3. Engage with School Administrators:
     Proactively engage with school administrators or finance departments to discuss any potential delays or payment concerns. Offer assistance if needed to facilitate the payment process.
  4. Offer Flexible Payment Options:
     If necessary, be flexible with payment terms (e.g., offering payment in installments) to ensure that all payments are received on time without putting a strain on the school’s budget.

D. Ensuring Complete Payment Collection

• Timeline: Week 4 (End of February)
• Objective: Ensure all royalty payments and licensing fees are collected in full by the end of February.
• Actions:
  1. Final Payment Confirmation:
     Confirm that all payments have been received by the deadline. Update financial records to reflect the total collection of $40,000.
  2. Resolve Any Disputes:
     If any payment discrepancies or disputes arise, work with the relevant stakeholders to resolve the issues quickly. This may involve providing clarification of invoice terms or negotiating alternative payment solutions.
  3. Send Acknowledgment and Thank You Notes:
     Once payments are confirmed, send acknowledgment receipts and thank you notes to the schools for their timely payments, reinforcing the positive relationship.

E. Documentation and Reporting

• Timeline: End of February
• Objective: Prepare and submit detailed reports documenting the royalty collection process and total payments received.
• Actions:
  1. Prepare Financial Report:
     Compile a comprehensive financial report detailing the amount of royalties and licensing fees collected, the status of each school’s payment, and any issues encountered during the collection process.
  2. Submit to Stakeholders:
     Share the report with internal stakeholders (e.g., senior management, financial teams) to ensure transparency and proper tracking of revenue.
  3. Archive Payments:
     Ensure all payment records are properly archived for future reference, tax purposes, and auditing.

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3. Success Metrics for Royalty Collection

To track the success of the royalty collection process, the following metrics will be monitored:

• Payment Completion Rate:
  The percentage of total payments collected from the 5-10 school partnerships. The goal is to collect 100% of the $40,000 target.
• Payment Timeliness:
  The percentage of payments received on or before the agreed-upon deadline (end of February).
• Outstanding Payments:
  The number of outstanding payments at the end of February. This will help identify which schools need additional attention or negotiation.
• Relationship Satisfaction:
  Measure the satisfaction of schools with the royalty collection process, ensuring that communication was clear, timely, and professional.

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4. Next Steps and Timeline

• Week 1: Finalize licensing agreements and generate invoices for new partnerships.
• Week 2: Send out invoices and begin tracking payments.
• Week 3-4: Follow up with schools on payment progress and ensure timely collection.
• End of February: Confirm total royalty collection, resolve any discrepancies, and report final results.

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5. Conclusion

By ensuring a clear and efficient royalty collection process, SayPro can successfully meet the $40,000 target by the end of February. Proactive communication, timely invoicing, and diligent follow-up with school partners will be key to achieving this goal. By fostering positive relationships with schools and offering support as needed, SayPro will maintain strong partnerships and ensure continued revenue growth through royalties and licensing fees.