I talk to so many business owners that are frustrated by clients that don’t pay or don’t pay on time. If cash is the lifeblood of our business, slow collections are killing us!
Well there are some things you can do about it.
Obviously, provide a great product or service and do what you’ve promised. But in addition to that, this article provides some great tips.
The one thing I’d add is have a system in place so you can see a cash flow crisis before it is upon you. If you know that you’re absolutely counting on a payment for something, get in front of it, contact the client, make sure they’re happy, have got the invoice and are going to be paying it when it’s due. Sometimes just having the expectation in place is enough to avoid a problem.
Slow Collections is a topic that comes up frequently. I’m going to be writing more. Do you have any specific questions?