Not getting paid impacts Cash Flow…
And Cash Flow is CRUCIAL.
Everyone wants to get paid on time. Today’s video is Genius Hacks on How to Get Paid by Clients on Time, watch it by clicking here or continue with this quick read.
Do you want to make sure that you get paid?
I was reading a book recently by Dan Kennedy.
One of the things he talks about is Broken Windows.
What is Broken Windows?
It’s a management style of making sure that if you’re looking to change something, you’re fixing the broken windows.
He gives the analogy that if you’re in a neighbourhood… if you’re trying to reduce crime you should focus on the environment. So fix the neighbourhood and that will fix the attitudes to crime. The idea is also that one broken window leads to a snowball effect of more broken windows.
So prevent deterioration before it happens.
It’s making sure that those little things matter and recognising how they affect the big things.
Small things matter.
It’s about the small things.
How does this apply to construction?
If you are relentless when you’re not paid on time then you end up training your client to believe that you need to be paid quickly.
Always remember that you are DUE to be paid when you are DUE to be paid.
Don’t compromise.
As soon as you’re not paid you need to speak up.
If you make it a habit of asking to be paid then people won’t put you at the back of the payment queue.
Do this straight off the bat… that way the client will pigeonhole you as the type of company that they have to prioritise for payment.
BE ON TOP OF WHEN YOU’RE NOT BEING PAID.
Develop a procedure that your staff knows about regarding chasing payment.
This may be sending a few emails, then phoning, then a letter… BUT BE CONSISTENT AND DON’T PERCEIVE NON-PAYMENT AS NO BIG DEAL.
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