For me it's been receivables - commercial work pays net 15-30 sometimes 45 days so I bank on the resi as a cash flow but when i have do start chasing my bills i can go a week or two at a time only pulling in enough to pay the help and by the time i get my checks they're already spent.
I know some of you take up front deposits but a lot of my customers get weirded out when i ask for a credit card. I've even caused some tension from long time customers by asking for payment a few days later (how dare me). This has definitely caused me to struggle in growing my business. I've gotten tougher these past few months being firm about money. I Should be writing this post from a tropical island with this past years numbers. But I'm here in cold nyc.
I've hired a girl part time to handle the recievables as part of a solution to the problem cause I can't deal with the stress of chasing bills and it also keeps my relationship with the customer strong and professional. Also when I was the "new company" in town I was afraid to be so direct about money cause I didn't want to lose the customer, I realize that this was a huge mistake and hurt me bad.
I'd like to hear if any of you have more advice on this issue.
I'd also like the hear what kind of issues have stunted your company's growth and what have you done to fix the issue.
I know some of you take up front deposits but a lot of my customers get weirded out when i ask for a credit card. I've even caused some tension from long time customers by asking for payment a few days later (how dare me). This has definitely caused me to struggle in growing my business. I've gotten tougher these past few months being firm about money. I Should be writing this post from a tropical island with this past years numbers. But I'm here in cold nyc.
I've hired a girl part time to handle the recievables as part of a solution to the problem cause I can't deal with the stress of chasing bills and it also keeps my relationship with the customer strong and professional. Also when I was the "new company" in town I was afraid to be so direct about money cause I didn't want to lose the customer, I realize that this was a huge mistake and hurt me bad.
I'd like to hear if any of you have more advice on this issue.
I'd also like the hear what kind of issues have stunted your company's growth and what have you done to fix the issue.
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