Receivables conundrum
Hello Fellow business owners. I have run a successful Cosmetic Restoration Company for almost 3 1/2 years. I am strictly BtoB and never deal with home owners directly. Generated jobs has really neve...
Forum Discussion
I can definitely relate to the challenges of balancing Cash Flow in a B2B-focused business. We've run into similar issues in our landscaping business when dealing with delayed payments, and I'd love to share some strategies that worked for us.
Have you considered requiring a deposit upfront to help offset cost, especially for materials or initial labor? It's also worth exploring a line of credit or credit card to help bridge the gap while waiting for client payments to come through.
Another game-changer for us has been implementing a late fee policy - this encourages timely payments without jeopardizing client relationships. Additionally, we proactively encourage clients to pay via ACH or Card and have even started collecting cards on file for recurring charges. These steps have significantly improved our Cash Flow and reduced delays.
There will always be a few stragglers, but with clear communication and systems in place, it's much easier to manage. I'd love to hear what others in the group are doing to handle this common issue-let's share strategies that work!
