How can you improve your business’ cash flow? Here are our tips:
Stagger Payment Terms – Preferably, you want to receive payments from your customers before you pay your suppliers. To do this, have the customer pay you in net 30 terms, while you pay your supplier in net 60 or 90 terms.
Consider Milestone or Upfront Payments – T o make sure you have money coming in, you can ask the client to pay before the job is complete. Milestone payments can take place when the good/service you’re providing the customer has hit an agreed upon milestone – for example, when the job is half completed, the customer pays half the total payment. You can also require a payment before you begin the project. This can help demonstrate how serious the customer is regarding payment.
See more ways to improve cash flow.
Partner with RSD, a Collection Agency in Michigan
Ross, Stuart and Dawson is a collection agency in Michigan that cares about your business’ success. RSD can assist you in multiple areas, such as commercial collection, portfolio liquidation, credit report investigation, and more.
When you partner with RSD, you can file claims quickly and securely through our online portal and receive up to the minute updates on your claim 24/7. To start collecting, fill out our contact form today!
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