Labor Day is Upon Us

Ok, so you’ve had a good summer. Hopefully business has been good to you and you got a little R&R. (I’m assuming…) And while your business may have picked up in pace, again, I hope, you may be dealing with some late payers. If your business has not picked up as is the case with many in this economy, this piece of advice is of vital importance to you; Don’t wait to get more assertive in your late receivables. Whether business has been good or bad, don’t make a habit out of letting late invoices go too long. The summer is a perfect excuse to let things go but I’m here to tell you, don’t let them go.

I often wonder why it’s harder to get anything done at certain times of the year. Yes I get it. August is a huge vacation month. But unless you’re on vacation for the entire month, there’s no excuse to get some important matters taken care of. I think people just use this last month of the summer to put things off. You call someone to schedule a meeting; “let’s meet after Labor Day,” I often hear. Maybe I should embrace it…

Anyway, if there’s one thing you don’t want to be putting off its taking care of late paying customers. Before you know it, you’ve goofed off all summer and now you have outstanding invoices going back six months. If anyone reads this blog on a regular basis you’ll remember I warned you not to goof off right before Memorial Day. And now, summer is just about over so I’m checking in with you to see how you did. Did you goof off? Did you keep up on a regular schedule of chasing down past due invoices? Did you bring in a reputable collection agency? Example, American Profit Recovery…

The longer an invoice goes unpaid, the more difficult it is for you to recover. That’s a fact. Take it for someone who has been at a collection agency for a long time. Unless you keep up on chasing down unpaid invoices, you’ll find yourself nice and tan and relaxed but at the end of a summer with a cash flow problem.

So, before you head out for that long Labor Day weekend, take a look at your books and if you have a bunch of people that have not paid you yet, check in with them before you had out. You might be surprised at the result.