This article by Chris Moore is the second in a new four-part series from PPC and the Painting Contractors Association (PCA) designed to help you understand and prepare for the challenges of business growth.
Continue reading The Nuts and Bolts of Making (and Losing) Money, from the PCA
From setting clear terms to offering early-pay discounts, here’s how to keep cash flowing
Businesses of any size are nearly certain to at some time face late-payment issues that can have crippling effects, and painting contractors, especially small to medium-sized shops, are no exception. In fact, research shows that 11 percent of all invoices written by small or medium-sized businesses are paid late, and 5 percent of their invoices are never paid at all and are written off as bad debt.
The impact can be devastating. After all, you might have a payroll to meet and materials to buy, not to mention a vehicle or two in need of maintenance, and perhaps an opportunity to grow your business with a new equipment purchase. And you likely don’t have the resources to spend otherwise productive time chasing down payment matters.
So how do you minimize the effect that late pays and no pays can have on cash flow, the lifeblood of your business? Continue reading 10 Tips for Dealing with Late Pays, No Pays
Sherwin-Williams recently surveyed professional painting contractors about their needs from a supplier. The takeaway? Those needs are evolving, but one item showed up on their wish lists frequently, and that was a way to expand their purchasing power and improve their cash flow with a professional account. Continue reading Get More Flexibility with a PRO+ 0% Interest Credit Account
Differing realities remain depending on your particular geography, but if you’re like many North American painting contractors, the light at the end of the COVID-19 tunnel appears to be brighter, at least in terms of how it has affected your business. Continue reading Cash Is King: Ideas to Help Generate and Manage Your Cash Flow