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 →