My single piece of advice for you today?
Don’t rush your invoice to your client.
Your accountant and bookkeeper, of course, disagree with me.
“Get the bill out fast!” they urge you. “You’ll get paid faster, and your cash flow will improve.”
MB, the contractor who’s been remodeling our bathrooms and kitchen for the past 6 months, certainly agrees with them.
Every time I turn around, he’s there with his hand out.
Typically, I get a call at the office during the middle of a busy day.
“I need the next payment,” says MB, “can you have a check ready in 20 minutes when I stop by?”
Sure, I think to myself. I’ll just stop writing, forget my own pressing deadlines, write out a check this instant, and sit here until MB gets here.
Yes, MB is entitled to get paid on time.
But on and off, I’ve been using him going on more than 20 years.
Certainly, I’m “good for it”.
JL, who is MB’s favorite electrician, also wants his money in a hurry, even if it’s a small $100 repair job.
“I need this money today to pay my bills,” JL will tell my wife