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Working capital is critical to every organization, and is especially critical to construction organizations. When it comes to managing or influencing a company’s working capital, CFOs and Construction Financial Managers (CFMs) rank “receivables performance” as the most important factor. Like it or not, the “performance” of accounts receivables typically comes down to collection practices, policies, and ambitions. These articles offer insights on collection tricks, traps, and concepts that are particularly relevant to the construction industry.
George Hedley, a licensed business coach and author of The Business Success Blueprint For Contractors, recently published a very practical article about getting paid in the Independent Electrical Contractors’ Insights Magazine: How To Get Paid…Read More
I find myself writing about policy a lot on Lien Blog. Today’s discussion is about collections policy. Collections policy is the last moving part when it comes to credit policy.
Overview of Collections Policy
If all goes as planned then…Read More
Last week we wrote an article about Retainage laws: What Rules Apply And How Do You Get Your Hands On The Money. This article defined and debated retainage laws and practices, and enumerated how the laws operate across…Read More
Recently we have been examining collection policy in the context of a company’s overall credit management scheme. Having a written lien policy with a set and strictly followed procedure is important not only…Read More
In every industry there is a need for collections. Most companies that I see from day-to-day are completely reactive in the collections approach. This is the company who waits to not be paid, then tries to do something about it…Read More
I’ve mentioned that a collection policy is an important part of a company’s overall credit management scheme. And, that a good collection policy, coupled with a thorough lien policy, may enable a business to generally avoid getting to…Read More
The word “retainage” can strike fear into the heart of anyone in the construction industry. The tool is a necessary evil, but it is often abused and almost always the source of job site confusion. This article aims to…Read More
When you’re running a small business, you know one thing: relationships are key. Your customers are what fuel your business and you really can’t afford to lose even just one. That’s why when it comes to talking…Read More