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5 sure-fire steps proven to secure your payment on every project

5 Sure-Fire Steps Proven to Secure Payment on Every Project

This post is the first in a six-post series detailing the exact measures that you need to take to ensure  you secure payment on every project – every single project – every time. Have you had troubles collecting payment on projects in the past? Do you have an unorganized collections policy that you feel could […]

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Notice Policy and Changing Corporate Culture

Notice Policy Is Key to Protecting Lien Rights Making sure that a company complies with all of the various notice requirements to protect future lien rights is difficult and time-consuming, and can be a very frustrating and seemingly impossible task. When projects are located throughout many different states, the amount of rules that need to […]

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Drafting a Written Litigation Policy Is Good for Business

While it’s sometimes overlooked, or just ignored, a specific litigation policy is an important piece of a complete and thorough credit policy. Coupled with a good collection policy, and a thorough lien policy, a specifically followed litigation policy should should ensure that a company in the construction industry will get paid on nearly every project. […]

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The Payment Funnel: A Step-by-Step Guide to Overhauling A/R

The Payment Funnel is an important, and useful, concept that can reinvent your receivables and lead to less bad debt and fewer write-offs. But, before the specifics of the Payment Funnel concept are discussed, a little bit of background on the problem we’re looking to correct should be provided. Payment Funnel Background: Getting Paid in the […]

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3 Steps To Improve Your Bottom Line

At the start of a new year, many companies in the construction industry have made resolutions to increase profits and/or decrease bad debt. This seems like an obvious goal, but year after year after year businesses make the same resolutions and then fail to take concrete action to make changes, and the cycle continues. For […]

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The Material Supplier Finance Professional’s Year-End Checklist

As the end of the year rapidly approaches, it’s time for companies to take stock of their receivables, reevaluate (or create) their credit policy, analyze their average DSO, grade their collection efforts, and vow to get paid more often and write-off less bad debt in 2014. While those goals all sound good on paper, actually […]

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Corporate Culture and Notice Policy

Notice Policy — Is It Worth It? It’s no secret that compliance with notice requirements, especially when projects are located throughout many different states, is a difficult, time-consuming, and frustrating task. With deadlines changing state-by-state, project-by-project, and role-by-role, it can be nearly impossible to keep a firm grasp on the applicable requirements. When combined with […]

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Personal Guarantees In The Construction Industry

In the construction industry, personal guarantees are popular, and can provide an additional option for recovering money due. Generally, a personal guarantee is most likely to be utilized as payment protection when dealing with a new, or small, business, and when dealing with relatively limited credit amounts. This is because a personal guarantee is just […]

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A Secret To Handing Cash Flow Peaks And Valleys

Rohit Arora, CEO of Biz2Credit, published a great article last week on Fox Business’ Small Business Center: 5 Tips for Handling Cash Flow Peaks and Valleys (as seen in HVACR Business Magazine eNewsletter). Every business – from mom and pops to multinational organizations – confronts cash flow challenges. In my experience of working with companies of […]

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Instantly Clean Up Your Aging Accounts Receivables: A Fool Proof Plan

Getting paid in the construction industry can be an art because there are so many obstacles: pay when paid provisions, bankruptcy, joint check agreements, workmanship disputes, change orders, scope of work issues, prevailing wage claims, etc. And we’ve explored the cost to your business of this payment problem in the past. In fact, to the right is […]

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Managing Financial Risk When Contractor Default Is Expected To Soar

Research professor Thomas Schleifer has published a string of op-ed articles at ENR.com warning those in the construction industry about the financial perils and risks associated with a rebounding economy. In turn, we’ve highlighted these articles and had discussions and Webinars of our own setting forth how to Navigate The Financial Risks of a Rebounding […]

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