This video discusses the importance of managing receivables and cash flow for businesses in order to ensure that payroll is not in jeopardy. Strategies discussed include having standard expectations of when payments should be made, as well as building relationships with clients in order to make sure payments are received on time. It is emphasized that managing receivables are part of doing business and that sometimes it is worth chasing after a payment. Finally, it is suggested that having systems in place for when payments are delinquent is essential for when the situation arises.
Outline
Cash flow is a good topic, especially in these crazy times. 0:04
Cash flow and negotiating with clients. 2:41
Why getting paid ahead of time helps keep taxes down. 5:02
How do you know when you’re ready to pay your clients? 6:37
How do you manage delinquency in your business? 10:00
You have to make the call -.11:45
What happens when there’s a delinquent account? 13:53
Current and Money-Based Delinquency Markers. 16:16
