The single largest factor in collecting invoices occurs at the client qualification stage, by aggressively down selecting prospects to the subset who are not bozos. This is a thing people often don’t appreciate until collections are actually happening.https://twitter.com/jburrrg/status/1195167942381461504 …
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Curious: why are up-front terms not a lot more aggressive? Even to pay-in-advance (or at least pay-50%-in-advance). Calibration: I know nothing about this kind of work...
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With BigCo’s, most of the time your actual client and the person handling invoices aren’t the same person. They don’t even report to the same person. And if you try to slap onerous payment terms on a BigCo, the lawyers (another dept) will block you from ever becoming a vendor.
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Have done a lot of business with giant bureaucracies and the key to getting paid expediently is finding the actual human whose job is to pay you, and then telling them once you’ve filed the invoice. Cuts net-90 to net-30, even net-15 once! Find a real person.
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Some big company clients at a consulting firm I used to work at often paid net 180 or 365. Took significant work with them to find all hurdles to reduce to net 60/90.
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And this is why Hospital/ govt work is expensive. Gotta calculate in the cost of money, plus risk.
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But try to pay them a month late and bam collections calls.
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I wonder what timelines they use for their taxes
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If it’s in the contract you can get Net 7-14 even with massive orgs, the person signing the agreement doesn’t care if you add it, and finance will often do what they’re told. Phone aggressively & often when >1 day overdue, they’ll get sick of talking to you & get it paid
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