We are not a bank

Ran into an interesting article about getting paid on time. I have had problems in the past with clients not paying on time, even after 2 invoices have been sent. I recently implemented a company policy that after 30 days there is a $100 fee for every month the bill is late.

Nice story from the article:

"Allow me to give an example with a little story…I once had lunch with a gentlemen who, at the time, was the CEO of one of the largest freight companies in the world. He had grown it to this position in roughly 5 years from a business that was similar in size to my own. Here is how he told me he set the foundation for his amazing growth.. He took a look at his list of money he was waiting to receive from his clients and how long it was taking to get paid. He set out, himself, to visit each and every customer and tell them “We are not a bank. If you want to continue to be our customer then you need to stop treating us like one. You certainly do not want to start paying us like one.” And he was willing to lose a client if they didn’t value the relationship enough to pay promptly.

Link: Pay Fast. Get Paid Faster