Q2 Is Ending: Time to Collect Every Dollar

CASH IS KING
Sharp teams collect cash better

We’re in the final month of Q2 — and that means one thing: it's time to double down on collections.

You’ve put in the work, closed the deals, delivered the service and now it’s time to turn those invoices into cash. Because no matter what your revenue dashboard says, what actually hits your bank account is what matters.

Let’s get one thing straight:
Revenue is vanity. Cash is King.

If you're not passionate about collecting, you’re not running a business — you're running a donation center. Collect and ask for your money…on time.

GET TIGHT ON COLLECTING
So many opportunities by implementing these tips

• Send Payment Reminders Early
  Don’t wait until it’s overdue — set the tone with reminders before the due date. If you wait and ask about payment after the due date, this costs you money whether you realize it or not.

• Make It Ridiculously Easy to Pay
  Credit card, ACH, payment links — eliminate friction. Send the link. Remove the excuse. Push for electronic and no check payment.

• Reinforce Your Payment Terms
  A quick line in every email: “Just a reminder: net 7 terms apply.” Clarity creates compliance. All invoices should state terms and all contracts should cover payment terms. No exceptions.

• Add a Late Fee Policy
  Even a soft one like “1.5% per month after 7 days” shows you mean business. This isn’t “bad business” in my opinion and so many won’t implement or enforce this because they fear losing a client.

• Automate the Follow-Ups
  Whether it's your CRM, invoicing platform, or a VA — have someone (or something) chase it daily. Start with weekly check-ins for those high risk clients and bi-weekly for low risk. Adjust after 1-2 months of analysis on who you can trust to pay timely and who you have to “remind” so often…

THANK YOU SPONSOR
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IS YOUR TEAM ON BOARD
Does your team know how to collect?

• Assign a “Collections Captain”
  Make it someone's job. Shared ownership = no ownership. Either you lead the group or put someone in charge of the group. I do this for companies, so reach out if you’d like to have me align your team this month. [email protected] or meet me here.

• Celebrate Collected Cash
  Ring a bell, drop it in Slack/Teams, shout out team members. Make it a win. If we have a big payment come in, I call this out all the time. Let them know it’s appreciated. Don’t just focus on the “push” part.

• Use Proven Scripts
  Equip your team with polite but firm templates. No more “Hey, just following up again…” I have 10 templates to use we are letting go for $25 right now if you want to know what prompts I use with clients to collect on time.

• Track Collections as a Weekly Metric
  Don’t just track booked revenue — start tracking cash received per person or per client. You should know how well each client performs on an individual basis as this gives you, the leader, information on where team focus should be.

• Hold 15-Minute Weekly Cash Standups
  Stay on it like sales. “Who owes us? What’s next? Who’s calling?” If you aren’t talking internally about this, you need to start that this week. It’s a new month, so take advantage of it.

SHOUT OUT
Thanks to Masters in Marketing today!

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Contact me if you’d like to network or partner together. I’d love to chat with you more about the services I offer on the side through Guernsey Consulting. If you do not know, I work full time in Treasury Management and then do consulting on the side. Would love to chat or network with you about it.

Some of those services are listed below that we can help you with!

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