Quarter-End Crunch: 5 Tips to Collect Money Fast for Your Business

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I know, I know…it’s not Sunday Brad so what are we doing here today?! Well, I want you to close the quarter out in a strong position and I can’t help you get there by sitting over here all quiet! So I wanted to share a few things that you should already be doing to close the quarter out in a solid cash position. Cash is KING!

As the quarter draws to a close, it’s time to focus on one of the most critical aspects of business: collecting outstanding payments. Late payments can put a serious strain on your cash flow, making it difficult to cover expenses, pay vendors, or meet payroll obligations.

Fortunately, there are strategies you can use to bring cash into your business quickly and effectively. Below are five actionable tips to help you boost collections and finish the quarter strong.

1. Send Prompt, Polite Reminders

One of the simplest ways to accelerate collections is to send out friendly payment reminders. Sometimes, invoices slip through the cracks, and a quick nudge can work wonders. Be sure to personalize your reminder with the invoice number, amount due, and payment terms, while maintaining a professional tone.

• Tip: Schedule automated reminders for invoices that are nearing their due date or just overdue. Many accounting software systems offer this feature to save you time and ensure consistent follow-up. Don’t wait to contact a customer until AFTER the invoice is due. You’re already costing your business additional $$$.

2. Offer Early Payment Discounts

Incentivizing early payments is a proven way to bring cash in faster. By offering a small discount (e.g., 2% off if paid within 10 days), you can encourage customers to pay sooner than their standard terms. While this reduces the amount you collect slightly, it may be worth it to improve cash flow and avoid overdue accounts.

• Tip: Clearly outline the terms of the discount on your invoice, such as "2% discount if paid within 10 days." This gives customers a clear incentive to prioritize your payment. Monitor it closely and make sure they are only taking the discount if meeting that grace period.

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3. Negotiate Payment Plans

For clients who are experiencing financial difficulties, offering a payment plan can be a win-win solution. Instead of allowing an invoice to remain unpaid for months, work out a schedule where they can make smaller, more manageable payments over time. This approach shows good faith, maintains customer relationships, and keeps cash coming in, even if it’s slower.

• Tip: Formalize any payment plan with a clear agreement, including deadlines and amounts due, to avoid any misunderstandings. Get this in writing. I can’t stress this piece enough!

4. Follow Up by Phone

Emails can get ignored, but phone calls often demand immediate attention. Calling customers directly about overdue invoices can be highly effective in reminding them of their obligation. It also gives you an opportunity to address any issues they might have with the invoice and find a solution.

• Tip: When calling, approach the conversation in a positive and cooperative tone. Instead of demanding payment outright, ask if they’ve had a chance to review the invoice or if there’s anything you can do to help resolve the issue. Be helpful, provide solutions, and prep ahead.

5. Enforce Late Fees

If you haven’t implemented late fees yet, consider adding them to your payment terms for future invoices. Customers are more likely to prioritize payments that carry financial penalties for being late. Even a small percentage fee or flat rate can encourage timely payments.

• Tip: Make sure to clearly communicate your late fee policy on every invoice. Include language like, "A 1.5% late fee will be applied to balances unpaid after 30 days." This should also be outlined in any contracts.

Finish the Quarter Strong!!!!!

Collecting outstanding payments is crucial, especially as you head into the final stretch of the quarter and last part of the year. By implementing these strategies—reminders, discounts, payment plans, personal follow-ups, and late fees—you can bring cash in faster, improve your cash flow, and finish the quarter in a strong financial position.

Remember, consistency in collections is key, and the more proactive you are, the better your results will be.

While I have you and since we are in the work week, do me a favor and share this!

If you read my weekly newsletter and are getting value out of them, GREAT! I am super pumped they are helping you better manage the finance process. If you would want to work with me more closely, here’s a link to take you to my online community called the Cash Flow Chronicles. Two tiers, huge results! Let’s get going NOW!!!

Also, keep in mind if you refer a business to me and we take them on as a client you get paid. All you need to do is click the link above and share the heck out of our business!

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