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As a follow up to our recent post discussing receivables, let’s dive into this a bit more on how to better focus your time or your team’s time.
Did you know I offer services to help your team’s workload/processes when it comes to things like receivables? We can make sure they are all on the same page, know what your goals are, and really put money back into your business vs it being tied up on the BS.
Not every past-due customer deserves the same attention though and that’s not something most business leaders understand. Cash flow improves fastest when you focus on the right accounts, not all of them. Although, you need to do a general touch base with all during a month and that could be an auto-statement or if very low risk, just a quick check in.
January is the time to sharpen follow-up discipline and stop spreading effort too thin. You need to set the tone now. Too many times you all start “setting that tone” in late November and are scrambling to close the year out…let me help you NOW to avoid that!
Start with the right targets
Focus on largest past-due balances first…what gives you the most bang for your buck
Prioritize accounts with repeated late payments and high ADP’s (average days to pay)
Separate short delays from true slow payers…honestly, segmenting out your customers into A/B/C players can be super helpful
Prepare before you reach out
Confirm invoices are accurate and received
Verify unapplied cash or credits
Know the exact amount due and due date
Ask clear, professional questions
“Can you confirm the payment date?”
“Is there anything holding up payment on your end?”
“Can we switch to ACH to speed this up?”…if you still have check payers it’s time to change that
Address issues without friction
Listen first, don’t assume intent and always be professional
Solve disputes quickly and document next steps
Avoid open-ended promises like “we’ll check back later”…you need to set hard time lines to be followed
Get commitments, not updates
Confirm a specific payment date
Follow up immediately if it slips
Keep conversations professional and consistent
Targeted follow-ups reduce noise, save time, and accelerate cash.
If collections feel scattered or ineffective, reply to this email, message me in the community, or email [email protected].
I’ll offer 35% off of my AR services through the end of January if you want to have me perform analysis to let you know where you and your business currently stand in this area.
Do you know someone I can help? Send this to them and get paid!
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