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strictly 7 days not 30
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One of the things I struggled with the most when I started mowing lawns was cash flow. A big part of the battle was because I had no real systems in place to make sure I was paid on time. I was so busy running around looking for work... Securing new contracts... and building my business... I didn't have time to go chasing people for payment. I figured that if you do the work, the money will come in automatically. Boy was I wrong. You can work as hard as you like... But unless you have a good system in place for collecting payment... you can find yourself running short of funds and in a world of pain. Nowadays I have rules on payment, and I let customers know from day one. As soon as I start with a new customer, I tell them that they will get a text with my account details on the SAME day that I mow the lawn. Terms of payment are within 24 hours. If payment does not show by the next evening, I send them a friendly reminder text. Then I will send another one 48 hours later if the account is still unpaid. Now you may be thinking that this may upset some customers... And it does... But the only customers it annoys are the ones who are constantly late with their payments. Then you need to ask yourself if that is a job you want anyway. Most of our new customers pay quickly and get into the habit of quick payment so they don't get reminder texts. Also... our monthly accounts are strictly 7 days. Just because businesses expect a statement before the 10th and payment after the 20th does not mean you have to play by those rules. We have a large supermarket on our books that pays us out for petty cash because head office struggles with the idea. We have even used a 7-day statement with a large private hospital. We tell them before we start the job... The terms are 7 days unless otherwise arranged. We also have a system for one-off work. As soon as the quote is accepted, we send the bank account details and tell them that as soon as their payment shows, we will book the job. If they don't pay, then we don't show up. This hardly ever happens. As a rule of thumb... We try to keep the amount you are owed in total to less than a week's turnover. So if you want to set up payment systems that keep cash flowing...and avoid chasing customers for money... Join our free community where we share templates, scripts, and systems that actually work: [Join the free Lawn Business Builders Pro group]Until next time, Get out there, mow lawns, and have fun. Stuart |
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