415: Proven Construction Client Payment Practices That Work

<h1 style="text-align: center;"><span style= "color: #0000ff;"><strong>This Podcast Is Episode Number 415, And It's About Proven Practices To Collect Construction Client Payments Effectively</strong></span></h1> <p><span data-preserver-spaces="true">All construction contractors have experienced bad debt's financial pain, which is defined as a customer who refuses to pay no matter what you do.</span></p> <p><span data-preserver-spaces="true">We've been there before, and it will probably happen again in the future. Owning and operating any business, including accounting, means sometimes you provide goods and services and not get paid.</span></p> <p><strong><span data-preserver-spaces="true">Knowing The Answers Helps</span></strong></p> <p><strong><em><span data-preserver-spaces="true">"If you know the answers, the questions will not bother you" - Randalism</span></em></strong><span data-preserver-spaces= "true">.</span></p> <p><span data-preserver-spaces="true">When you sat for an exam or a school test and knew the material forwards and backward, it was fast and easy. The exams and tests for the classes you struggled with were the opposite.</span></p> <p><span data-preserver-spaces="true">In your construction company, it is the same; you need the answers to develop understanding, which helps us all let go of the past and move forward.</span></p> <div> <p><span data-preserver-spaces="true">The larger your construction business grows, the more likely you could end up operating as a bank without the hundreds of ways to generate revenues from fee income and interest calculation that banks use. The most popular method designed by investors and developers and shrewd business people who understand the concept of divide and conquer is for contractors to get little or no down payment for a construction project, do all the work, including change orders, and then try to collect their money.</span></p> <p><span data-preserver-spaces="true">The least popular method is getting work orders, contracts signed, and deposit checks be