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Found out the average small biz waits 72 days for payment...
I stumbled on a stat from QuickBooks saying the average small business waits 72 days to get paid. That's way longer than I thought, and it made me realize I need to push for shorter terms on my contracts. Anyone else seen numbers like this for their industry?
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samreed7d ago
That figure about 72 days is shocking when you first hear it, but it matches my own experience with a small construction firm I deal with. We started asking for deposits up front and it cut our wait time down a lot. It's crazy how long some companies will drag their feet if you let them.
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kevinw947d ago
Didnt someone on here @samreed say they waited like 4 months for a contractor to pay up?
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johnson.eva7d ago
Started asking for 50% upfront on my custom furniture orders and it changed everything. Used to wait months for people to pay up after delivery, now the money comes in before I even buy materials. That gap between finishing a piece and getting paid was killing my cash flow. I tell clients the deposit covers my time and materials, and they seem to respect that more. You'd be surprised how many people pay faster when they've already got skin in the game. Have you tried offering a small discount for early payment on your contracts?
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