It’s easier to collect money when your clients need you versus after you’ve already completed the work. Watch the video to learn more.
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Read the video transcript below:
It’s easier to collect money when your clients need you versus after you’ve already completed the work. That’s the bottom line of this slide. So you need to stay ahead of your cost. You need to get as much upfront as possible. You need to get progress payments as close before you start or as close to providing the service.
Try to match when you have to pay the money out with when you do the draw or the progress payment. You want to collect on change orders at the time of signing, and you want to create two draws from the final draw or progress payment. One is on substantial completion so that you’ve got your money, plus some profit and then complete of the punch list.
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