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Invoicing and Collections Policy
How often do you invoice? Is there a regular cycle? Every other Thursday? The third day of each month? And do you have a collections policy for those occasions when people ignore your invoice?
I saw a post at Women Entrepreneurs recently - an excellent discussion of the need for a collections policy, along with some guidelines for developing one. Nina Kaufman puts a little emotion into the discussion:In any economy, there's only one thing worse than not having work to do. That's spending the time and effort to do the work. and not yet getting paid. Frankly, I'd rather be sitting around twiddling my thumbs or reading trashy murder mysteries than doing work and getting stiffed.Most of it is very practical, though.
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