Do You Ever Have Difficulty Collecting Final Payments for Projects?

November 15, 2023 Selling Comments Off on Do You Ever Have Difficulty Collecting Final Payments for Projects?

Last month, we discussed the need for clear and concise definitions of what constitutes acceptance and transfer of ownership to be included in quotations. The need for these clear and concise definitions becomes apparent at the end of a project when you, as the supplier, are trying to collect the final payment. Unless the customer and the supplier clearly understand when the project is complete and the customer has accepted the project, there can be confusion, disagreement, and unneeded argument, all of which are avoidable if we implement this simple process of clear definition.

I am sure that anyone that is in the engineered products or services business has experienced situations where the customer and the supplier do not have the same understanding of a when a project is complete. If you have had this “not so pleasant experience” you understand the impact it can have on cash flow, customer relations and overall business practice.

We at Strategen have personally experienced these kinds of situations and have advised many customers in this regard. The solutions are simple but sometimes can seem complex.

If this is something that you’d like to discuss with us, we would love the opportunity to discuss this topic with you and develop a quotation system that can minimize your risk.