100 Thoughts on Pricing: #4
When interest rates were ~0%, past due payments were mostly an annoyance that occasionally hinted at write-offs. With interest rates at 5%+, past due payments are theft of accrued interest. What are you doing about it?
Do you have the right remedies in your contracts? Are you actually applying them? Are you requiring larger advance payments in your contracts with risker customers? Have you streamlined your billing structure to make it easy for customers to verify your invoices?