Just one bad job from going out of business
I was reading an article on the Masonry Contractors Association of NSW & ACT website recently in which they published an article titled “USA low margin lesson“. The writer tells a great story of how, when chatting with friends who ran their own businesses across varied professions, they were all ultimately in the same situation. From doctors to lawyers, accountants to contractors, they “are all just one bad job away from going out of business.”
A scary thought. And one CheckVault is changing.
Until recently the only option a contractor, builder, accountant or even lawyer, really had was to do the work and then hope the client had the money to pay. No amount of due diligence or crossing of fingers could really prepare you for the outcome. The problem is, once you’ve provided a service, you can’t take it back. It’s done. It has happened.
In many cases the client has the money to pay and it’s business as usual. But what happens when you have that one bad client, that one bad job. It really could be the one that puts you out of business.
So how do you protect yourself so that ‘one bad job’ doesn’t happen to you? How do you make sure that your client really can pay you after you’ve laid down your tools on a job well done?
Now that CheckVault has arrived there’s finally a way. An quick, easy, online way. Phew.
So are you still willing to take the risk of not being paid? Or will you make the change to get secured?
According to Damian Lang, the author of the article I mentioned earlier, a masonry contractor himself and member of the Masonry Contractors Association of America, “Statistics show that more contractors go out of business when the economy is coming back than during the recession. That’s due to the cash requirements it takes to fund future projects. …. don’t be afraid to make a change.”