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If your business invoices customers, you have likely faced cash flow challenges due to slow (or non) payment. Slow-paying customers are frustrating because they hinder your ability to meet expectations, replenish inventory and pay your team.
Over 26 years running a cybersecurity business, my company has invoiced over $100 million in services and products. When I exited in 2022, we had achieved a 98.7% collection rate. The only unpaid invoices belonged to customers who went out of business before we could collect.
This success was not due to software, charm or legal threats. It came from consistently following a structured collections process.