Information and updates on the construction industry. Legal developments in the construction lien law are provided here, with helpful information on when to file a mechanics lien or prelien notice. This forum is meant to help the construction industry, or anyone who provides improvements to real estate.
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It's Never Too Late to Breathe and Reboot
Season is Here: Start This Year Off Right
companies to small, we've had a lot of people call us and ask for
advice on how they should be set up to run an account. From the moment
you land that customer to fulfillment, we have a customizable plan that
can work for you.
What I'm about to confess is
going to sound awfully girly - and I'll blame it on my wife's obsession
with watching reruns of her favorite show.
of my favorite quotes comes from an episode of "Sex and the
there's an episode where Carrie has relationship trouble with her
boyfriend of the day. In this episode Carrie's computer crashed,
leading to relationship and worklife catastrophe. Once her computer was
fixed and her relationship was back on track she said, "The best
we can do is breathe and reboot."
You never know when you're
going to have to take a deep breath and reboot - whether it's your
computer, your love life, or your business. In fact, if you've been in
business long enough, there have probably been countless times when
you've had to breathe and reboot - in the form of a new strategy, a new
obstacle, or a new goal.
No matter how
long you've been in business or how many projects you've completed,
it's never too late to revamp your strategy. Sure, some customers may
be lost forever due to prior unfortunate incidents, but that's the
great thing about our industry - there are hundreds of thousands of
companies to attract, impress, and do business with.
Take Advantage of Us - We Won't Mind
Over the years, we've had a
lot of people call us up and ask how their accounts management systems
should be set up. Many have even asked to outsource it to us!
While everyone's business is
different and requires additional considerations, we learned a few
things that you can use to keep your accounts in-line all the time.
Start with reliable credit checks.
Most companies want reliable
credit checks, but D&B reports aren't interactive and are often
stale. We provide a detailed credit memo that provides you with an
intelligent report on the business that is applying for credit: we call
their references, we take a look at their accounts, and we get the answers
that you just can't get when you run a static D&B report.
ALWAYS send a Notice to Owner at the beginning of each project. Yes,
we mean ALWAYS! Notices to Owners often are forgotten in the flurry of
starting a new project: Put us on your list of things to do at the
beginning of a project. Forgetting to send that Notice to Owner or
prelien notice can have a devastating effect on your lien rights. If
filling out the online form is too time consuming, email or fax us a
copy of the purchase order or face page of your contract. If we have
any additional questions, we'll let you know.
The 60 Day Rule for Liens and Follow Up Management: Don't waste
time negotiating with someone who isn't willing to pay. Most states
require that liens be filed within 90 days of your last date of work.
Some states allow as little as 60 to 75 days for residential work. Run
your receivables monthly, and if someone is 60 days late with payment,
give yourself some leverage and file a lien or a bond claim. It's also
often a good time to refer it to collections, but that's your call.
Keep in mind that the longer you wait, the harder it is to collect the
So, how do
you know if it's time to breathe and reboot?
about your current system. Is it squarely-focused on ensuring that you
are signing up with the right customers? Is it keeping your receivables
under 5%? If it's not, it's time to breathe and reboot! Remember, no
one is going to pay you if they don't have to. If you're not staying on
top of your business, you can't expect the customer to come to you that
they don't have the qualifications for you to extend them credit.
Before the season gets busy, take some time to step back
and breathe; take a look at our suggestions to see if you're on the
right track; then take some time to implement the changes and reboot.
You'll be happy you did.
When purchasing, use coupon code ACTNOW to save 10% on any
orders until the end of March, 2012. This discount cannot be
combined with any other offers.
Offer Expires: March 31, 2012
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