Displaying All Posts from November, 2017

Managing Payment Lags in Freight

One of the greatest challenges in a business with a physical service or product is the delay between completion of the work and the receipt of payment. While most businesses pay their bills on the same net-30 terms that they use with their own customers, new businesses in particular may not have established credit with their suppliers and could consequently struggle to keep current with them if receivables are taking too long.

Freight is a particularly problematic issue. A typical run has predictable costs for the fuel and driver, but outside factors like traffic, road construction, poor directions, and other interference can drastically increase those expenditures.

Controlling those costs is vital. Your company will be more successful if they implement smart cost-saving strategies. Finding a solution to these challenges can be the difference between profitability and failure for businesses of any age, so making that happen is a high priority for management.
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