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Ensuring Financial Stability and Professional Payment Handling

0:45
1:23
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At 0:45 in

As a Tradesman is it Better to Price by the Job, or Work Hourly? Master Electrician Advice, Thoughts

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What happens here

The father concludes with crucial advice on payment practices, emphasizing two key principles: never ask a customer for money upfront and never be in a position where you are desperate or 'begging' for payment. He highlights that for commercial clients, payment cycles can sometimes extend up to 90 days. If a tradesman needs immediate payment or has to constantly chase accounts payable, it indicates that their business may not be financially ready to undertake larger, more significant jobs. This underscores the importance of having sufficient financial reserves to maintain professionalism and allow for standard payment terms.

Goal: Cultivate strong financial management to avoid upfront payment requests and manage extended payment terms.

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into camera and I'm going to tell you this. I've never asked a customer for [music] money. Never. I never asked a customer for money upfront. And I certainly never asked my commercial customers [music] for payment. It takes sometimes 90 days to get paid, guys. You got to wait your 90 days. If you're [music] the kind of person that does a job and 30 days goes by and you're calling accounts payable, you will never make it. No company wants to [music] work for someone who's got to be desperate and begging for their money. If you need to do that, you're not ready yet. Don't take on jobs where you need to get your money right

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