I love the Rolling Stones’ version of “Time Is On My Side”. It must make me feel better about waiting patiently for things. Isn’t that what it’s about? Some jilted lover waiting patiently for his beloved to “come running back”?
Here’s what it’s not about: Your money. Sadly, your money only loves time if it’s in your control. Then it’s much more valuable. You can earn interest on it, you can use it to make more money (my personal favorite), you can simply enjoy spending it or you can give it away! Whatever the case, it’s only valuable to you when it’s in your control.
When someone owes you money that money loses value over time because of your inability to use the money for the things I mentioned above. That’s not fair unless you are charging sufficient interest and regular payments are coming in. What if you aren’t charging interest and no payments are coming in? What if all you have received so far is a promise or an excuse? That’s a problem. I don’t have to tell you that $1.00 is potentially worth more than one dollar even if you pay someone to go get it for you as long as it’s done now!
Time is not on your side as the end of the year approaches. Your customer’s money is going all sorts of places as the end of the year approaches. Remind them that you are first in line!
Categorised in: Our Blog
This post was written by Summit AR