Who is the person primarily responsible for maintaining your businessís financial records? Is it:?
Is that person also primarily responsible for billing and collections?
Is that person primarily responsible for most common interactions with your financial institution, such as making deposits or getting change?
(payment) At the time of sale.
(payment) By invoices or statements to customers that are due upon receipt.
(payment) Through third-party payment, such as an insurance company.
(payment) Through credit-type arrangements or special terms that you extend.
(payment) At the time of job completion or upon delivery.
When you extend credit or terms, do you extend it to your business customers, individual customers, or both?
What are your customary terms?
Do you charge a late fee, interest, or both a late fee and interest for late payment?
How long before you normally try to collect an overdue bill before you turn it over to a collection agency? Is it:?
Once you have invoiced a customer, on average, how many days is it before you get paid?
Once you have invoiced a third-party payer, on average, how many days is it before you get paid?
Does your business customarily accept credit card payments?
Do you accept credit cards on your premises, on-line, or both?
(reason credit cards accepted) Customers expect to be able to pay that way.
(reason credit cards accepted) Credit card payments improve cash flow.
(reason credit cards accepted) Credit cards enlarge your market by making payment from a distance easier.
(reason credit cards accepted) Credit cards reduce the need to keep large amounts of cash on the premises.
(reason credit cards accepted) Credit cards end up costing less than other forms of payment.
How often in the last year have you experienced a credit card payment approval and later had the credit card company refuse payment?
What is the primary reason that you do not take credit cards?
Do you accept personal checks, business checks, or personal and business checks for payment?
Do you use a check verification service?
Over the last five years, have you failed to receive payment due to a personal or business bankruptcy?
Was it a personal bankruptcy, business bankruptcy, or both?
How many different bankruptcies were involved?
What is the most significant problem you face getting paid? Is it:?
Volume 1, Issue 7, 2001
ISSN - 1534-8326
William J. Dennis, Jr.
NFIB Research Foundation
NFIB's mission is to promote and protect the right of our members to own, operate and grow their businesses.
© 2001-2007, National Federation of Independent Business. All Rights Reserved.