This course is geared towards construction credit managers, but anyone in the construction industry can use this to better understand credit policies and their management.
A quality credit policy should maximize revenue by allowing the extension of credit while minimizing the risk of bad debt.
Each lesson in our crash course addressed high level challenges that credit professionals face in the construction industry, and will provide tools, tips, and suggestions to empower you and your business to succeed.
Our lesson plan covers the following:
- How to eliminate accounts receivable problems with 4 simple concepts
- What a credit policy is, and how to make a good one
- How to create a concrete credit application
- The role mechanics liens play in the construction payment process and how to create a policy that works for your business
- Ways to outline your collections process
- How a joint check agreement can benefit your business
- What contingent payment provisions are, as well as the difference between Pay If Paid and Pay When Paid
- The ways that bankruptcy affects your construction business and how mechanics liens may affect it
- How and why to secure payment using mechanics lien rights