There’s a battle for cash in construction during COVID-19, and those in charge of accounts receivables – credit managers, AR specialists, and office managers – are on the front lines. Extraordinary times call for extraordinary measures – but what kinds of measures should you be taking during COVID-19? Here are some best practices from around the country: What credit and AR departments in other construction companies are doing to manage their receivables, and make sure their company gets paid every dollar they earn.

Send notices earlier – and on every construction project

Relationships are important in construction. Everyone has at least a handful of faithful customers that they’ve worked with for years. You trust them to coordinate the job well and pay your invoices on time. You’ve never felt the need to send preliminary notices before. After all, you have a communication process that has worked so far. Why change that now?

The short answer is this: your customer may not survive the coronavirus-fueled recession. And construction companies that don’t protect their payments are putting their team members – and their business’ future – at risk.

Download the Coronavirus Survival Kit for Construction Businesses

Contractors and suppliers can take simple, concrete steps now that will help protect their business, employees, and financial health during the coronavirus – and set up their business for success once the dust settles.