Off-farm Income

SHOW NOTES Here are the show notes from the first time that I ran this episode.  I hope this is helpful to you as navigate the tricky waters of dealing with customers who pay slow! KEY POINTS:  80% of small businesses receive late payments - paysimple 64% of small businesses have clients who don't pay for 60 days - Wall Street Journal In agriculture, just like everywhere else, some customers have a tendency to pay slowly.  They're our customer right?  They deserve some grace.  That is true, but slow payment for services or products can create a host of problems for the small business owner, namely a cash flow problem. The term cash flow gets spread around so much that everyone assumes that it is widely know what is meant by this term.  But for simplicities sake, let's explain it.  Imagine that you worked two weeks last month on a big project for one customer.  This cost you $2200 in labor, and the pay period just ended.  Your big customer has yet to pay you for the job, but you just cut the payroll check