Four Ways to Prepare and Take Action to Avoid the Summer Dip in Cash and Collections [Commercial Collections]

The weather is starting to warm up, and sounds of kids running around outside at eleven o'clock in the morning can be heard in the distance. Graduation parties and celebrations are all around. It must mean one thing: it's finally summer! And while most of us are excited for extra time with friends and family or the beloved summer BBQs, this isn't everyone's favorite time. If you are responsible for managing cash, you probably have already forecasted a decrease in receipts. If you are a collections leader, you just know every year at this time there is a dip in collections.

You are probably thinking to yourself, I can't do anything to make these customers pay on time in the summer. While you can't physically go and cut the checks for them, you can try to be in front of it as much as possible.

In my prior life, I always had my finger on the pulse. I was always planning and preparing the organization -- most importantly, the credit/collections teams. You learn very quickly how cyclical the business can become. I'm going to share my favorite tips and tricks to avoid or significantly decrease that summer cash dip.