You run your own business, so you know how important customers are. But if your customers don’t pay you on time, your business won’t last very long. Try these tactics to ensure you receive the money you’re due:

• Send bills promptly. Don’t wait until the end of the month. If customers get an invoice while the purchase is still fresh in their minds, the odds are better that they will pay promptly.
• Put a specific due date on the bill. Instead of “Due upon receipt,” say, “Due by Feb. 29.”
• Contact customers as soon as they miss a payment. Be polite and professional. Missing a due date may be an unintentional oversight, not a deliberate attempt to stiff. Most customers will respond positively to a polite reminder.
• Watch for trouble signs. Decreased contact and diminishing orders are signs that your customer may be having financial difficulties of their own. You may have to consider cutting that client off until all bills are paid.