I want my money and I want it now.

• Author: Falconi, Robert R.
• Position: Chief executives in invoicing and bill collection work

I love the expression, "Money in the bank." When Michael Jordan makes his jump shot, it's like money in the bank. His coach feels good because he knows that shot is going in. Having money in the bank gives you a nice, warm feeling, like a bowl of soup on a cold winter day. If CFOs can increase their company's money in the bank, it validates their work. "Must be doing a good job we've got lots of money in the bank."

Recognizing the real and perceived importance of a strong cash balance, I make increasing the company's cash balance a high priority. It's relatively easy to make an immediate impact. I focus on two objectives: getting invoices out faster and getting involved in collections.

The conventional wisdom is that CFOs shouldn't bother with these tasks. They've earned the right to ask their staff members to do these tough jobs. In fact, if they're like me, they might have handled invoicing and collections early in their careers. Forget conventional wisdom. Lead by example. Roll up your sleeves and teach your staff how to actually enjoy invoicing and collections.

A PROUD MOMENT IN COLLECTIONS

I reward my staff for working late, coming in early and doing whatever it takes to get invoices prepared as promptly as possible. Where it makes sense, we send invoices to clients overnight. My staff members are instructed to call and let clients know an overnight package is coming. The next day, staffers follow up with a phone call to the client to find out if it arrived. They ask, "Did you get our invoice? Great, now when do we get our money?"

But while speeding up the invoicing process is essential, nothing puts money in the bank like efficient collections. As we all know, sometimes customers don't pay their bills on time. I've always taken a customer's failure to pay as a personal affront. When I was part-owner of a leasing business, late payments really were an attack on my balance sheet. Consequently, if a lessee "affronted" me too often, I would go to his or her place of business and personally recoup my company's business equipment.

One of the proudest moments of my career was standing in the back of a pickup truck, with a big grin on my face, my shirt torn and my tie askew, holding fast to my company's very expensive copier, speeding back to our office. I had taken the copier back from a business owner who refused to make his lease payments. The guy wouldn't even take my phone calls. I decided to confront him face to face. But it didn't work...