Why WIP?
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Business Model Sales Training
Something that comes up regularly with many of my new coaching clients is the sheer amount of WIP they’re carrying in their accounting practices.
In this video I explore why WIP occurs in the first place and give you 5 questions to ask yourself about your WIP.
Ultimately, I think the REAL question is…
Why even have WIP?
Hi Erik:
Like the paper tie! What caught my ear was that ‘WIP” was unearned revenue – NOPE – I earned it! I just haven’t been paid for it as I haven’t billed it. Yup WIP is a a pain in the arse and better management needs to come from me vs the client. I always say it is not the client’s responsibility if I keep giving my services away for free (ie write downs) I gotta learn better and more confident communication with my client and that is a work in progress!!
Better yet…get rid of WIP altogether by agreeing to a price ahead of time and setting up an automatic collection system before you even start working!