Bills, Bills, Bills

So, I was totalling up my invoice:check ratio and came up with a deficit of about $6,500. This is bad because I have bills to pay. In a way, I guess it’s also good because it means there’s a good deal of money out there just waiting to be given to me.

As a result of the deficit, I have to give my biggest client an ultimatim involving penalties for paying late. This is a slight issue, since I don’t want to rock the boat, so to speak. What do I do?

My current idea involves increases in my hourly rate on new invoices when I have any outstanding invoices more than a month old. I’m hoping that’s incentive enough. Any comments are appreciated. Thanks.