Rule One of Business: Get Paid

To get paid, like you would figure is vitally the point in your business because if you are not paid, what’s the point in business?

You would be astounded at the number of business people who only have their customer base to pay up when and if they remember it. I know such a tradesman who repeatedly gets bad debts like charms. How is that? Just because he won’t bring himself to demand the money and people just overpower him.

If you let a customer credit, do so only when they cleared themselves to you by paying cash on delivery (COD) for a time. Furthermore, you should check whether they have the means to pay you - if not then you should not do business with them. Don’t push yourself into the pattern of “I need the work” or “I need the sales”. It’s ultimately in doing the work or providing the goods for nothing if you aren’t getting paid.

If you are the sort of person who can’t demand the payment when the work has been completed, try these hints:
Tell your client that when the job is done with, you will require cash or cheque. They will be likely to have it ready at the point of sale and you will not have to demand your fee.

When you send out the initial quote, be sure your payment terms are understandable.

Create an invoice with your terms of payment evidently stated and send the client the invoice when the job is finished up. They can review the invoice and generally know they will pay you now without you going to say a thing. Create a “nasty boss” who might flay you alive if you can not leave with the money for the work.

Arrange with your bank branch to have you running with Merchant facilities so you can use credit cards such as Mastercard and Visa. The large part of people utilize credit cards and it could solve the dilemma of the client not owning a cheque book or not having the cash on hand.

Moreover, don’t be persuaded against to keep hold on the promised goods til the payment has been made. Understand, until they have been paid for, they are still yours.

If you choose to give somebody credit, make sure you take the following details about them some time BEFORE you allow them credit.

• Name
• Address
• Phone number
• Bank name and address
• Account no.
• 3 trade references with their names, addresses and phone numbers

When you record all this information, ring the banking institution and make certain that they do have an account at there. Then, ring all of the trade reference and request if they pay their debts on time or if they have had any difficulties with them.

Most people will be willing to tell you if the person is troublesome. If everything is OK, allow them a moderate level of debt, say no more than $500 (depending on your business). Monitor the operation of the account for a few months before allowing this amount to be exceeded.

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