Rule One of Business: Get Paid

Being paid, like you would realise is essentially important to your business because if you aren’t getting paid, what’s the point in business?

You would be surprised at the loads of business people who permit their customers to pay them when and if they feel like it. I know such a business owner who always holds bad debts like trophies. For what reason? Just because he can’t bring himself to request the money and people just overpower him.

If you let a customer credit, do it only if they cleared their integrity to you by paying cash on delivery (COD) for some period. Moreover, you should see whether they have the cash to pay you - otherwise why do business with them. Don’t trick yourself into thinking “I need the work” or “I need the sales”. It’s fruitless in doing the service or providing the goods for nada if you don’t get paid.

If you are the sort of person who can’t ask for the cash even after the job has been completed, try these tips:
Tell your client that when the job is done with, you will need cash or cheque. They will more than likely have it on them at completion and you won’t have to request your pay.

When sending out your quote, make sure your payment terms are plain.

Complete an invoice that has the terms of payment clearly listed and send the customer the invoice when the task is completed. They will take the invoice and simply know they should pay the money now without you needing to say a thing. Fabricate an “evil boss” who might burn you alive if you can not return with the payment for the service.

Organise your bank branch to provide you with Merchant facilities so you can accept credit cards such as Mastercard and Visa. Most people own credit cards and it can prevent the dilemma of the customer not owning a cheque account or not having enough cash on hand.

Alternatively, don’t be frightened to hold the promised goods until you’ve been paid. Don’t forget, until the goods are paid for, the goods remain yours.

If you choose to give someone credit, be sure you have taken the following contact information off them at a point BEFORE you permit them credit.

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

After you take all this information, ring the branch and make for certain that they do operate an account with them. Then, telephone all of the trade reference and ask if they pay their bills on time or if there are any dilemmas 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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