Rule One of Business: Get Paid

Being paid, just as you would realise is essentially fundamental in your business because if you aren’t getting paid, what are you doing in business?

You would be laughing at the heaps of business people who have their customer base to make payment when and if they remember it. I know such a trader who repeatedly collects bad debts like weeds. How? Just because he doesn’t bring himself to request the money and people overpower him.

If you let someone credit, only do so when they have proven their integrity to you by paying cash on delivery (COD) for a while. Secondly, you must find whether they have the means to pay you - if not you should not do business with them. Don’t push yourself into saying “I need the work” or “I need the sales”. It’s pointless to do the work or providing the goods for nada if you aren’t paid.

If you are the kind of person who can’t request the payment after the job has been completed, try these ideas:
Tell your customer that when the job is finished up, you will require cash or cheque. They should more than likely have it to hand over at the transacation and you won’t have to request your payment.

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

Form an invoice with your terms of payment evidently listed and hand the customer the invoice when the job is completed. They should take the invoice and generally understand they can pay you the money now without you having to say a word. Invent a “vicious boss” who may flay you alive if you don’t bring back the payment for the job.

Arrange with your banking institution to set you up with Merchant facilities so you can have credit cards for example Mastercard and Visa. The large part of people have credit cards and it will cease the issue of the client not holding a cheque book or not having the right cash at the time.

Alternatively, don’t be afraid to keep hold on your goods until after the payment has been made. Understand, until they have been paid for, they are still yours.

If you decide to give a customer credit, be sure you have got the following contact information from them some time 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

When you know all this information, ring the branch and make for certain that they do use an account then. Then, contact all of the trade reference and request if they pay their bills consistently or if there are any problems 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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