Rule One of Business: Get Paid

To get paid, just like you would imagine is fundamentally fundamental in your business because if you are not paid, what’s the point in business?

You might be surprised at the heaps of business people who have their clients to pay up when and if they feel like it. I am acquainted with one business owner who persistently makes bad debts like weeds. Why is that? Very possibly because he cannot bring himself to request the money and people can just intimidate him.

If you give a customer credit, only do so if they cleared consistency to you by paying cash on delivery (COD) for a while. Furthermore, you can see whether they have the funds to pay you - otherwise why do business with them. Don’t trick yourself into the line of “I need the work” or “I need the sales”. It’s pointless doing the job or providing the goods for free if you are not paid.

If you are the kind of person who can’t ask for the cash after the work has been finished, try these cheats:
Tell your customer that when all the work is done, you need cash or cheque. They should be likely to have it there at at the finish date and you won’t have to ask for your pay.

When you send out your quote, be sure your payment terms are evident.

Form an invoice with your terms of payment clearly listed and give the customer the invoice when the service is done. They should take the invoice and reactively know they will pay the money now without you needing to say anything. Create a “cruel boss” who might skin you alive if you don’t go back with the pay for the job.

Arrange with your banking institution to hook you up with Merchant facilities so you can have credit cards such as Mastercard and Visa. Many people own credit cards and it should solve the dilemma of the client not holding a cheque book or not having enough cash in their pocket.

Moreover, don’t be asked not to hold your goods till after the payment has been made. Know, until the goods are paid for, they remain yours.

If you decide you’re going to permit a customer credit, be sure you get the following details off them at a point BEFORE you let them credit.

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

Once you know all this information, telephone the bank and make sure that they use an account at there. Then, phone each trade reference and ask if they pay their bills on time 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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