Rule One of Business: Get Paid

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

You will be shocked at the heaps of business people who permit their customers to make payment when and if they get on with it. I am acquainted with such a tradesman who continuously gets bad debts like awards. How is that? Most likely because he doesn’t bring himself to request the money and people use him.

If you give somebody credit, only do so after they have cleared their integrity to you by paying cash on delivery (COD) for a time. Secondly, you need to check whether they have the means to pay you - otherwise why do business with them. Don’t kid yourself into the line of “I need the work” or “I need the sales”. It’s ultimately doing the work or providing the goods for zip if you aren’t getting paid.

If you are the kind of person who can’t ask for the fee even after the work has been done, try these ideas:
Tell your customer that when all the work is done, you need cash or cheque. They will be likely to have it ready at at the finish date and you do not need to demand your fee.

When you hand out the quote, make sure your payment terms are clear.

Form an invoice including your terms of payment simply printed and give the customer the invoice when the task is done. They will look at the invoice and generally realise they will pay you the money now without you having to say a word. Make up a “vicious boss” who may skin you alive if you can’t leave with the money for the work.

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 will fix the dilemma of the client not holding a cheque account or not having enough cash in their wallet.

Otherwise, don’t be asked not to keep hold on the goods til after payment is paid. Remember, until the goods are paid for, they are still yours.

If you decide you’re going to allow a client credit, make sure you have taken the following contact details from them some time PREVIOUSLY 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 possess all this detail, ring the bank and make for certain that they do have an account then. Then, contact each of the trade reference and find out if they pay their debts consistently or if they have any issues 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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