Rule One of Business: Get Paid

Getting paid, like you would imagine is vitally fundamental to your business because if you are not paid, what are you doing in business?

You might be astounded at the amount of business people who allow their customers to pay up when and if they remember it. I am acquainted with a businessman who habitually makes bad debts like awards. How? Just because he won’t bring himself to take the money and lets people use him.

If you give someone credit, do so only if they have proved themselves to you by paying cash on delivery (COD) for a time. Also, you must find whether they have the funds to pay you - otherwise you shouldn’t do business with them. Don’t fool yourself into thinking “I need the work” or “I need the sales”. It’s ultimately when you do the service or providing the goods for zip if you do not get paid.

If you are the sort of person who can’t demand the fee after the work has been done, try these cheats:
Tell your client that when the service is finished up, you require cash or cheque. They should more than likely have it there at the transacation and you will not need to ask for your payment.

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

Do up an invoice including your terms of payment clearly printed and give the client the invoice when the job is done. They should review the invoice and immediately understand they should pay you for it now without you going to say a thing. Make up a “vicious boss” who might flay you alive if you can not go back with the cash for the job.

Organise your bank branch to hook you up with Merchant facilities so you can have credit cards like Mastercard and Visa. The large majority of people own credit cards and it can fix the dilemma of the client not owning a cheque account or not having the cash in their pocket.

Moreover, don’t be asked not to hand over the promised goods until you have been paid. Don’t forget, until they have been paid for, the goods remain yours.

If you decide you’re going to allow somebody credit, be sure you have taken the following information of them at a time PREVIOUSLY 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 possess all this information, ring the bank and make for certain that they do have an account then. Then, phone each trade reference and request if they pay their debts on time or if there have been 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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