Rule One of Business: Get Paid

To get paid, just like you would figure is essentially crucial to your business because if you aren’t paid, why are you in business?

You may be surprised at the loads of business people who permit their clientele to simply pay when and if they get around to it. I am acquainted with such a trader who always gets bad debts like charms. Why, do you think? Probably because he doesn’t bring himself to take the payment and people can just intimidate him.

If you permit somebody credit, do so only if they have proven their integrity to you by paying cash on delivery (COD) for some period. Moreover, you should see whether they have the funds to pay you - if not then why do business with them. Don’t trick yourself into the pattern of “I need the work” or “I need the sales”. It’s ultimately doing the work or providing the goods for zero if you do not get paid.

If you are the sort of person who can’t ask for the payment after the work has been completed, try these cheats:
Tell your client that when the service is completed, you will require cash or cheque. They will probably have it on them at the point of sale and you will not have to request your payment.

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

Complete an invoice including your terms of payment clearly listed and send the client the invoice when the work is completed. They should look at the invoice and generally know they can pay you for it now without you having to say a word. Create an “evil boss” who will skin you alive if you can’t return with the money for the service.

Set up your banking to hook you up with Merchant facilities so you can use credit cards such as Mastercard and Visa. The majority of people own credit cards and it could fix the dilemma of the client not holding a cheque account or not having the right cash on hand.

As another option, don’t be afraid to hold onto your goods until payment is paid. Don’t forget, until the goods have been paid for, the goods still remain yours.

If you decide to let a customer credit, be sure you take the following contact information from them at a time PREVIOUSLY you give them credit.

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

Once you take all this information, ring the branch and make for sure that they use an account at there. Then, phone all of the trade reference and find out if they pay their invoices correctly or if they have had 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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Relationship Marketing Fundamentals

As a customer service concept, relationship marketing is not new. For decades, business-to-business marketers have employed account managers who have the responsibility to dedicate themselves to key clients. In the financial world, `relationship banking’, whereby high-yield customers are assigned a personal manager, has been practised for many years.

When direct marketing is embraced to establish connections or relations between the marketer and the consumer, it is too easy to suggest that all forms of direct marketing communications achieve a closer relationship, a closer bond between the two parties. Such a conclusion exaggerates what generally happens in the marketplace.

Direct marketing is all about generating a direct response from the consumer and about direct communications to the consumer. A direct response is needed to generate better understanding of the advertising message or to motivate transactions. Direct communication is simply about media reach efficiency. Relationship marketing is a concept that transcends these pragmatic direct marketing objectives.

Kotler appropriately positions the concept of relationship marketing as one which applies principally to business-to-business situations:

Smart marketers try to build up long-term, trusting, `win—win’ relationships with customers, distributors, dealers and suppliers. That is accomplished by promising and delivering high quality, good service, and fair prices to the other party over time.

It is accomplished by strengthening the economic, technical, and social ties between members of the two organizations. The two parties grow more trusting, more knowledgeable, and more interested in helping each other. Relationship marketing cuts down on transaction costs and time; in the best cases, transactions move from being negotiated each time to being routinized.

Outside of `membership’ or `continuity’ programs, there are two basic ways to approach consumers. The first is with a product and price combination considered to be `the standard’. That is, the proposition is essentially of long standing and relies on the features and benefits being competitive. The second way, normally of short-term duration, is a `special offer’. Direct marketing textbooks are full of the theory, practice and case histories relating to `the offer’.

The choice of basic propositions or selection of special offers depends on the circumstances of the individual firm and its competitive environment. The right proposition or offer can make a world of difference to response cost-effectiveness.

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