Rule One of Business: Get Paid

Being paid, just like you would realise is vitally crucial at your business because if you are not being paid, what are you doing in business?

You might be astounded at the number of business people who only have their customer base to make payment when and if they remember it. I know of such a businessman who repeatedly holds bad debts like awards. How is that possible? Very possibly because he can’t bring himself to demand the payment and people just use him.

If you permit somebody credit, do it only when they have proven themselves to you by paying cash on delivery (COD) for a period. Secondly, you should find whether they have the means to pay you - if they don’t then you should not do business with them. Don’t fool yourself into saying “I need the work” or “I need the sales”. It’s ultimately in doing the job or providing the goods for zip if you do not get paid.

If you are the type of person who can’t request the payment after the service has been completed, try these hints:
Tell your client that when all the work is done with, you require cash or cheque. They will be likely to have it there at the point of sale and you won’t have to ask for your pay.

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

Create an invoice with your terms of payment plainly stated and hand the client the invoice when the job is done. They will take the invoice and reactively realise they have to pay the fee now without you having to say a thing. Create a “cruel boss” who may torture you alive if you do not leave with the fee for the work.

Arrange with your banking institution to provide you with Merchant facilities so you can accept credit cards such as Mastercard and Visa. The large part of people have credit cards and it could fix the problem of the customer not operating a cheque account or not having the cash in their pocket.

Likewise, don’t be persuaded against to hold onto any goods til they have been paid for. Don’t forget, until they have been paid for, the goods remain yours.

If you plan to let someone credit, make sure you get the following contact details from them a week 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 know all this information, call the bank branch and make sure that they do use an account with them. Then, ring each of the trade reference and inquire if they pay their bills on time or if they have had 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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