Rule One of Business: Get Paid

To get paid, as you would understand is fundamentally crucial to your business because if you aren’t getting paid, what’s the point in business?

You would be laughing at the amount of business people who permit their customers to make payment when and if they remember it. I know of one business owner who repetitively gets bad debts like weeds. How is that possible? Most likely because he cannot bring himself to demand the payment and people just overpower him.

If you allow a client credit, only do it when they have proven their worth to you by paying cash on delivery (COD) for some time. Also, you should gauge whether they have the cash to pay you - if not why do business with them. Don’t trick yourself into the line of “I need the work” or “I need the sales”. It’s ultimately doing the service or providing the goods for free if you are not getting paid.

If you are the type of person who can’t ask for the money when the work has been done, try these cheats:
Tell your client that when all the work is finished, you require cash or cheque. They will probably have it there at the point of sale and you do not have to demand your payment.

When giving out an initial quote, make sure your payment terms are visible.

Create an invoice that has your terms of payment evidently listed and give the customer the invoice when the work is finished. They will review the invoice and generally assume they will pay you the money now without you being required to say a word. Fabricate a “nasty boss” who will skin you alive if you can’t go back with the money for the work.

Arrange with your bank to provide you with Merchant facilities so you can use credit cards like Mastercard and Visa. The large majority of people have credit cards and it could cease the problem of the client not owning a cheque book or not having the cash in their wallet.

Alternatively, don’t be frightened to keep hold on the promised goods until payment has been made. Understand, until they have been paid for, they remain to be yours.

If you plan to allow somebody credit, be sure you get the following contact information from them a week PREVIOUSLY you permit 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 information, ring the bank branch and make for certain that they do have an account there. Then, phone each of the trade reference and inquire if they pay their bills on time 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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