Rule One of Business: Get Paid

Getting paid, you would imagine is essentially crucial at your business because if you are not paid, why are you in business?

You would be laughing at the heaps of business people who only get their customers to pay them when and if they get around to it. I know one businessman who habitually holds bad debts like charms. For what reason? Probably because he won’t bring himself to ask for the cash and people just overpower him.

If you give a client credit, only do it when they have cleared their worth to you by paying cash on delivery (COD) for some time. Moreover, you should find whether they have the resources to pay you - otherwise 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 doing the job or providing the goods for zip if you are not getting paid.

If you are the sort of person who can’t ask for the payment after the service has been done, try these ideas:
Tell your client that when all the work is done with, you need cash or cheque. They will more than likely have it there at the transacation and you won’t have to ask for your pay.

When you send out the quote, be sure your payment terms are visible.

Do up an invoice with your terms of payment simply listed and give the customer the invoice when the job is done. They will review the invoice and immediately understand they will pay the money now without you being required to say a word. Create a “nasty boss” who would burn you alive if you do not leave with the cash for the work.

Ask your bank to provide you with Merchant facilities so you can have credit cards for example Mastercard and Visa. The large majority of people possess credit cards and it will fix the problem of the client not operating a cheque book or not having enough cash on hand.

As another option, don’t be frightened to hold onto your goods til after they have been paid for. Don’t forget, until they have been paid for, they remain yours.

If you decide to let somebody credit, be sure you have taken the following contact details about them at a point BEFORE you give them credit.

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

After you possess all this detail, contact the branch and make for certain that they use an account then. Then, phone each trade reference and request if they pay their invoices correctly or if there have been 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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