Rule One of Business: Get Paid

To get paid, you would figure is fundamentally the point at your business because if you aren’t getting paid, why are you in business?

You would be astounded at the heaps of business people who permit their clientele to pay up when and if they feel like it. I know of a businessman who continuously makes bad debts like awards. Why is that? Just because he won’t bring himself to request the cash and allows people to overpower him.

If you let a customer credit, only do it after they have proven themselves to you by paying cash on delivery (COD) for a time. Also, you need to gauge whether they have the means to pay you - if not then do not do business with them. Don’t trick yourself into the pattern of “I need the work” or “I need the sales”. It’s ultimately to do the job or providing the goods for nada if you don’t get paid.

If you are the sort of person who can’t demand the money even after the service has been completed, try these cheats:

Tell your client that when the job is finished, you will need cash or cheque. They will likely have it there at the transacation and you don’t have to demand your money.

When sending out an initial quote, be sure your payment terms are understandable.

Do up an invoice including the terms of payment clearly stated and give the customer the invoice when the job is finished up. They can see the invoice and reactively understand they should pay you for it now without you having to say anything. Make up a “nasty boss” who would torture you alive if you do not return with the cash for the service.

Set up your bank branch to hook you up with Merchant facilities so you can accept credit cards such as Mastercard and Visa. The large part of people utilize credit cards and it will cease the problem of the customer not holding a cheque book or not having the cash at the time.

As another option, don’t be afraid to hand over the promised goods till after payment has been made. Remember, until they’re paid for, they remain to be yours.

If you decide to give someone credit, be sure you have the following details from them a week BEFORE you allow them credit.

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

Once you have all this detail, ring the bank and make certain that they operate an account with them. Then, phone each of the trade reference and request if they pay their bills correctly or if they have had any problems 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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