Rule One of Business: Get Paid

Getting paid, as you would figure is essentially crucial at your business because if you aren’t getting paid, what’s the point in business?

You would be surprised at the loads of business people who allow their customer base to pay up when and if they feel like it. I know a business owner who persistently makes bad debts like accolades. Why is that? Simply because he doesn’t bring himself to take the money and allows people to overpower him.

If you permit a client credit, do it only when they have proved themselves to you by paying cash on delivery (COD) for a while. Secondly, you should check whether they have the funds to pay you – if not do not do business with them. Don’t push yourself into thinking “I need the work” or “I need the sales”. It’s fruitless in doing the service or providing the goods for nada if you aren’t getting paid.

If you are the kind of person who can’t demand the cash even when the job has been done, try these ideas:

Tell your customer that when the work is completed, you will require cash or cheque. They should probably have it ready at the transacation and you will not have to ask for your money.

When giving out your quote, be sure your payment terms are evident.

Create an invoice with your terms of payment simply printed and hand the customer the invoice when the work is completed. They should review the invoice and simply assume they should pay for it now without you going to say a word. Fabricate a “cruel boss” who may burn you alive if you can’t return with the cash for the service.

Ask your bank to set you up with Merchant facilities so you can have credit cards like Mastercard and Visa. The majority of people possess credit cards and it can cease the dilemma of the client not owning a cheque book or not having the right cash at the time.

Otherwise, don’t be persuaded against to hold onto the goods til payment is paid. Know, until the goods are paid for, they remain yours.

If you decide you’re going to allow a client credit, make sure you get the following contact information from them a week PREVIOUSLY you let them credit.

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

After you take all this information, contact the branch and make sure that they have an account at there. Then, ring every trade reference and ask if they pay their bills consistently 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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