Rule One of Business: Get Paid

To get paid, you would imagine is essentially crucial at your business because if you aren’t getting paid, what are you doing in business?

You may be surprised at the amount of business people who let their clients to pay up when and if they get on with it. I am acquainted with such a tradesman who habitually collects bad debts like charms. How? Probably because he can’t bring himself to ask for the cash and people can just take advantage of him.

If you permit a client credit, do so only because they have cleared themselves to you by paying cash on delivery (COD) for a period. Furthermore, you can check whether they have the resources to pay you – otherwise why do business with them. Don’t fool yourself into the pattern of “I need the work” or “I need the sales”. It’s fruitless to do the service or providing the goods for zero if you don’t get paid.

If you are the kind of person who can’t ask for the fee even after the service has been finished, try these hints:

Tell your customer that when all the work is done with, you require cash or cheque. They should be likely to have it on them at the transacation and you won’t have to request your pay.

When handing out an initial quote, make sure your payment terms are simple.

Do up an invoice that has the terms of payment evidently listed and send the customer the invoice when the task is completed. They should see the invoice and generally understand they can pay for it now without you going to say a word. Create a “nasty boss” who may skin you alive if you can’t bring back the payment for the service.

Arrange with your bank branch to have you running with Merchant facilities so you can use credit cards including Mastercard and Visa. Many people own credit cards and it can prevent the issue of the customer not owning a cheque account or not having the cash in their wallet.

Moreover, don’t be asked not to keep hold on the goods til after they have been paid for. Remember, until the goods are paid for, they are still yours.

If you decide to allow somebody credit, be sure you have taken the following contact details about them at a point BEFORE 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 record all this information, ring the branch and make sure that they do use an account at there. Then, telephone every trade reference and inquire if they pay their debts punctually 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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