Rule One of Business: Get Paid

Getting paid, you would imagine is essentially fundamental to your business because if you don’t get paid, what’s the point in business?

You will be laughing at the heaps of business people who permit their clientele to make payment when and if they get around to it. I know such a business owner who habitually gets bad debts like accolades. Why is that? Probably because he can’t bring himself to ask for the payment and people just overpower him.

If you give somebody credit, do it only because they have proved themselves to you by paying cash on delivery (COD) for a time. Moreover, you should gauge whether they have the resources to pay you - if not then don’t do business with them. Don’t trick yourself into the pattern of “I need the work” or “I need the sales”. It’s pointless to do the job or providing the goods for nothing if you are not paid.

If you are the type of person who can’t ask for the fee after the job has been completed, try these cheats:
Tell your client that when the service is finished up, you will need cash or cheque. They should probably have it ready at the point of sale and you will not have to request your fee.

When you send out an initial quote, make sure your payment terms are evident.

Do up an invoice including the terms of payment evidently printed and hand the customer the invoice when the job is done. They can look at the invoice and generally assume they need to pay you the fee now without you being required to say a word. Make up an “evil boss” who would flay you alive if you can’t go back with the payment for the job.

Arrange with your banking to hook you up with Merchant facilities so you can have credit cards for example Mastercard and Visa. The majority of people use credit cards and it could prevent the dilemma of the client not having a cheque account or not having the right cash in their pocket.

Otherwise, don’t be asked not to hold the goods till after the payment has been made. Know, until the goods are paid for, the goods remain yours.

If you decide to give somebody credit, make sure you have taken the following contact information about them some time PREVIOUSLY you allow them credit.

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

When you take all this detail, contact the bank and make for certain that they do operate an account with them. Then, call all of the trade reference and find out if they pay their bills on time or if there have been 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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