Rule One of Business: Get Paid

Being paid, just like you would imagine is essentially important to your business because if you are not getting paid, what are you doing in business?

You may be astounded at the loads of business people who only get their clients to make payment when and if they get on with it. I am acquainted with one tradesman who repeatedly makes bad debts like awards. Why, do you think? Very possibly because he cannot bring himself to ask for the payment and people can just take advantage of him.

If you permit someone credit, do so only if they cleared their integrity to you by paying cash on delivery (COD) for a time. Secondly, you must find whether they have the funds to pay you – if they don’t then do not do business with them. Don’t push yourself into saying “I need the work” or “I need the sales”. It’s fruitless to do the work or providing the goods for free if you are not paid.

If you are the type of person who can’t demand the fee when the work has been done, try these ideas:
Tell your client that when the job is done, you will need cash or cheque. They should probably have it ready at the transacation and you will not have to demand your payment.

When giving out a quote, make sure your payment terms are plain.

Do up an invoice that has your terms of payment simply stated and hand the customer the invoice when the task is done. They can see the invoice and generally understand they need to pay you for it now without you going to say anything. Manufacture a “vicious boss” who will skin you alive if you don’t return with the pay for the job.

Ask your banking to provide you with Merchant facilities so you can use credit cards including Mastercard and Visa. Most people possess credit cards and it would fix the problem of the customer not operating a cheque account or not having the right cash at the time.

Otherwise, don’t be asked not to keep hold on the goods till you have been paid. Remember, until they’re paid for, they still remain yours.

If you decide you’re going to permit a customer credit, make sure you take the following contact information about them a week 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

Once you have all this detail, ring the branch and make certain that they have an account there. Then, phone each of the trade reference and request if they pay their bills on time or if they have any difficulties 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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