Rule One of Business: Get Paid

To get paid, just like you would imagine is vitally important at your business because if you do not get paid, why are you in business?

You would be laughing at the amount of business people who let their customers to pay up when and if they feel like it. I know such a trader who persistently gets bad debts like accolades. For what reason? Most likely because he can’t bring himself to ask for the cash and lets people use him.

If you give a customer credit, do so only when they have cleared their integrity to you by paying cash on delivery (COD) for a while. Secondly, you can gauge whether they have the funds to pay you – if not you should not do business with them. Don’t fool yourself into saying “I need the work” or “I need the sales”. It’s pointless in doing the work or providing the goods for zip if you don’t get paid.

If you are the kind of person who can’t request the money after the job has been finished, try these cheats:

Tell your client that when all the work is finished up, you will require cash or cheque. They should probably have it to hand over at completion and you don’t have to ask for your money.

When you give out the quote, make sure your payment terms are visible.

Do up an invoice with the terms of payment clearly stated and give the customer the invoice when the job is finished up. They should look at the invoice and immediately understand they need to pay for it now without you needing to say a thing. Invent a “vicious boss” who would torture you alive if you do not bring back the payment for the work.

Arrange with your banking institution to hook you up with Merchant facilities so you can accept credit cards for example Mastercard and Visa. The majority of people utilize credit cards and it would prevent the issue of the client not holding a cheque book or not having the right cash in their wallet.

Alternatively, don’t be afraid to keep your goods till after you have been paid. Understand, until the goods are paid for, they still remain yours.

If you decide you’re going to let someone credit, make sure you have taken the following contact information of them at a point PREVIOUSLY you give them credit.

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

When you possess all this detail, ring the branch and make for certain that they do use an account then. Then, telephone all of the trade reference and ask if they pay their invoices on time 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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