Rule One of Business: Get Paid

To be paid, you would realise is essentially important to your business because if you aren’t being paid, why are you in business?

You might be shocked at the heaps of business people who only have their clients to make payment when and if they get on with it. I know one business owner who always gets bad debts like weeds. How is that possible? Simply because he doesn’t bring himself to take the money and allows people to take advantage of him.

If you permit a client credit, only do so when they proved their integrity to you by paying cash on delivery (COD) for a period. Moreover, you should check whether they have the means to pay you – otherwise don’t do business with them. Don’t kid yourself into saying “I need the work” or “I need the sales”. It’s damaging in doing the job or providing the goods for nothing if you aren’t paid.

If you are the sort of person who can’t ask for the payment even after the job has been completed, try these ideas:

Tell your customer that when the work is finished, you require cash or cheque. They will likely have it on them at the transacation and you won’t have to demand your pay.

When you send an initial quote, be sure your payment terms are understandable.

Create an invoice with your terms of payment simply stated and give the customer the invoice when the work is done. They should see the invoice and reactively understand they have to pay for it now without you having to say a word. Fabricate an “evil boss” who will flay you alive if you do not bring back the pay for the job.

Set up your branch to provide you with Merchant facilities so you can accept credit cards for example Mastercard and Visa. The large part of people own credit cards and it will stop the dilemma of the customer not having a cheque account or not having the right cash on hand.

Moreover, don’t be persuaded against to keep the goods til after they have been paid for. Know, until they have been paid for, the goods remain to be yours.

If you choose to permit someone credit, be sure you have the following contact information of 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 possess all this detail, contact the bank and make certain that they operate an account at there. Then, phone each trade reference and inquire if they pay their fees punctually 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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