To get paid, like you would imagine is vitally crucial in your business because if you are not paid, what are you doing in business?

You would be astounded at the amount of business people who only get their clients to pay them when and if they get on with it. I am acquainted with such a tradesman who always holds bad debts like charms. Why is that? Most likely because he won’t bring himself to ask for the payment and people just intimidate him.

If you give somebody credit, only do it after they proved their worth to you by paying cash on delivery (COD) for a while. Furthermore, you need to gauge whether they have the money to pay you – if they don’t then you should not do business with them. Don’t fool yourself into saying “I need the work” or “I need the sales”. It’s damaging doing the work or providing the goods for nada if you do not get paid.

If you are the sort of person who can’t request the money after the work has been done, try these ideas:
Tell your customer that when the work is finished, you require cash or cheque. They will probably have it to hand over at completion and you don’t need to request your fee.

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

Do up an invoice that has the terms of payment clearly printed and hand the customer the invoice when the job is done. They should take the invoice and immediately assume they need to pay it off now without you being required to say a thing. Make up an “evil boss” who may burn you alive if you do not bring back the fee for the service.

Arrange with your banking institution to set you up with Merchant facilities so you can take credit cards for example Mastercard and Visa. Many people have credit cards and it would cease the issue of the client not holding a cheque account or not having enough cash in their pocket.

Otherwise, don’t be frightened to keep hold on the promised goods till they have been paid for. Know, until the goods are paid for, the goods remain yours.

If you decide you’re going to allow someone credit, make sure you get the following information of them a week PREVIOUSLY you let 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 information, call the branch and make for certain that they have an account with them. Then, phone each trade reference and request if they pay their invoices correctly or if there have been 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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