To get paid, like you would realise is fundamentally crucial at your business because if you aren’t being paid, why are you in business?

You might be shocked at the loads of business people who only have their customer base to simply pay when and if they feel like it. I know such a business owner who repeatedly gets bad debts like awards. How? Simply because he can’t bring himself to request the money and people just overpower him.

If you permit somebody credit, only do so after they have cleared their integrity to you by paying cash on delivery (COD) for some time. Secondly, you must gauge whether they have the money to pay you – if not then don’t do business with them. Don’t trick yourself into saying “I need the work” or “I need the sales”. It’s fruitless to do the job or providing the goods for zip if you are not getting paid.

If you are the sort of person who can’t demand the cash when the service has been finished, try these hints:
Tell your client that when the service is done, you will require cash or cheque. They should be likely to have it ready at at the finish date and you do not have to demand your payment.

When you hand out a quote, be sure your payment terms are clear.

Complete an invoice including the terms of payment plainly printed and give the client the invoice when the service is finished. They should look at the invoice and immediately know they have to pay the money now without you having to say a thing. Invent an “evil boss” who might flay you alive if you don’t leave with the payment for the service.

Ask your bank branch to have you running with Merchant facilities so you can have credit cards such as Mastercard and Visa. The majority of people possess credit cards and it could cease the difficulty of the client not holding a cheque account or not having the right cash in their pocket.

As another option, don’t be frightened to hold the goods till after the payment is made. Don’t forget, until they have been paid for, the goods remain yours.

If you plan to allow a customer credit, make sure you have got the following information of them at a time BEFORE you permit them credit.

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

After you take all this information, telephone the bank and make for certain that they have an account with them. Then, phone every trade reference and request if they pay their debts punctually or if they have had 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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