Getting paid, like you would understand is fundamentally fundamental in your business because if you are not getting paid, what’s the point in business?

You will be astounded at the heaps of business people who allow their customer base to pay them when and if they get on with it. I am acquainted with a business owner who always gets bad debts like accolades. How is that? Probably because he doesn’t bring himself to demand the money and people just take advantage of him.

If you let somebody credit, do so only if they cleared themselves to you by paying cash on delivery (COD) for some period. Moreover, you must find whether they have the resources to pay you – otherwise you should not do business with them. Don’t fool yourself into saying “I need the work” or “I need the sales”. It’s ultimately to do the work or providing the goods for nada if you are not paid.

If you are the sort of person who can’t demand the cash when the job has been completed, try these cheats:
Tell your client that when the job is finished up, you need cash or cheque. They should more than likely have it there at the point of sale and you do not need to request your money.

When you hand out a quote, make sure your payment terms are visible.

Form an invoice including the terms of payment simply printed and give the client the invoice when the job is done. They can take the invoice and generally assume they need to pay the money now without you going to say a thing. Invent a “vicious boss” who may burn you alive if you don’t return with the pay for the service.

Organise your bank to have you running with Merchant facilities so you can use credit cards such as Mastercard and Visa. The large majority of people possess credit cards and it should solve the difficulty of the customer not having a cheque account or not having enough cash at the time.

Otherwise, don’t be asked not to hold onto any goods until the payment has been made. Understand, until the goods have been paid for, the goods still are yours.

If you decide to permit somebody credit, make sure you have taken the following details of them a week BEFORE you allow 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, call the banking institution and make for sure that they do have an account at there. Then, ring each trade reference and request if they pay their invoices punctually or if there are 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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