Rule One of Business: Get Paid

Getting paid, you would understand is essentially the point at your business because if you don’t get paid, what’s the point in business?

You may be shocked at the loads of business people who only get their clientele to pay up when and if they feel like it. I know of one tradesman who continuously gets bad debts like accolades. For what reason? Very possibly because he can’t bring himself to request the payment and people take advantage of him.

If you permit a client credit, only do it after they have proved their integrity to you by paying cash on delivery (COD) for a while. Moreover, you need to check whether they have the resources to pay you – if they don’t then you should not do business with them. Don’t fool yourself into the pattern of “I need the work” or “I need the sales”. It’s damaging to do the job or providing the goods for zip if you don’t get paid.

If you are the type of person who can’t request the fee even when the job has been finished, try these ideas:
Tell your client that when the work is finished, you will need cash or cheque. They will more than likely have it ready at the transacation and you don’t have to request your payment.

When handing out your quote, make sure your payment terms are understandable.

Form an invoice that has the terms of payment plainly listed and hand the customer the invoice when the job is finished. They can review the invoice and generally assume they can pay you the fee now without you being required to say anything. Make up an “evil boss” who may flay you alive if you don’t go back with the money for the work.

Organise your banking institution to have you running with Merchant facilities so you can take credit cards such as Mastercard and Visa. Most people have credit cards and it will cease the problem of the client not operating a cheque book or not having enough cash in their wallet.

Moreover, don’t be asked not to hold any goods till after the payment has been made. Don’t forget, until they’re paid for, the goods are still yours.

If you decide you’re going to let a client credit, be sure you have the following contact details about 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

Once you record all this detail, telephone the bank branch and make certain that they use an account there. Then, call all of the trade reference and find out if they pay their fees consistently 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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