Rule One of Business: Get Paid

To be paid, just as you would realise is fundamentally important to your business because if you aren’t getting paid, what’s the point in business?

You will be surprised at the loads of business people who have their clientele to make payment when and if they get around to it. I am acquainted with one businessman who habitually holds bad debts like weeds. Why, do you think? Simply because he can’t bring himself to demand the cash and lets people use him.

If you permit somebody credit, only do it after they have cleared their integrity to you by paying cash on delivery (COD) for a time. Secondly, you must gauge whether they have the funds to pay you – if they don’t then do not do business with them. Don’t fool yourself into saying “I need the work” or “I need the sales”. It’s pointless to do the service or providing the goods for zip if you aren’t paid.

If you are the sort of person who can’t request the cash after the work has been finished, try these hints:

Tell your customer that when the service is done with, you will require cash or cheque. They will more than likely have it ready at completion and you won’t have to ask for your pay.

When sending out your quote, be sure your payment terms are evident.

Form an invoice that has your terms of payment evidently printed and send the client the invoice when the work is done. They should look at the invoice and reactively assume they can pay it off now without you needing to say anything. Make up a “cruel boss” who will torture you alive if you can not leave with the cash for the job.

Ask your bank to set you up with Merchant facilities so you can take credit cards for example Mastercard and Visa. Many people possess credit cards and it will cease the problem of the client not having a cheque book or not having enough cash in their pocket.

Likewise, don’t be frightened to keep hold on your goods until after they have been paid for. Remember, until they’re paid for, they remain yours.

If you decide to let someone credit, be sure you have got the following information off them a week 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

When you have all this detail, ring the banking institution and make sure that they do use an account there. Then, phone all of the trade reference and ask if they pay their bills punctually or if they have 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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