Rule One of Business: Get Paid
Being paid, like you would realise is fundamentally crucial at your business because if you aren’t paid, what are you doing in business?
You would be surprised at the heaps of business people who have their customer base to pay up when and if they feel like it. I am acquainted with such a tradesman who repeatedly collects bad debts like trophies. How? Just because he can’t bring himself to demand the money and people just overpower him.
If you give someone credit, only do so because they cleared their integrity to you by paying cash on delivery (COD) for some period of time. Secondly, you need to see whether they have the means to pay you - otherwise do not do business with them. Don’t kid yourself into saying “I need the work” or “I need the sales”. It’s damaging in doing the work or providing the goods for zero if you are not paid.
If you are the sort of person who can’t ask for the fee after the service has been completed, try these ideas:
Tell your client that when all the work is finished, you will need cash or cheque. They will be likely to have it ready at the transacation and you do not need to ask for your payment.
When you send the initial quote, be sure your payment terms are evident.
Create an invoice including the terms of payment plainly stated and give the customer the invoice when the job is done. They will look at the invoice and simply understand they should pay the fee now without you having to say a thing. Create a “cruel boss” who would torture you alive if you do not go back with the payment for the work.
Ask your banking to hook you up with Merchant facilities so you can have credit cards such as Mastercard and Visa. Most people utilize credit cards and it would fix the issue of the customer not having a cheque account or not having enough cash on hand.
Otherwise, don’t be asked not to hold your goods til you have been paid. Understand, until they’re paid for, they remain yours.
If you choose to give someone credit, make sure you take the following information from them some time PREVIOUSLY you give them credit.
- Name
- Address
- Phone number
- Bank name and address
- Account no.
- 3 trade references with their names, addresses and phone numbers
After you have all this detail, telephone the branch and make for certain that they do operate an account with them. Then, contact every trade reference and request if they pay their bills correctly or if there have been any issues 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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