Rule One of Business: Get Paid
Being paid, as you would realise is vitally fundamental at your business because if you aren’t paid, what’s the point in business?
You would be shocked at the loads of business people who let their clientele to pay up when and if they feel like it. I know one tradesman who always gets bad debts like awards. How? Simply because he can’t bring himself to ask for the payment and allows people to use him.
If you allow someone credit, only do it if they have proven themselves to you by paying cash on delivery (COD) for a time. Furthermore, you need to gauge whether they have the resources to pay you - if not then you should not do business with them. Don’t kid yourself into saying “I need the work” or “I need the sales”. It’s pointless doing the service or providing the goods for nada if you don’t get paid.
If you are the type of person who can’t ask for the money after the work has been completed, try these cheats:
Tell your customer that when the service is finished up, you require cash or cheque. They will likely have it to hand over at completion and you don’t have to request your payment.
When you give out the initial quote, make sure your payment terms are visible.
Complete an invoice with the terms of payment evidently stated and give the client the invoice when the service is completed. They can take the invoice and generally realise they should pay you now without you having to say anything. Invent a “vicious boss” who will torture you alive if you can’t bring back the pay for the work.
Organise your bank branch to set you up with Merchant facilities so you can have credit cards such as Mastercard and Visa. The large majority of people have credit cards and it will solve the problem of the customer not operating a cheque book or not having the cash in their pocket.
Alternatively, don’t be persuaded against to keep hold on the promised goods til payment is paid. Understand, until the goods are paid for, the goods still are yours.
If you plan to let someone credit, make sure you get the following details from them a week BEFORE you give them credit.
- Name
- Address
- Phone number
- Bank name and address
- Account no.
- 3 trade references with their names, addresses and phone numbers
Once you take all this detail, contact the banking institution and make for certain that they use an account at there. Then, call each trade reference and inquire if they pay their bills punctually or if there are 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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