TCAM

To get paid, like you would realise is fundamentally the point in your business because if you are not paid, what are you doing in business?

You may be surprised at the amount of business people who only get their clientele to make payment when and if they get on with it. I am acquainted with a tradesman who persistently collects bad debts like accolades. Why is that? Very possibly because he can’t bring himself to ask for the cash and allows people to overpower him.

If you allow somebody credit, do it only after they cleared consistency to you by paying cash on delivery (COD) for a time. Furthermore, you must check whether they have the resources to pay you - if not then don’t do business with them. Don’t fool yourself into saying “I need the work” or “I need the sales”. It’s ultimately when you do the service or providing the goods for zip if you aren’t paid.

If you are the type of person who can’t demand the fee even after the work has been done, try these hints:
Tell your customer that when the work is completed, you need cash or cheque. They should probably have it there at the point of sale and you do not have to demand your pay.

When you send a quote, make sure your payment terms are understandable.

Create an invoice with the terms of payment clearly listed and give the client the invoice when the service is done. They can look at the invoice and generally realise they should pay you for it now without you being required to say a word. Invent an “evil boss” who may torture you alive if you can’t leave with the cash for the job.

Arrange with your branch to hook you up with Merchant facilities so you can have credit cards including Mastercard and Visa. The majority of people use credit cards and it will solve the problem of the client not having a cheque account or not having the right cash in their wallet.

Alternatively, don’t be asked not to keep the promised goods til they have been paid for. Know, until they’re paid for, they still are yours.

If you decide you’re going to give a customer credit, be sure you have taken the following information about them at a point 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

When you have all this information, telephone the bank and make for sure that they do operate an account then. Then, call all of the trade reference and request if they pay their fees punctually or if there have been 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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