Rule One of Business: Get Paid

Getting paid, as you would understand is essentially crucial in your business because if you don’t get paid, what are you doing in business?

You may be astounded at the number of business people who allow their clientele to make payment when and if they feel like it. I know one tradesman who persistently holds bad debts like charms. For what reason? Probably because he doesn’t bring himself to ask for the cash and people just use him.

If you permit someone credit, only do so if they have proved their integrity to you by paying cash on delivery (COD) for a time. Also, you need to check whether they have the funds to pay you – if not don’t do business with them. Don’t kid yourself into thinking “I need the work” or “I need the sales”. It’s pointless when you do the job or providing the goods for free if you are not getting paid.

If you are the sort of person who can’t ask for the money even after the service has been done, try these cheats:

Tell your client that when all the work is done, you need cash or cheque. They will more than likely have it to hand over at the transacation and you don’t need to ask for your payment.

When giving out a quote, make sure your payment terms are evident.

Form an invoice that has the terms of payment simply stated and send the client the invoice when the job is finished. They can look at the invoice and generally understand they have to pay you for it now without you having to say a thing. Manufacture an “evil boss” who would flay you alive if you don’t go back with the cash for the work.

Organise your banking institution to hook you up with Merchant facilities so you can take credit cards for example Mastercard and Visa. Most people have credit cards and it would stop the problem of the customer not holding a cheque book or not having the cash at the time.

Moreover, don’t be persuaded against to hold any goods till you’ve been paid. Know, until the goods have been paid for, the goods are still yours.

If you decide you’re going to allow someone credit, be sure you have got the following details off them a week PREVIOUSLY you allow 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 information, telephone the bank and make for certain that they do use an account at there. Then, telephone all of the trade reference and request if they pay their debts consistently or if they have had any problems 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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