To get paid, as you would understand is fundamentally crucial to your business because if you don’t get paid, what’s the point in business?

You may be shocked at the number of business people who only get their customer base to make payment when and if they get around to it. I am acquainted with a tradesman who habitually holds bad debts like accolades. Why is that? Simply because he cannot bring himself to ask for the cash and allows people to take advantage of him.

If you give a customer credit, do it only because they proved consistency to you by paying cash on delivery (COD) for a period. Furthermore, you must gauge whether they have the cash to pay you – if not then why do business with them. Don’t trick yourself into the pattern of “I need the work” or “I need the sales”. It’s damaging in doing the work or providing the goods for free if you do not get paid.

If you are the sort of person who can’t demand the fee even when the work has been done, try these cheats:
Tell your client that when the work is done with, you require cash or cheque. They should be likely to have it on them at the point of sale and you do not need to ask for your payment.

When you give out your quote, make sure your payment terms are simple.

Complete an invoice with the terms of payment simply listed and send the client the invoice when the job is finished up. They can take the invoice and reactively assume they have to pay you for it now without you going to say anything. Invent an “evil boss” who will flay you alive if you do not go back with the fee for the service.

Arrange with your bank to provide you with Merchant facilities so you can have credit cards such as Mastercard and Visa. Many people have credit cards and it would prevent the problem of the client not owning a cheque account or not having enough cash in their wallet.

Moreover, don’t be frightened to keep the promised goods til payment is paid. Remember, until the goods have been paid for, the goods still are yours.

If you plan to permit a client credit, make sure you have got the following contact details from them at a time 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 have all this detail, ring the banking institution and make for sure that they operate an account at there. Then, phone each trade reference and find out if they pay their invoices correctly or if there are 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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