To get paid, just as you would imagine is vitally important at your business because if you are not paid, what are you doing in business?

You will be surprised at the heaps of business people who allow their clients to make payment when and if they get around to it. I know a business owner who always makes bad debts like weeds. Why? Just because he won’t bring himself to take the cash and people can just take advantage of him.

If you give someone credit, do it only when they proved themselves to you by paying cash on delivery (COD) for a while. Secondly, you can find whether they have the funds to pay you – if they don’t then do not do business with them. Don’t fool yourself into the pattern of “I need the work” or “I need the sales”. It’s fruitless to do the service or providing the goods for nada if you are not getting paid.

If you are the sort of person who can’t demand the payment after the work has been completed, try these hints:
Tell your customer that when the work is finished up, you will need cash or cheque. They will likely have it to hand over at the point of sale and you won’t have to request your pay.

When sending out the quote, be sure your payment terms are plain.

Form an invoice with the terms of payment evidently listed and send the client the invoice when the job is finished. They will see the invoice and generally know they can pay you now without you having to say anything. Make up an “evil boss” who will skin you alive if you can’t leave with the pay for the job.

Organise your branch to have you running with Merchant facilities so you can use credit cards such as Mastercard and Visa. The majority of people utilize credit cards and it would solve the difficulty of the customer not operating a cheque account or not having the right cash at the time.

As another option, don’t be asked not to keep the promised goods til they have been paid for. Remember, until they have been paid for, they still remain yours.

If you decide to give a client credit, make sure you have taken the following details of them at a time PREVIOUSLY you let 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 branch and make for sure that they operate an account then. Then, call each trade reference and request if they pay their invoices consistently 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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