To get paid, just like you would figure is vitally fundamental at your business because if you are not paid, why are you in business?

You would be astounded at the loads of business people who let their customers to pay up when and if they get around to it. I know of such a business owner who repeatedly makes bad debts like accolades. How is that possible? Very possibly because he cannot bring himself to request the cash and people can just overpower him.

If you allow someone credit, do it only when they have proved themselves to you by paying cash on delivery (COD) for some period. Also, you should gauge whether they have the resources to pay you – otherwise you shouldn’t do business with them. Don’t fool yourself into the pattern of “I need the work” or “I need the sales”. It’s pointless in doing the work or providing the goods for zip if you are not getting paid.

If you are the sort of person who can’t ask for the money even after the work has been done, try these tips:
Tell your customer that when the job is finished up, you will require cash or cheque. They will be likely to have it there at completion and you will not have to demand your fee.

When you hand out the quote, be sure your payment terms are evident.

Complete an invoice including the terms of payment simply listed and give the customer the invoice when the service is finished up. They should review the invoice and immediately understand they can pay it off now without you needing to say a thing. Create a “nasty boss” who might torture you alive if you can’t leave with the cash for the job.

Organise your bank branch to hook you up with Merchant facilities so you can accept credit cards including Mastercard and Visa. The large majority of people possess credit cards and it should stop the difficulty of the customer not owning a cheque book or not having enough cash on hand.

Alternatively, don’t be afraid to keep hold on your goods till after payment is paid. Know, until the goods have been paid for, they still remain yours.

If you plan to let a client credit, be sure you have got the following details off them at a time 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

After you have all this information, telephone the banking institution and make for certain that they do operate an account then. Then, phone every trade reference and find out if they pay their invoices on time or if they have any issues 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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