Getting paid, you would imagine is essentially the point in your business because if you aren’t being paid, why are you in business?

You may be surprised at the heaps of business people who allow their customers to make payment when and if they get around to it. I know a tradesman who persistently holds bad debts like trophies. Why? Very possibly because he doesn’t bring himself to ask for the cash and lets people overpower him.

If you allow someone credit, do it only when they have proven their worth to you by paying cash on delivery (COD) for a time. Furthermore, you can check whether they have the funds to pay you – if not you shouldn’t do business with them. Don’t push yourself into saying “I need the work” or “I need the sales”. It’s damaging doing the work or providing the goods for free if you don’t get paid.

If you are the sort of person who can’t demand the fee after the work has been done, try these hints:
Tell your client that when all the work is finished up, you need cash or cheque. They should be likely to have it there at completion and you won’t have to demand your pay.

When handing out a quote, make sure your payment terms are visible.

Create an invoice with the terms of payment plainly printed and give the client the invoice when the task is done. They should look at the invoice and simply know they will pay for it now without you needing to say a thing. Invent a “cruel boss” who would torture you alive if you can not leave with the fee for the work.

Organise your banking to set you up with Merchant facilities so you can accept credit cards including Mastercard and Visa. The large majority of people have credit cards and it would prevent the problem of the customer not having a cheque book or not having the cash at the time.

Otherwise, don’t be afraid to hold onto your goods till after they have been paid for. Know, until the goods have been paid for, they still remain yours.

If you decide to let a customer credit, make sure you take the following information of them some time PREVIOUSLY you give them credit.

• Name
• Address
• Phone number
• Bank name and address
• Account no.
• 3 trade references with their names, addresses and phone numbers

When you take all this detail, call the bank branch and make for sure that they have an account with them. Then, call all of the trade reference and ask if they pay their invoices consistently or if there have been 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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