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To get paid, like you would understand is essentially important at your business because if you aren’t being paid, why are you in business?

You would be shocked at the loads of business people who allow their clients to pay up when and if they get on with it. I am acquainted with a trader who repetitively collects bad debts like weeds. How is that? Most likely because he can’t bring himself to take the cash and people can just use him.

If you permit a client credit, only do so when they have proved their worth to you by paying cash on delivery (COD) for a period. Moreover, you can gauge whether they have the cash to pay you - otherwise don’t do business with them. Don’t trick yourself into the line 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 don’t get paid.

If you are the sort of person who can’t demand the cash after the work has been done, try these hints:
Tell your client that when the job is finished up, you will need cash or cheque. They will probably have it on them at completion and you will not have to demand your money.

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

Form an invoice including the terms of payment plainly stated and hand the customer the invoice when the task is finished up. They can look at the invoice and reactively understand they need to pay the fee now without you needing to say a thing. Invent a “vicious boss” who would torture you alive if you do not bring back the pay for the service.

Organise your bank branch to hook you up with Merchant facilities so you can use credit cards for example Mastercard and Visa. The large majority of people utilize credit cards and it would solve the difficulty of the client not operating a cheque book or not having enough cash in their wallet.

Alternatively, don’t be afraid to keep hold on any goods until after they have been paid for. Know, until the goods are paid for, they are still yours.

If you choose to give a customer credit, be sure you have got the following contact details about them some time PREVIOUSLY you permit them credit.

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

After you take all this detail, ring the bank branch and make for sure that they do have an account with them. Then, call each trade reference and ask if they pay their invoices consistently 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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