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To be paid, just like you would figure is vitally crucial to your business because if you are not being paid, what’s the point in business?

You will be laughing at the heaps of business people who permit their clientele to simply pay when and if they remember it. I know such a businessman who persistently makes bad debts like charms. How is that? Probably because he doesn’t bring himself to request the money and allows people to intimidate him.

If you allow someone credit, only do it if they have proved themselves to you by paying cash on delivery (COD) for a time. Secondly, you should see whether they have the cash to pay you - if not then you shouldn’t do business with them. Don’t trick yourself into the pattern of “I need the work” or “I need the sales”. It’s fruitless when you do the service or providing the goods for nada if you aren’t paid.

If you are the sort of person who can’t request the cash when the work has been completed, try these tips:
Tell your client that when the service is done, you will require cash or cheque. They will be likely to have it on them at at the finish date and you won’t have to request your money.

When you send an initial quote, be sure your payment terms are evident.

Create an invoice including the terms of payment plainly printed and hand the client the invoice when the job is done. They should take the invoice and generally realise they have to pay you the fee now without you being required to say a thing. Create a “nasty boss” who will flay you alive if you do not go back with the pay for the service.

Organise your bank to hook you up with Merchant facilities so you can take credit cards such as Mastercard and Visa. The large part of people use credit cards and it can stop the problem of the client not owning a cheque book or not having enough cash in their pocket.

As another option, don’t be frightened to hold any goods until after you’ve been paid. Remember, until they have been paid for, the goods remain yours.

If you plan to permit a customer credit, make sure you get the following details from 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, call the bank branch and make for certain that they do operate an account at there. Then, phone each of the trade reference and inquire if they pay their bills on time 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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