Being paid, you would figure is vitally fundamental in your business because if you don’t get paid, what are you doing in business?

You might be shocked at the amount of business people who only have their customer base to make payment when and if they get around to it. I know of a business owner who repetitively holds bad debts like weeds. Why is that? Very possibly because he can’t bring himself to ask for the money and people overpower him.

If you give a customer credit, do it only when they have cleared themselves to you by paying cash on delivery (COD) for some period. Moreover, you should gauge whether they have the resources to pay you – if not then don’t do business with them. Don’t kid yourself into saying “I need the work” or “I need the sales”. It’s ultimately in doing the job or providing the goods for free if you are not paid.

If you are the type of person who can’t request the fee even when the work has been finished, try these tips:

Tell your customer that when the service is finished up, you need cash or cheque. They will be likely to have it to hand over at the point of sale and you won’t need to demand your fee.

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

Do up an invoice including your terms of payment clearly stated and give the customer the invoice when the task is finished. They will review the invoice and immediately understand they can pay the money now without you being required to say a word. Make up a “vicious boss” who will torture you alive if you can not bring back the fee for the service.

Arrange with your banking to hook you up with Merchant facilities so you can take credit cards such as Mastercard and Visa. The majority of people own credit cards and it would cease the problem of the customer not operating a cheque book or not having enough cash in their pocket.

Otherwise, don’t be frightened to hand over your goods till after the payment is made. Remember, until they’re paid for, the goods remain to be yours.

If you plan to let somebody credit, make sure you have got the following details from them at a 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 have all this detail, contact the banking institution and make certain that they use an account there. Then, ring all of the trade reference and inquire if they pay their debts correctly or if they have had any difficulties 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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