Rule One of Business: Get Paid
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To get paid, you would understand is fundamentally fundamental in your business because if you are not paid, what are you doing in business?
You would be astounded at the heaps of business people who let their customer base to simply pay when and if they get on with it. I am acquainted with a businessman who continuously holds bad debts like awards. How is that? Most likely because he won’t bring himself to ask for the money and people can just take advantage of him.
If you let a client credit, do it only because they have proven their worth to you by paying cash on delivery (COD) for a time. Secondly, you need to gauge whether they have the funds to pay you - if not then you shouldn’t do business with them. Don’t trick yourself into thinking “I need the work” or “I need the sales”. It’s ultimately doing the work or providing the goods for free if you aren’t getting paid.
If you are the sort of person who can’t demand the money after the job has been completed, try these hints:
Tell your customer that when all the work is finished, you will require cash or cheque. They will more than likely have it on them at at the finish date and you don’t need to demand your money.
When you send out a quote, be sure your payment terms are plain.
Create an invoice with the terms of payment simply printed and send the client the invoice when the service is done. They will take the invoice and immediately know they will pay for it now without you having to say anything. Fabricate a “nasty boss” who will torture you alive if you do not return with the fee for the service.
Set up your bank to have you running with Merchant facilities so you can use credit cards such as Mastercard and Visa. The large majority of people use credit cards and it could cease the difficulty of the client not holding a cheque account or not having the right amount of cash on hand.
Moreover, don’t be afraid to hand over your goods until after the payment has been made. Know, until they’re paid for, they remain yours.
If you plan to allow a client credit, be sure you have got the following information from them at a 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
When you record all this detail, ring the bank branch and make sure that they have an account with them. Then, phone each trade reference and ask if they pay their bills punctually or if they have any dilemmas 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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