Tangalooma Villas

Rule One of Business: Get Paid

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To be paid, you would imagine is essentially crucial to your business because if you aren’t paid, what’s the point in business?

You may be laughing at the loads of business people who only get their customers to pay up when and if they feel like it. I am acquainted with a business owner who habitually collects bad debts like awards. Why, do you think? Probably because he cannot bring himself to ask for the cash and allows people to overpower him.

If you permit somebody credit, only do so because they cleared themselves to you by paying cash on delivery (COD) for some time. Secondly, you need to check whether they have the means to pay you - if not why do business with them. Don’t push yourself into saying “I need the work” or “I need the sales”. It’s damaging when you do the work or providing the goods for nothing if you are not paid.

If you are the kind of person who can’t ask for the money when the work has been completed, try these hints:
Tell your client that when the service is done, you will require cash or cheque. They should probably have it there at the point of sale and you do not need to request your payment.

When sending out your quote, make sure your payment terms are evident.

Complete an invoice including the terms of payment evidently printed and give the client the invoice when the task is completed. They should review the invoice and reactively know they should pay you the money now without you needing to say anything. Make up a “vicious boss” who might flay you alive if you can not bring back the fee for the service.

Ask your bank to hook you up with Merchant facilities so you can accept credit cards such as Mastercard and Visa. The large part of people have credit cards and it could stop the problem of the customer not operating a cheque book or not having the cash at the time.

Likewise, don’t be afraid to keep hold on any goods until after you have been paid. Understand, until they have been paid for, the goods remain to be yours.

If you plan to permit a customer credit, make sure you get the following contact details from them at a point BEFORE 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 possess all this information, ring the bank branch and make sure that they do have an account with them. Then, contact all of the 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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Relationship Marketing Fundamentals

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As a customer service concept, relationship marketing is not new. For decades, business-to-business marketers have employed account managers who have the responsibility to dedicate themselves to key clients. In the financial world, `relationship banking’, whereby high-yield customers are assigned a personal manager, has been practised for many years.

When direct marketing is embraced to establish connections or relations between the marketer and the consumer, it is too easy to suggest that all forms of direct marketing communications achieve a closer relationship, a closer bond between the two parties. Such a conclusion exaggerates what generally happens in the marketplace.

Direct marketing is all about generating a direct response from the consumer and about direct communications to the consumer. A direct response is needed to generate better understanding of the advertising message or to motivate transactions. Direct communication is simply about media reach efficiency. Relationship marketing is a concept that transcends these pragmatic direct marketing objectives.

Kotler appropriately positions the concept of relationship marketing as one which applies principally to business-to-business situations:

Smart marketers try to build up long-term, trusting, `win—win’ relationships with customers, distributors, dealers and suppliers. That is accomplished by promising and delivering high quality, good service, and fair prices to the other party over time.

It is accomplished by strengthening the economic, technical, and social ties between members of the two organizations. The two parties grow more trusting, more knowledgeable, and more interested in helping each other. Relationship marketing cuts down on transaction costs and time; in the best cases, transactions move from being negotiated each time to being routinized.

Outside of `membership’ or `continuity’ programs, there are two basic ways to approach consumers. The first is with a product and price combination considered to be `the standard’. That is, the proposition is essentially of long standing and relies on the features and benefits being competitive. The second way, normally of short-term duration, is a `special offer’. Direct marketing textbooks are full of the theory, practice and case histories relating to `the offer’.

The choice of basic propositions or selection of special offers depends on the circumstances of the individual firm and its competitive environment. The right proposition or offer can make a world of difference to response cost-effectiveness.

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