Getting paid, just as you would realise is fundamentally important in your business because if you don’t get paid, what are you doing in business?

You may be surprised at the heaps of business people who only get their customer base to pay them when and if they remember it. I know of one trader who repetitively holds bad debts like trophies. Why? Simply because he cannot bring himself to ask for the cash and people can just use him.

If you let a client credit, only do so after they proved consistency to you by paying cash on delivery (COD) for some period. Furthermore, you can find whether they have the funds to pay you – if they don’t then why do business with them. Don’t push yourself into thinking “I need the work” or “I need the sales”. It’s fruitless when you do the job or providing the goods for nothing if you are not getting paid.

If you are the kind of person who can’t demand the cash when the work has been done, try these hints:
Tell your client that when the work is completed, you will need cash or cheque. They will be likely to have it to hand over at completion and you do not need to request your fee.

When you give out the quote, make sure your payment terms are visible.

Do up an invoice with the terms of payment simply stated and hand the client the invoice when the work is completed. They will see the invoice and immediately assume they should pay you the fee now without you needing to say a word. Create a “vicious boss” who may burn you alive if you don’t go back with the fee for the work.

Organise your bank to set you up with Merchant facilities so you can accept credit cards such as Mastercard and Visa. The large part of people possess credit cards and it can stop the problem of the client not owning a cheque book or not having the right amount of cash at the time.

Alternatively, don’t be asked not to hold your goods till you have been paid. Know, until they’re paid for, the goods still remain yours.

If you plan to give someone credit, be sure you have the following details from them a week 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 possess all this detail, telephone the bank branch and make sure that they do operate an account then. Then, ring each trade reference and request if they pay their debts punctually or if they have had 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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