Getting paid, as you would imagine is fundamentally important in your business because if you aren’t being paid, what are you doing in business?

You would be astounded at the heaps of business people who let their customer base to pay them when and if they get around to it. I know such a businessman who always makes bad debts like charms. Why, do you think? Simply because he cannot bring himself to ask for the cash and allows people to intimidate him.

If you permit someone credit, do it only because they proved their worth to you by paying cash on delivery (COD) for some period. Secondly, you need to find whether they have the money to pay you - if they don’t then do not do business with them. Don’t kid yourself into saying “I need the work” or “I need the sales”. It’s damaging to do the work or providing the goods for nada if you aren’t paid.

If you are the sort of person who can’t demand the payment after the job has been done, try these hints:
Tell your client that when the service is done with, you will require cash or cheque. They will likely have it on them at the transacation and you won’t need to ask for your money.

When sending out an initial quote, be sure your payment terms are evident.

Create an invoice including the terms of payment simply stated and send the client the invoice when the service is finished up. They can see the invoice and reactively assume they will pay you now without you being required to say a thing. Make up a “vicious boss” who would burn you alive if you do not go back with the money for the job.

Arrange with your banking institution to set you up with Merchant facilities so you can have credit cards for example Mastercard and Visa. Most people have credit cards and it can fix the dilemma of the client not having a cheque account or not having the cash in their wallet.

As another option, don’t be afraid to hold onto your goods til after the payment has been made. Know, until they’re paid for, the goods are still yours.

If you decide to allow someone credit, be sure you take the following contact information from them at a time PREVIOUSLY you allow them credit.

• Name
• Address
• Phone number
• Bank name and address
• Account no.
• 3 trade references with their names, addresses and phone numbers

After you have all this detail, call the banking institution and make sure that they do operate an account with them. Then, call all of the trade reference and find out if they pay their debts punctually or if there are 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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