Rule One of Business: Get Paid
To be paid, you would understand is vitally crucial to your business because if you aren’t being paid, why are you in business?
You might be shocked at the number of business people who allow their clients to pay them when and if they remember it. I am acquainted with one tradesman who continuously makes bad debts like accolades. How? Just because he cannot bring himself to demand the payment and lets people use him.
If you allow a customer credit, do so only because they cleared consistency to you by paying cash on delivery (COD) for some time. Secondly, you need to gauge whether they have the cash to pay you - if not don’t do business with them. Don’t fool yourself into saying “I need the work” or “I need the sales”. It’s ultimately in doing the work or providing the goods for nada if you aren’t getting paid.
If you are the kind of person who can’t request the fee even after the job has been done, try these cheats:
Tell your customer that when the job is finished up, you will need cash or cheque. They should be likely to have it to hand over at the point of sale and you won’t have to ask for your pay.
When you hand out a quote, make sure your payment terms are evident.
Create an invoice including your terms of payment clearly listed and hand the customer the invoice when the job is finished up. They will see the invoice and reactively realise they have to pay it off now without you needing to say anything. Make up a “cruel boss” who might skin you alive if you do not go back with the fee for the service.
Organise your banking to provide you with Merchant facilities so you can take credit cards including Mastercard and Visa. The majority of people utilize credit cards and it can cease the dilemma of the customer not holding a cheque account or not having the right amount of cash in their pocket.
Likewise, don’t be frightened to hold your goods til after the payment has been made. Understand, until the goods have been paid for, the goods remain to be yours.
If you plan to permit somebody credit, be sure you have got the following information of 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
When you take all this information, contact the banking institution and make sure that they operate an account then. Then, call each of the trade reference and request if they pay their invoices consistently or if there are 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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