Rule One of Business: Get Paid
To get paid, like you would figure is vitally crucial in your business because if you are not paid, why are you in business?
You may be astounded at the amount of business people who have their clientele to simply pay when and if they get on with it. I know of one businessman who always gets bad debts like charms. Why is that? Most likely because he doesn’t bring himself to demand the money and allows people to overpower him.
If you give a customer credit, only do so if they have proven consistency to you by paying cash on delivery (COD) for a time. Furthermore, you need to see whether they have the cash to pay you - if not then why do business with them. Don’t trick yourself into the pattern of “I need the work” or “I need the sales”. It’s fruitless when you do the service or providing the goods for free if you are not paid.
If you are the type of person who can’t demand the payment even when the job has been completed, try these hints:
Tell your client that when the work is done with, you will need cash or cheque. They should be likely to have it to hand over at at the finish date and you do not need to demand your money.
When giving out the quote, be sure your payment terms are plain.
Create an invoice including the terms of payment simply listed and give the customer the invoice when the job is finished. They can review the invoice and immediately understand they will pay the fee now without you being required to say a word. Fabricate an “evil boss” who may flay you alive if you can’t return with the pay for the work.
Set up your banking institution to hook you up with Merchant facilities so you can have credit cards for example Mastercard and Visa. The large part of people utilize credit cards and it could fix the issue of the client not owning a cheque book or not having the right cash at the time.
Alternatively, don’t be afraid to hand over the promised goods until the payment has been made. Understand, until they’re paid for, they still remain yours.
If you plan to permit a customer credit, be sure you take the following details about them at a point 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
After you know all this information, ring the bank and make for certain that they use an account then. Then, phone every trade reference and find out if they pay their debts consistently or if there have been any problems 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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Sphere: Related ContentRelationship Marketing Fundamentals
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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