Rule One of Business: Get Paid
May 25th, 2010
Being paid, you would understand is vitally crucial to your business because if you are not getting paid, why are you in business?
You will be laughing at the loads of business people who let their customer base to pay up when and if they get around to it. I know a business owner who repetitively makes bad debts like accolades. How is that possible? Very possibly because he cannot bring himself to request the cash and people intimidate him.
If you give a client credit, do so only after they proved themselves to you by paying cash on delivery (COD) for some period of time. Moreover, you must check whether they have the resources to pay you - if not then you shouldn’t do business with them. Don’t push yourself into the line of “I need the work” or “I need the sales”. It’s ultimately when you do the work or providing the goods for nada if you are not paid.
If you are the type of person who can’t request the cash when the service has been done, try these hints:
Tell your customer that when the job is done with, you need cash or cheque. They will probably have it ready at the transacation and you do not have to demand your fee.
When handing out a quote, make sure your payment terms are evident.
Complete an invoice including your terms of payment plainly stated and hand the client the invoice when the service is finished up. They will take the invoice and reactively assume they can pay you the money now without you having to say a thing. Invent a “cruel boss” who may burn you alive if you don’t return with the fee for the job.
Ask your bank to have you running with Merchant facilities so you can use credit cards such as Mastercard and Visa. Most people utilize credit cards and it can solve the dilemma of the client not owning a cheque book or not having the cash on hand.
Otherwise, don’t be frightened to hand over the promised goods til after payment has been made. Understand, until they’re paid for, they remain to be yours.
If you plan to allow someone credit, make sure you get the following contact information off them a week BEFORE you give them credit.
- Name
- Address
- Phone number
- Bank name and address
- Account no.
- 3 trade references with their names, addresses and phone numbers
Once you record all this information, contact the banking institution and make sure that they have an account there. Then, telephone every trade reference and ask if they pay their bills correctly or if there are 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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