To be paid, just like you would realise is vitally crucial in your business because if you aren’t paid, why are you in business?

You might be laughing at the number of business people who only have their clientele to pay up when and if they get around to it. I am acquainted with one trader who always gets bad debts like awards. Why, do you think? Simply because he can’t bring himself to request the cash and people just overpower him.

If you allow somebody credit, only do it when they proved their worth to you by paying cash on delivery (COD) for some time. Also, you need to see whether they have the funds to pay you – if not then don’t do business with them. Don’t kid yourself into saying “I need the work” or “I need the sales”. It’s pointless in doing the work or providing the goods for zero if you are not getting paid.

If you are the type of person who can’t request the fee after the job has been completed, try these ideas:
Tell your customer that when the work is finished up, you will require cash or cheque. They should probably have it there at completion and you do not need to ask for your payment.

When giving out your quote, be sure your payment terms are plain.

Form an invoice including the terms of payment plainly printed and give the client the invoice when the job is finished. They can look at the invoice and simply know they can pay the money now without you going to say a word. Manufacture a “nasty boss” who might torture you alive if you can’t leave with the fee for the service.

Set up your bank to provide you with Merchant facilities so you can have credit cards such as Mastercard and Visa. Most people possess credit cards and it will solve the issue of the customer not owning a cheque book or not having the right amount of cash at the time.

Alternatively, don’t be persuaded against to keep the goods until the payment has been made. Know, until they’re paid for, they remain yours.

If you decide to permit someone credit, make sure you have taken the following contact details about them some time PREVIOUSLY you let 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 detail, call the branch and make for certain that they do use an account then. Then, contact each of the trade reference and inquire if they pay their invoices consistently 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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