Being paid, just as you would realise is essentially fundamental at your business because if you aren’t getting paid, what’s the point in business?

You will be surprised at the loads of business people who only have their customers to pay them when and if they get around to it. I am acquainted with one business owner who repeatedly collects bad debts like weeds. For what reason? Simply because he doesn’t bring himself to request the money and people can just intimidate him.

If you give a client credit, only do so because they have proved consistency to you by paying cash on delivery (COD) for some time. Secondly, you should gauge whether they have the funds to pay you – if they don’t then don’t do business with them. Don’t trick yourself into the pattern of “I need the work” or “I need the sales”. It’s damaging to do the job or providing the goods for zero if you do not get paid.

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

When you send the quote, make sure your payment terms are understandable.

Do up an invoice that has your terms of payment clearly stated and give the customer the invoice when the job is done. They can review the invoice and immediately realise they can pay for it now without you going to say anything. Fabricate a “vicious boss” who would torture you alive if you don’t bring back the pay for the job.

Organise your bank branch to hook you up with Merchant facilities so you can have credit cards for example Mastercard and Visa. The large majority of people use credit cards and it can fix the problem of the customer not having a cheque account or not having the right cash in their wallet.

Moreover, don’t be persuaded against to hold onto your goods until after the payment has been made. Understand, until they’re paid for, the goods remain yours.

If you decide to allow a customer credit, make sure you have the following contact details about them some time BEFORE you allow them credit.

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

Once you possess all this information, telephone the bank branch and make certain that they operate an account there. Then, call each trade reference and inquire if they pay their debts on time 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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