Being paid, as you would realise is vitally important to your business because if you aren’t being paid, what are you doing in business?

You might be astounded at the loads of business people who let their clients to make payment when and if they feel like it. I know a tradesman who repeatedly collects bad debts like weeds. For what reason? Probably because he cannot bring himself to ask for the payment and lets people use him.

If you allow a client credit, do so only after they cleared themselves to you by paying cash on delivery (COD) for some period. Also, you can find whether they have the cash to pay you – if not then you should not do business with them. Don’t trick yourself into the pattern of “I need the work” or “I need the sales”. It’s ultimately when you do the service or providing the goods for free if you are not getting paid.

If you are the type of person who can’t demand the fee after the work has been done, try these cheats:
Tell your client that when the job is done, you need cash or cheque. They should more than likely have it ready at at the finish date and you will not have to ask for your fee.

When you hand out a quote, be sure your payment terms are clear.

Complete an invoice that has the terms of payment plainly stated and send the customer the invoice when the job is finished. They should look at the invoice and simply know they can pay you now without you needing to say a word. Manufacture a “cruel boss” who might torture you alive if you can not go back with the fee for the work.

Ask your bank to have you running with Merchant facilities so you can use credit cards for example Mastercard and Visa. The large majority of people have credit cards and it can solve the dilemma of the customer not having a cheque book or not having the right cash in their wallet.

Alternatively, don’t be afraid to hold the promised goods til payment is paid. Don’t forget, until they’re paid for, the goods still remain yours.

If you decide to permit someone credit, make sure you take the following information about them at a time 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

After you take all this information, contact the banking institution and make for certain that they have an account at there. Then, ring each trade reference and request if they pay their bills punctually or if they have had 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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