Business Podcasting Blog

To get paid, just as you would figure is fundamentally crucial in your business because if you are not getting paid, why are you in business?

You will be laughing at the number of business people who let their clients to pay them when and if they feel like it. I know of a tradesman who repetitively gets bad debts like awards. Why, do you think? Most likely because he can’t bring himself to take the payment and lets people overpower him.

If you let somebody credit, do so only after they cleared their worth to you by paying cash on delivery (COD) for a period. Secondly, you should check whether they have the cash to pay you - otherwise why do business with them. Don’t trick yourself into the line of “I need the work” or “I need the sales”. It’s pointless doing the job or providing the goods for nada if you are not getting paid.

If you are the kind of person who can’t ask for the fee after the work has been finished, try these hints:
Tell your client that when the job is done with, you will require cash or cheque. They should probably have it to hand over at the point of sale and you don’t need to request your money.

When sending out your quote, make sure your payment terms are plain.

Complete an invoice with your terms of payment evidently stated and send the client the invoice when the task is done. They can see the invoice and immediately assume they need to pay for it now without you being required to say anything. Invent a “nasty boss” who may torture you alive if you do not go back with the fee for the work.

Ask your banking to hook you up with Merchant facilities so you can accept credit cards such as Mastercard and Visa. The majority of people use credit cards and it can stop the difficulty of the client not holding a cheque book or not having the right cash in their pocket.

Moreover, don’t be asked not to keep the goods til after you’ve been paid. Don’t forget, until the goods have been paid for, the goods remain to be yours.

If you decide you’re going to allow someone credit, make sure you have the following information off them some time BEFORE you permit them credit.

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

When you know all this detail, ring the bank and make for certain that they have an account with them. Then, ring each of the trade reference and find out if they pay their bills consistently or if they have 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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