To get paid, as you would imagine is fundamentally the point at your business because if you do not get paid, why are you in business?

You might be shocked at the loads of business people who have their clients to make payment when and if they feel like it. I know of such a businessman who continuously holds bad debts like trophies. How? Simply because he cannot bring himself to demand the money and people can just take advantage of him.

If you give somebody credit, only do it if they have proven their worth to you by paying cash on delivery (COD) for some period. Secondly, you can check whether they have the resources to pay you - otherwise do not do business with them. Don’t push yourself into saying “I need the work” or “I need the sales”. It’s fruitless to do the job or providing the goods for zip if you do not get paid.

If you are the sort of person who can’t ask for the fee even when the job has been done, try these hints:
Tell your client that when the service is completed, you need cash or cheque. They should be likely to have it to hand over at completion and you won’t have to request your money.

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

Create an invoice including your terms of payment evidently listed and send the customer the invoice when the service is finished. They can see the invoice and reactively assume they can pay you the money now without you needing to say a thing. Invent a “vicious boss” who may flay you alive if you can not go back with the payment for the work.

Organise your bank branch to have you running with Merchant facilities so you can accept credit cards like Mastercard and Visa. The large majority of people utilize credit cards and it will cease the difficulty of the client not holding a cheque account or not having the cash in their pocket.

Likewise, don’t be afraid to hold any goods until after payment has been made. Remember, until they have been paid for, the goods are still yours.

If you choose to give someone credit, make sure you have the following information about them at a 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

After you record all this detail, telephone the bank branch and make sure that they do have an account then. Then, telephone each of the trade reference and find out if they pay their invoices punctually or if they have any issues 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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