Rule One of Business: Get Paid

To get paid, you would understand is fundamentally crucial at your business because if you aren’t paid, why are you in business?

You might be laughing at the amount of business people who have their clients to simply pay when and if they remember it. I know of a businessman who repeatedly holds bad debts like accolades. How is that possible? Most likely because he cannot bring himself to ask for the payment and people can just take advantage of him.

If you give someone credit, do so only because they have cleared consistency to you by paying cash on delivery (COD) for some period. Furthermore, you need to see whether they have the means to pay you - otherwise do not do business with them. Don’t fool yourself into the line of “I need the work” or “I need the sales”. It’s damaging when you do the job or providing the goods for zero if you aren’t paid.

If you are the sort of person who can’t request the fee even when the service has been done, try these hints:
Tell your customer that when the work is finished up, you will need cash or cheque. They should likely have it on them at the point of sale and you won’t need to request your payment.

When you give out a quote, make sure your payment terms are clear.

Create an invoice that has your terms of payment simply printed and give the customer the invoice when the service is done. They will review the invoice and simply understand they should pay you the money now without you having to say anything. Make up a “vicious boss” who would torture you alive if you don’t leave with the fee for the service.

Ask your bank to provide you with Merchant facilities so you can use credit cards like Mastercard and Visa. The majority of people use credit cards and it could solve the issue of the client not having a cheque book or not having the right amount of cash at the time.

Otherwise, don’t be frightened to hand over the promised goods til you have been paid. Understand, until the goods have been paid for, they still are yours.

If you decide you’re going to give someone credit, make sure you have got the following contact details about them at a point PREVIOUSLY you let them credit.

When you have all this detail, call the banking institution and make for sure that they have an account with them. Then, phone every trade reference and request if they pay their debts on time or if there are any dilemmas 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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