Rule One of Business: Get Paid
To get paid, as you would figure is vitally the point in your business because if you are not getting paid, why are you in business?
You might be surprised at the number of business people who permit their customers to pay up when and if they get on with it. I am acquainted with a business owner who continuously holds bad debts like awards. Why? Simply because he doesn’t bring himself to request the cash and people use him.
If you allow a customer credit, only do so when they proved their integrity to you by paying cash on delivery (COD) for a period. Also, you must see whether they have the funds to pay you - if not then you should not do business with them. Don’t fool yourself into saying “I need the work” or “I need the sales”. It’s pointless to do the job or providing the goods for nada if you aren’t paid.
If you are the type of person who can’t demand the cash when the service has been completed, try these tips:
Tell your client that when the service is done with, you will need cash or cheque. They will more than likely have it on them at the point of sale and you do not need to ask for your pay.
When handing out a quote, make sure your payment terms are clear.
Complete an invoice that has your terms of payment evidently printed and give the customer the invoice when the service is finished up. They can take the invoice and simply know they should pay you the money now without you going to say anything. Make up an “evil boss” who might skin you alive if you can not leave with the money for the job.
Set up your bank branch to have you running with Merchant facilities so you can use credit cards including Mastercard and Visa. The large majority of people possess credit cards and it will solve the dilemma of the customer not operating a cheque book or not having enough cash at the time.
Moreover, don’t be persuaded against to keep the goods til you have been paid. Understand, until they have been paid for, the goods still are yours.
If you choose to let 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 know all this information, telephone the branch and make for sure that they use an account with them. Then, telephone each of the trade reference and ask if they pay their fees on time or if there have been 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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Sphere: Related ContentRelationship Marketing Fundamentals
As a customer service concept, relationship marketing is not new. For decades, business-to-business marketers have employed account managers who have the responsibility to dedicate themselves to key clients. In the financial world, `relationship banking’, whereby high-yield customers are assigned a personal manager, has been practised for many years.
When direct marketing is embraced to establish connections or relations between the marketer and the consumer, it is too easy to suggest that all forms of direct marketing communications achieve a closer relationship, a closer bond between the two parties. Such a conclusion exaggerates what generally happens in the marketplace.
Direct marketing is all about generating a direct response from the consumer and about direct communications to the consumer. A direct response is needed to generate better understanding of the advertising message or to motivate transactions. Direct communication is simply about media reach efficiency. Relationship marketing is a concept that transcends these pragmatic direct marketing objectives.
Kotler appropriately positions the concept of relationship marketing as one which applies principally to business-to-business situations:
Smart marketers try to build up long-term, trusting, `win—win’ relationships with customers, distributors, dealers and suppliers. That is accomplished by promising and delivering high quality, good service, and fair prices to the other party over time.
It is accomplished by strengthening the economic, technical, and social ties between members of the two organizations. The two parties grow more trusting, more knowledgeable, and more interested in helping each other. Relationship marketing cuts down on transaction costs and time; in the best cases, transactions move from being negotiated each time to being routinized.
Outside of `membership’ or `continuity’ programs, there are two basic ways to approach consumers. The first is with a product and price combination considered to be `the standard’. That is, the proposition is essentially of long standing and relies on the features and benefits being competitive. The second way, normally of short-term duration, is a `special offer’. Direct marketing textbooks are full of the theory, practice and case histories relating to `the offer’.
The choice of basic propositions or selection of special offers depends on the circumstances of the individual firm and its competitive environment. The right proposition or offer can make a world of difference to response cost-effectiveness.
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