Rule One of Business: Get Paid
To get paid, you would realise is essentially the point to your business because if you do not get paid, what are you doing in business?
You will be surprised at the number of business people who let their clientele to pay them when and if they feel like it. I am acquainted with one business owner who continuously gets bad debts like accolades. Why, do you think? Most likely because he cannot bring himself to demand the cash and allows people to take advantage of him.
If you give someone credit, only do so after they have cleared their worth to you by paying cash on delivery (COD) for a time. Also, you must see whether they have the funds to pay you - if not then do not do business with them. Don’t push yourself into saying “I need the work” or “I need the sales”. It’s ultimately to do the job or providing the goods for zero if you do not get paid.
If you are the kind of person who can’t ask for the payment when the work has been completed, try these cheats:
Tell your customer that when all the work is done, you need cash or cheque. They should more than likely have it on them at the transacation and you won’t need to demand your pay.
When you send out an initial quote, be sure your payment terms are clear.
Form an invoice including your terms of payment simply listed and send the client the invoice when the work is finished up. They should review the invoice and simply know they will pay you for it now without you needing to say anything. Invent a “cruel boss” who would torture you alive if you can’t return with the pay for the job.
Organise your bank to set you up with Merchant facilities so you can have credit cards such as Mastercard and Visa. The majority of people have credit cards and it should stop the problem of the client not owning a cheque book or not having the cash at the time.
Likewise, don’t be asked not to hand over your goods until after payment is paid. Don’t forget, until the goods have been paid for, they remain yours.
If you decide to give a customer credit, make sure you have taken the following contact information off them at a time PREVIOUSLY 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 possess all this detail, telephone the banking institution and make for sure that they do have an account at there. Then, telephone each of the trade reference and inquire if they pay their debts correctly or if they have had 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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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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