What small business owner hasn’t worried about whether or not he or she would get paid at some point? Whether it’s the number of customers that are running overdue accounts or the client who seems to be reluctant to pay for the job completed, not getting paid is one of the most frustrating aspects of running a small business – and, when not getting paid chokes off your small business’s cash flow, one of the most dangerous, too.
Here are seven ways to make sure you get paid for the goods and services you sell.
1. Don’t extend credit automatically to new customers/clients.
Small businesses, just like large businesses, need to have credit policies in place that provide guidelines for determining which customers or clients will be extended credit and on what terms.