One of the most stressful things about running a home business is that some of your clients suddenly decide that they’re not going to pay you. Let me point out that the Admin for this blog has ALWAYS paid in a timely manner, so I’m not talking about him!
Or, perhaps a good friend or significant other has borrowed a large sum of money from you — and then refuses to pay it back. This is also stressful.
I call people who promise to pay and then don’t "cheapskates". You might have another word for them, but let’s stick with one I can print. How do you deal with these cheapskates?
Get Everything In Writing
Lending money might not be avoidable, especially in the case of people who run home-based businesses like I do. When I deliver the goods, I expect to be paid. So, in a way, I’m lending my writing skills for a while before I get paid for them. However, I only fill one writing order at a time for each new client. I get the payment date fixed before on a new client. Then I wait to get paid before delivering any new material. This saves on a little bit of stress, anyway.
Also, whether it’s a loan with a friend or dealing with a new client, you MUST get everything in writing. Otherwise, kiss the loan goodbye or consider it a gift to your friend. You might get paid back, (crazier things have happened) but basically you won’t. You have no proof that the loan exists. It takes surprisingly little money for a friend to deny that they ever borrowed money off of you.
Be Honest With Them
Another way of dealing with cheapskates is to make them feel really guilty. You can best do this directly. Don’t think that by subtly dropping hints that you will get your message across. Never assume. If you are direct with the cheapskate, then you will be relieved knowing that not only have you spoken your mind, but that you know without a shadow of a doubt that you need the money back.
Don’t shovel on the blame. Tell them directly and with as few words as possible that, "Please don’t take this the wrong way, but I really need that money you borrowed right now. I value your friendship, but this is really important to me." Also, do this in private so no public humiliation is involved.
If they start shoveling blame on you, then you know that this is not a friend or significant other that’s worth keeping. It can be scary finding this information out, but at least you’ll know one way or the other. That way you can have a good cry and then remain open to the possibility of getting new friends.
You are worth more than the cost of the loan. But it’s not the amount of the loan (usually) that causes the stress. It’s how you are being treated. Not paying a loan back shows a lack of respect to you. If the loan is for a small amount (like $5,) then forget it and move on.
Hope this helps.
(No Ratings Yet)
Loading ...
To be notified by email when there are new blog entries, 
