The success of Sales + Credit is not measured by the amount of risk avoided, but by the amount of profitable business secured! A company’s sales force and credit management team must always work hand-in-hand if the business is going to succeed. Let’s face it…
If you’re a business owner, or an employee in your company’s credit department, you already know how difficult debt collection can be. But did you know that poor debt collection is often one of the main reasons businesses fail? Since cash flow is the lifeblood of any business, an effective collection policy is essential to keeping the money rolling in.
Any supplier of trade credit naturally assumes a certain amount of risk. With commercial debt, balances are higher and so are the risks. Some potential warning signs may simply be the result of a misunderstanding. But they could also be a red flag for a possible (and expensive) bad debt. Make sure your company is credit-savvy by recognizing the following six early warning signs.
Have you noticed a little more money in your paycheck lately? Probably not. Physical checks are a relic of the past. Most employees are paid through direct deposit, and many don’t notice when deposits are made into their checking account. More likely, employees do pay attention to how much money they have in their account at the end of the month, quarter, or year.
Establishing trade credit is the lifeblood of many small businesses. The effective use of trade credit can be a financial tool that helps your customers grow and, in turn, helps your business grow. However, too much of the wrong trade credit creates risk. The credit application is the first step taken when a customer requests trade credit.
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