Lessons about Business credit management

Lessons about Business credit management

Mastering business credit management can be a game-changer for your enterprise. It's a complex field, but understanding its intricacies can unlock new opportunities and safeguard your business from financial pitfalls. Let's delve into the lessons that can guide you on this journey.

Learn from my mistakes and do better

How you finance your business affects how much it costs to run and whether you make profits. Paying yourself and suppliers not only costs money, it affects cash flow and income as well.

A rough example of a credit policy

Three simple rules: do not issue credit to people who are seeking to finance consumption, those people whose only explanation for looking for capital is because they need money to purchase something they want.

Credit management is the biggest lesson I have learned in the past 24 months.

I personally lost $6,000 to a client in Malta because of a lack of good business credit management. I don’t want you to make the same mistake

Tips for savvy credit management

Establish credit limits for your customers

Source

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