Credit Policy for businesses and how to extend credit and manage credit risk

Some business owners, especially new or small business owners are so eager for a sale that they don't document or discuss payment.  They also have told me that they don't want to offend a customer by asking for the money.

It is YOUR money and you worked for it, you are entitled to it. No one should ever feel embarrassed or uncomfortable asking for their own money. Otherwise you will consistently have problems collecting your money that is due to you from your customers.

You are in business to make money and be succesful doing what you love. You deserve to be paid for the work you do. Be up front about how you want to be paid and when you want to be paid before you do any work.

Set the tone for your cash flow before your customers set it for you and you end up unhappy.