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

Do you know how much debt your business has? Most entrepreneur's do not.

Gather all your monthly bills and start adding it up, include interest and any fees you pay. Make a list and add it all up. Once you know what that number is, (your total debt) you can start making a plan to pay it off.

Get out a legal pad and make columns for:

1. Mortgage
2. Any loans (home equity, student, car)
3. Furniture or other payments you are making.
4. Credit cards - list the card, the balance due, the interest rate, and any fees.
5. Any other bills you have, might be medical for example.

List all of these things, then add them up. Once you have a clear number (it is always more than you think!) you can then start taking steps to clear your debt from your business and this will help you to make more money, be less stressed and be more successful!