There is a great increase in the number of Entrepreneurs who are realizing they need a credit policy just like they need a business or marketing plan to be a successful Entrepreneur. I have been collecting money for people for 18 years and in the last year I have noticed more business owners are interested in creating a plan on how and when they want to be paid. This is a result of some any entrepreneurs starting a business without a credit policy and then trying to deal with the past due or bad check situation when it happens rather than before if happens.
If you have a new baby and take a road trip you prepare, you pack diapers, wipes, change of clothes, toys, drinks and food.
If you have a new business you should prepare by printing out or buying credit applications, checking credit and making educated decisions about who you want as customers.
Don’t let your customers choose you because they know you have a “relaxed” way of getting paid. Always remember that this is your business, you should choose your customers just like you choose your employees. Employees represent you when you are not in your office; customers represent you when ever they talk about your services or product. People like to do business with people they know and trust and people that are successful. Everyone wants to be affiliated with success, don’t be a slacker, check credit!
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