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

Psychologists tell us that up to 90% of our behavior is habitual.

If you have a habit of letting your receivables get overdue, which is one of the most common unsuccessful habits, you will always get a predictable result.  Negative habits breed negative consequences.

If your negative habit is letting your accounts receivables get overdue you want to choose a better, more successful habit to replace that.  There are steps you can take to change this habit:

1. Review your accounts receivables weekly or at the very least, monthly.
2. Stay motivated by trying to collect as much money as possible.
3. Stay focused; don’t let excuses veer you off track.

Once you have these habits in place, keeping your receivables up to date will be your new habit and a habit that makes you more money and helps you grow your business.  Those are the kinds of habits we want!