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

If you have been in a grocery store lately you may have seen the latest issue of Woman’s World magazine with a big cover story about the internet diet phenomenon called Kimkins.  This cover story which reads “Better Than Gastric Bypass!” helped Kimkins.com generate over $1 million in sales revenues this month!

If you have done any research on this topic you know this is a huge scam and that Heidi Diaz is refusing to refund the money she weaseled out of these consumers.  Heidi Diaz also portrayed herself as a thin 118 pound woman to help assure consumers of the success of using her diet.  Surveillance photos have emerged showing that Heidi Diaz is an obese overweight woman who used dishonesty to scam consumers and take money from them.

How does this affect you and your business you ask?

When you are collecting on past due accounts debtors will sometimes use any excuse to get out of paying, thus the need for honesty, integrity and documentation.  Even if you are not trying to scam someone, you can be accused of it.  Cover yourself and your business by having a code of ethics, a mission statement and promoting honesty, helpfulness, and as much information as you feasibly can about your products, services, websites and employees. 

Include testimonials, lay everything out on the table and be honest.  As business owners we are leaders and in this world we live in honesty and ethics is a fading commodity. Be one of the best leaders and remember even if it is profitable, it may not be good. Leaders serve their business, employees and community; they educate and teach, become mentors and help people. Our business world is in dire need of some good ethical leaders, let us all rise up and exceed expectations!