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

One of the easiest and fastest ways to improve your business credit is to cut back on extra's.  You may say, but I don't HAVE any extras!  There is always something you can cut out of your spending to create more cash flow for your business.   This seems simple but do you really need all the bells and whistles you use?  For example, check out your phone system and any added features you have through the phone company.  Do you really need call waiting, or caller ID or some other features?  Do you have company cell phones? Do they have added features you can do without?

Look around your office, can youput in a coffee service or your own coffee maker to cut down on coffee runs to the corner coffee house?  You can slash how much you are paying for coffee in half with this idea.  

Do you have a refridgerator or a microwave or both? Can you bring lunch from home instead of eating out, or maybe cut back on food at meetings or functions?

Do you drive to work? Do any of your employees live near each other, can you set up car pools?

Do you travel for business or send employees on travel for business? Can you economize in any way? 

Have a contest within your business askign your employees to come up with ideas that can save the company money, have a prize such as a gas card or restaurant gift certificate that they can use with their family to offer as appreciation for any ideas that you implement and that end up saving the company money.

Make sure to thank that employee and acknowledge their idea at your next company meeting.