I just read an article with this title and it had the best credit policy I have seen yet, they actually had it hanging on the wall so customers could read it as they entered the store.
The "New Credit Policy" was printed on a sign the owner had posted: "We are pleased to extend credit to customers. This policy applies at the time of purchase to all customers 80 years of age or older who are accompanied by their parents. Thank you. Management."
Many businesses don’t have a credit policy, the first step to having a policy is to realize that every credit policy is different and customized to your business and what you want as the owner.
As you can see from the above policy, it can be as short or as detailed and long as you want. The credit policy you have in place reflects how you want to make money. If you don’t have a credit policy, your not very serious about your money or your business. This is why more business owners with credit policies get approved for business loans than those who don’t have a policy.
With our nation heading towards even tougher times as 2008 progresses, it is imperative that you have a credit policy or your business may not make it through this year.
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