BizCreditPolicy: March 2008 Archives

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Mar31	Pre-Sale Paperwork does NOT kill a sale! Michelle Dunn March 31, 2008 Know More: Business Credit, Checking Credit, Creating a Credit Policy, Credit Applications, Denying Credit, New Accounts, Preventive Maintenance, Understanding Credit Reports, Understanding Debtors Contrary to what many business owners believe, having potential customers fill out pre-sale paperwork, such as a credit application, does NOT kill a sale. How many times have you asked someone to fill out a credit application and they say, "No thanks" and leave your store? If that DOES happen, guess what? They have bad credit and don't want to fill it out because they know they WILL NOT BE APPROVED. In reality, that is a blessing for you. Unless, you like working for free. I write a "Ask Michelle" column for my local paper and the latest question I received was on this topic. A credit manager was asking how they could get their boss to use credit applicaltions because the boss beleives that if they ask potential customers to fill out a credit application, they won't make the sale. My advice? Keep trying but be happy in the meantime because the longer they don't ask customers to fill out an application, the better job security for the credit manager! I would love to hear comments from anyone who thinks asking potential customers to fill out paperwork kills the sale and how they justify that. I have been in this industry for years and still can't figure out why business owners might believe this. Please share why you think this is true below! Posted at 5:50 AM \| Permalink \| Comments
Mar29	How to re-structure your credit policy during a crisis Michelle Dunn March 29, 2008 Many businesses have a credit policy, most of them have the original credit policy that might have been written 10 or more years ago or when the business was started. Make it a priority to look at your credit policy... Continue Reading Posted at 4:35 PM \| Permalink \| Comments
	Skills to look for in a Credit Manager Michelle Dunn March 29, 2008 If you aren't going to be doing your own collection work or maintaining your accounts receivables yourself, you will want to hire someone or a credit manager to do those tasks for you.If you are looking for a good credit... Continue Reading Posted at 10:15 AM \| Permalink \| Comments
Mar28	Setting Up Payment Plans Michelle Dunn March 28, 2008 When trying to get paid from past due customers while the country is in a recession can be tough. Many people can just about put food on the table or fuel in their vehicles, and don't have anything left over... Continue Reading Posted at 12:20 PM \| Permalink \| Comments
Mar27	Do I have to use a Collection Agency or can my Staff Collect? Michelle Dunn March 27, 2008 QUESTION:We are a small medical office. Do we have to go through a collection agency for our collection accounts or can we use staff and collect our problem accounts through our office. In the past we have contracted with agencies... Continue Reading Posted at 7:57 AM \| Permalink \| Comments
Mar26	Consumer Confidence Lowest in 5 Years...Can you still Get Paid? Michelle Dunn March 26, 2008 Consumer confidence sank to a 5 year low in March as tight credit markets, rising prices at the pump, in the grocery stores and for heating fuel as well as job loss and worsening job prospects deepened worries about... Continue Reading Posted at 11:31 AM \| Permalink \| Comments
Mar25	Motivating your Customers to Pay Michelle Dunn March 25, 2008 Although it IS your money, you sometimes still have to negotiate or work to get it back. The Nation Newspaper reported that retired banker Basil Graham gave a group of financial professionals this advice during a seminar on debt... Continue Reading Posted at 2:23 PM \| Permalink \| Comments
Mar24	The toughest question your customer will ever ask you…and how to answer it without getting into trouble. Michelle Dunn March 24, 2008 Do not let your customers or potential customers walk all over you because you might be having slow sales and be desperate to make a sale. Remember a sale is not a sale until you get paid. With the... Continue Reading Posted at 7:50 AM \| Permalink \| Comments
Mar21	What you Shouldn’t do to Collect More Money Michelle Dunn March 21, 2008 When people can’t pay you because of job loss or affects of the economy, what can you do? Make sure that even when things get tough that you follow the laws in your state to collect the money that... Continue Reading Posted at 1:00 PM \| Permalink \| Comments
	How to collect from a customer who doesn’t have a job Michelle Dunn March 21, 2008 As more and more people across the U.S. lose their jobs and become victims of the recession, your job becomes tougher trying to collect from your customers who may have a drastically less income or no income at all. ... Continue Reading Posted at 5:45 AM \| Permalink \| Comments
Mar19	IRS Rebate Calculator can help you Get Paid! Michelle Dunn March 19, 2008 The IRS has put a great rebate calculator on it’s website so consumers can determine if and how much they will be receiving as part of the stimulus package. You should share this link with your customers, have them... Continue Reading Posted at 7:13 AM \| Permalink \| Comments
Mar18	10 ways to improve your collections Michelle Dunn March 18, 2008 You know the NIKE slogan, “Just do it!” Well, now is the time for business owners to “Just do it” on any accounts that have a balance due. Now is the time to collect that money, otherwise your chances... Continue Reading Posted at 5:41 AM \| Permalink \| Comments
Mar17	Falling Behind Michelle Dunn March 17, 2008 As the economy slows down., Americans are having a harder time paying off debt. 1.26% is the portion of mortgage payments in the United States that were 90 days past due at the end of the third quarter of... Continue Reading Posted at 6:32 AM \| Permalink \| Comments
Mar15	How to Fix Your Credit! Michelle Dunn March 15, 2008 I went to NY a couple of weeks ago to tape a segment for “Women for Hire” TV and it is now live on their website. I wanted to post this video and see what you thought about the... Continue Reading Posted at 6:32 AM \| Permalink \| Comments
Mar12	Help Save Your Business Money Michelle Dunn March 12, 2008 When it comes to saving money, personally or for your business, we all have a hard time. Part of this is because we are used to instant gratification, buy now, pay later. With the economy in a crisis, we need... Continue Reading Posted at 12:09 PM \| Permalink \| Comments
Mar10	How to maintain service levels when your customers can’t pay Michelle Dunn March 10, 2008 Since it is quite obvious we are in a slowdown of the economy I have been getting a lot of recession questions and how this pertains to small business owners. Customer service is a lifeline for small business owners,... Continue Reading Posted at 12:01 PM \| Permalink \| Comments
Mar 9	No Recovery until 2009 – How your Business can Survive Michelle Dunn March 9, 2008 The credit crunch and inflation will delay the housing recovery until at least 2009 according to a new forecast in the Boston Globe. This is not good news for many consumers and business owners worldwide. How can your business... Continue Reading Posted at 9:30 AM \| Permalink \| Comments
Mar 8	Making Money with Accounts Receivables Michelle Dunn March 8, 2008 Collections from accounts receivables usually represents the bulk of a companies cash receipts. Companies who don’t pay attention to their accounts receivables are missing out on all of that income and profit. With the economy in a downward spiral,... Continue Reading Posted at 11:15 AM \| Permalink \| Comments
	Credit Manager's are your Most Valued Employee During a Tough Economy Michelle Dunn March 8, 2008 On Tuesday the Wall Street Journal reported that David K. Marshall got laid off in October from a credit management position. About 18.3% of jobless Americans in January had been out of work for at least 27 weeks. The... Continue Reading Posted at 9:56 AM \| Permalink \| Comments
Mar 7	Make your Business Money Savvy Michelle Dunn March 7, 2008 When money is tight we need to go back to what we learned about money when we were kids. Remember when you had to save for something how delaying the gratification of getting it made it that much sweeter? ... Continue Reading Posted at 5:54 AM \| Permalink \| Comments
Mar 6	How your Strong Points can Make you More Money During a Recession Michelle Dunn March 6, 2008 Are you afraid you may lose your job because of the credit crisis and impending recession? Now is the time to identify your strong points and work on them to become even stronger and more valuable in your industry. ... Continue Reading Posted at 3:12 PM \| Permalink \| Comments
	Tight Credit, Low Savings = Less Spending Michelle Dunn March 6, 2008 The outlook of our economy hinges on the health of the U.S. consumer income growth. If consumers make enough money, they will keep spending that money, but that doesn’t seem to be the case. Many consumers have just enough... Continue Reading Posted at 6:23 AM \| Permalink \| Comments
Mar 5	Tips for Business Owners to Eliminate Debt Michelle Dunn March 5, 2008 CNNMoney.com has a column where business owners can send in questions and get an expert answer. I recently answered a question for them in their FORTUNE Small Business section on the CNNMoney website where a business owner who is... Continue Reading Posted at 6:43 AM \| Permalink \| Comments
Mar 4	Rising Stagflation Fears in the U.S. Michelle Dunn March 4, 2008 Stagflation is a word that hasn’t been heard since the 70’s but the word popped up 562 times in major newspapers and wire services in February 2008 compared with 12 times in February 2007. Do you know what it... Continue Reading Posted at 6:04 AM \| Permalink \| Comments
Mar 3	What if I don't Check my Customers Credit? Michelle Dunn March 3, 2008 QUESTION:I have a client that I do billing for and a number of their clients are delinquent or slow payers. My client won't give potential customers credit applications because they are certain it will be harder to "make a sale".They... Continue Reading Posted at 7:31 AM \| Permalink \| Comments

« February 2008 | Main | April 2008 »

Mar31	Pre-Sale Paperwork does NOT kill a sale! Michelle Dunn March 31, 2008 Know More: Business Credit, Checking Credit, Creating a Credit Policy, Credit Applications, Denying Credit, New Accounts, Preventive Maintenance, Understanding Credit Reports, Understanding Debtors Contrary to what many business owners believe, having potential customers fill out pre-sale paperwork, such as a credit application, does NOT kill a sale. How many times have you asked someone to fill out a credit application and they say, "No thanks" and leave your store? If that DOES happen, guess what? They have bad credit and don't want to fill it out because they know they WILL NOT BE APPROVED. In reality, that is a blessing for you. Unless, you like working for free. I write a "Ask Michelle" column for my local paper and the latest question I received was on this topic. A credit manager was asking how they could get their boss to use credit applicaltions because the boss beleives that if they ask potential customers to fill out a credit application, they won't make the sale. My advice? Keep trying but be happy in the meantime because the longer they don't ask customers to fill out an application, the better job security for the credit manager! I would love to hear comments from anyone who thinks asking potential customers to fill out paperwork kills the sale and how they justify that. I have been in this industry for years and still can't figure out why business owners might believe this. Please share why you think this is true below! Posted at 5:50 AM \| Permalink \| Comments
Mar29	How to re-structure your credit policy during a crisis Michelle Dunn March 29, 2008 Many businesses have a credit policy, most of them have the original credit policy that might have been written 10 or more years ago or when the business was started. Make it a priority to look at your credit policy... Continue Reading Posted at 4:35 PM \| Permalink \| Comments
	Skills to look for in a Credit Manager Michelle Dunn March 29, 2008 If you aren't going to be doing your own collection work or maintaining your accounts receivables yourself, you will want to hire someone or a credit manager to do those tasks for you.If you are looking for a good credit... Continue Reading Posted at 10:15 AM \| Permalink \| Comments
Mar28	Setting Up Payment Plans Michelle Dunn March 28, 2008 When trying to get paid from past due customers while the country is in a recession can be tough. Many people can just about put food on the table or fuel in their vehicles, and don't have anything left over... Continue Reading Posted at 12:20 PM \| Permalink \| Comments
Mar27	Do I have to use a Collection Agency or can my Staff Collect? Michelle Dunn March 27, 2008 QUESTION:We are a small medical office. Do we have to go through a collection agency for our collection accounts or can we use staff and collect our problem accounts through our office. In the past we have contracted with agencies... Continue Reading Posted at 7:57 AM \| Permalink \| Comments
Mar26	Consumer Confidence Lowest in 5 Years...Can you still Get Paid? Michelle Dunn March 26, 2008 Consumer confidence sank to a 5 year low in March as tight credit markets, rising prices at the pump, in the grocery stores and for heating fuel as well as job loss and worsening job prospects deepened worries about... Continue Reading Posted at 11:31 AM \| Permalink \| Comments
Mar25	Motivating your Customers to Pay Michelle Dunn March 25, 2008 Although it IS your money, you sometimes still have to negotiate or work to get it back. The Nation Newspaper reported that retired banker Basil Graham gave a group of financial professionals this advice during a seminar on debt... Continue Reading Posted at 2:23 PM \| Permalink \| Comments
Mar24	The toughest question your customer will ever ask you…and how to answer it without getting into trouble. Michelle Dunn March 24, 2008 Do not let your customers or potential customers walk all over you because you might be having slow sales and be desperate to make a sale. Remember a sale is not a sale until you get paid. With the... Continue Reading Posted at 7:50 AM \| Permalink \| Comments
Mar21	What you Shouldn’t do to Collect More Money Michelle Dunn March 21, 2008 When people can’t pay you because of job loss or affects of the economy, what can you do? Make sure that even when things get tough that you follow the laws in your state to collect the money that... Continue Reading Posted at 1:00 PM \| Permalink \| Comments
	How to collect from a customer who doesn’t have a job Michelle Dunn March 21, 2008 As more and more people across the U.S. lose their jobs and become victims of the recession, your job becomes tougher trying to collect from your customers who may have a drastically less income or no income at all. ... Continue Reading Posted at 5:45 AM \| Permalink \| Comments
Mar19	IRS Rebate Calculator can help you Get Paid! Michelle Dunn March 19, 2008 The IRS has put a great rebate calculator on it’s website so consumers can determine if and how much they will be receiving as part of the stimulus package. You should share this link with your customers, have them... Continue Reading Posted at 7:13 AM \| Permalink \| Comments
Mar18	10 ways to improve your collections Michelle Dunn March 18, 2008 You know the NIKE slogan, “Just do it!” Well, now is the time for business owners to “Just do it” on any accounts that have a balance due. Now is the time to collect that money, otherwise your chances... Continue Reading Posted at 5:41 AM \| Permalink \| Comments
Mar17	Falling Behind Michelle Dunn March 17, 2008 As the economy slows down., Americans are having a harder time paying off debt. 1.26% is the portion of mortgage payments in the United States that were 90 days past due at the end of the third quarter of... Continue Reading Posted at 6:32 AM \| Permalink \| Comments
Mar15	How to Fix Your Credit! Michelle Dunn March 15, 2008 I went to NY a couple of weeks ago to tape a segment for “Women for Hire” TV and it is now live on their website. I wanted to post this video and see what you thought about the... Continue Reading Posted at 6:32 AM \| Permalink \| Comments
Mar12	Help Save Your Business Money Michelle Dunn March 12, 2008 When it comes to saving money, personally or for your business, we all have a hard time. Part of this is because we are used to instant gratification, buy now, pay later. With the economy in a crisis, we need... Continue Reading Posted at 12:09 PM \| Permalink \| Comments
Mar10	How to maintain service levels when your customers can’t pay Michelle Dunn March 10, 2008 Since it is quite obvious we are in a slowdown of the economy I have been getting a lot of recession questions and how this pertains to small business owners. Customer service is a lifeline for small business owners,... Continue Reading Posted at 12:01 PM \| Permalink \| Comments
Mar 9	No Recovery until 2009 – How your Business can Survive Michelle Dunn March 9, 2008 The credit crunch and inflation will delay the housing recovery until at least 2009 according to a new forecast in the Boston Globe. This is not good news for many consumers and business owners worldwide. How can your business... Continue Reading Posted at 9:30 AM \| Permalink \| Comments
Mar 8	Making Money with Accounts Receivables Michelle Dunn March 8, 2008 Collections from accounts receivables usually represents the bulk of a companies cash receipts. Companies who don’t pay attention to their accounts receivables are missing out on all of that income and profit. With the economy in a downward spiral,... Continue Reading Posted at 11:15 AM \| Permalink \| Comments
	Credit Manager's are your Most Valued Employee During a Tough Economy Michelle Dunn March 8, 2008 On Tuesday the Wall Street Journal reported that David K. Marshall got laid off in October from a credit management position. About 18.3% of jobless Americans in January had been out of work for at least 27 weeks. The... Continue Reading Posted at 9:56 AM \| Permalink \| Comments
Mar 7	Make your Business Money Savvy Michelle Dunn March 7, 2008 When money is tight we need to go back to what we learned about money when we were kids. Remember when you had to save for something how delaying the gratification of getting it made it that much sweeter? ... Continue Reading Posted at 5:54 AM \| Permalink \| Comments
Mar 6	How your Strong Points can Make you More Money During a Recession Michelle Dunn March 6, 2008 Are you afraid you may lose your job because of the credit crisis and impending recession? Now is the time to identify your strong points and work on them to become even stronger and more valuable in your industry. ... Continue Reading Posted at 3:12 PM \| Permalink \| Comments
	Tight Credit, Low Savings = Less Spending Michelle Dunn March 6, 2008 The outlook of our economy hinges on the health of the U.S. consumer income growth. If consumers make enough money, they will keep spending that money, but that doesn’t seem to be the case. Many consumers have just enough... Continue Reading Posted at 6:23 AM \| Permalink \| Comments
Mar 5	Tips for Business Owners to Eliminate Debt Michelle Dunn March 5, 2008 CNNMoney.com has a column where business owners can send in questions and get an expert answer. I recently answered a question for them in their FORTUNE Small Business section on the CNNMoney website where a business owner who is... Continue Reading Posted at 6:43 AM \| Permalink \| Comments
Mar 4	Rising Stagflation Fears in the U.S. Michelle Dunn March 4, 2008 Stagflation is a word that hasn’t been heard since the 70’s but the word popped up 562 times in major newspapers and wire services in February 2008 compared with 12 times in February 2007. Do you know what it... Continue Reading Posted at 6:04 AM \| Permalink \| Comments
Mar 3	What if I don't Check my Customers Credit? Michelle Dunn March 3, 2008 QUESTION:I have a client that I do billing for and a number of their clients are delinquent or slow payers. My client won't give potential customers credit applications because they are certain it will be harder to "make a sale".They... Continue Reading Posted at 7:31 AM \| Permalink \| Comments

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