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

The Better Business Bureau knows that a recession is a worrisome time for small business owners everywhere. I found some great tips on their website that can help you make it through this downturn.

1. Cash flow is King, be active in pursuing your accounts recievable

2. Marketing budget. Most companies cut back on marketing spending during a recession, don't make this mistake.

3. Sales strategy. Focus on existing customers and clients.

4. Pricing strategy.  Now is the time to liquidate old inventory.

5. Customer feedback. Focus on customer service and find out what your customers need and want and provide it.

6. Keep an eye on the competition. Know what is going on with the competition, learn from them and be prepared to respond to what they do during the recession.