Keep Your Business Open In a Recession

Description

Welcome! I am Nigel St. Hill, your Money Management coach. I am so excited that you have decided to take this important step to increasing your profits.

You asked for help, so here it is! This material shows you 7 essential keys that you can start using right now to open the door to the profits that you desire. You can turn your pain, frustration and mediocre results into joy, excitement and more profits.

Credit Management is the management of one of the business’ most valuable assets – its receivables – this starts with the assessment stage right through to collection.

Effective Credit Management yields a substantial pay back in reduced borrowing, interest saved and improved liquidity. It is not simply a “debt chasing” exercise as it is so often referred to.

Credit Management depends on the creation and implementation of a credit policy which establishes systems and procedures for opening and monitoring accounts; defining the credit worth of the customer; establishing the terms on which goods or services will be supplied; and collecting payment when it is due.

In a recession the problems of credit management become more acute for two basic reasons; first previously good customers may well face new problems and their ability to cope with them will influence their ability to maintain their payments to you; secondly, there will be additional pressure upon the credit department to support the sales department by approving orders from customers who would not normally be considered of prime credit worthiness.

In a recession the survival rate of your own company is the first consideration. The immediate reaction might well be to decide that the credit policy should be tightened to ensure that the company is not exposed to any greater credit risk than before. This is the reaction of most

Companies, at least initially. However, this is where the combination of expertise of sales and credit departments comes to the fore. The real need is to maintain sales at a profitable level and that may mean that it is necessary to revise both the sales and the credit policies.

Why should this be? First, if the market is in decline, the sales force may be chasing orders from a smaller number of customers or, because of contraction of the industry which still has the same number of companies within it, chasing larger orders from the companies still able to place orders.

Keep Your Business Open in a Recession is designed to help you improve your cash flow and minimize bad debts during a recession.

In this course you will learn:

· Why you should develop a credit policy

· The importance of credit assessment

· Credit terms

· Credit limits and risk categories

· How to help a marginal customer

· Debt Collection

and much more!!!!!