How Important is a Credit Policy?
"Know your customers". Every business owner knows how important it is to keep your customers happy and coming back for more.
In "Become the Squeaky Wheel," Michelle Dunn explains how a credit policy is relevant to their customers. "If they don't know their customers and don't make their policy and forms easy, fast and simple to understand, they could lose the customer, taking the sale with them and any word of mouth advertising," explains Dunn.
So what can business owners do to make their credit policy effective? First, business owners should implement a credit procedure for any new or existing customers. They should learn exactly what customers are looking for when they apply for credit with their company.
"Business owners should place new customer packets or credit applications on their reception desk in a highly
visible place, with clipboards and pens." Says Dunn. "When a potential customer walks in they can fill this out quickly and easily and be on their way to having a new account."
Catering to a potential new customer is good business anyway, so the easier you make it for them to spend more money with you, the more money and more sales will benefit you and your business.
About the Author
Michelle Dunn has over 17 years experience in credit and debt collection. She is the founder of Never Dunn Publishing, LLC, is a writer, consultant and the Editorial Advisor for Eli Financial Debt Collection Compliance Alert Newsletter. Michelle started M.A.D. Collection Agency and ran is successfully for 7 years. She also owns and runs www.Credit-and-Collections.com an online community for credit and business professionals.
She has written 5
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