Posts Tagged ‘credit management’
A Quick Introduction to the Mechanic’s Lien
Tuesday, March 20th, 2018It isn’t uncommon for credit managers to provide services or products to customers on credit. But when subcontractors complete work only to discover that their payments won’t arrive as agreed, credit managers need to act. On construction projects, one good place subcontractors and suppliers can start is obtaining mechanic’s liens. Timely filing is key Most…
Employ Effective Conflict Resolution and Communication
Monday, May 1st, 2017Conflict with customers, particularly over broken promises or missed payments, is unavoidable. No matter how great your customer service, employee relations, prices, or services are, it’s inevitable: Someone will be dissatisfied — and tempers may even flare. Instead of avoiding conflict, you and your staff members can use effective conflict resolution skills to help resolve…
What Does Credit Management Training Have to Do with Your Bottom Line?
Wednesday, March 29th, 2017Company owners often underestimate the effects of proper training on their employees — and especially on their bottom lines. How could excellent credit management training can help increase your profitability?
4 Ways to Improve Your Profits Through Strong Collection Practices
Wednesday, March 1st, 2017One major challenge in extending credit to customers is maximizing collection returns. Meanwhile, you need to have strong credit policies in place to minimize risk. Here are four ways business leaders can improve their profits: 1. Analyze collection trends. Collection trends provide great data about credit policies. Chances are you’ll see both positive and negative…
How Can You Improve Your Underwriting Process?
Monday, February 13th, 2017You should never underestimate the power of a strong credit policy. Business operations depend on cash flow, which depends on customers’ reliability to pay invoices. You should base your credit policy on numerous factors, including how well it suits your business needs, and know when you should review your policy. Risk strategies versus organizational needs…
Fine-Tune Your Credit Risk Management Process
Tuesday, January 31st, 2017The start of a new year is always a good time to review your credit management and collections policies. Are your systems functioning properly? Are you managing risk in a way that makes sense for you and your business? If you answered no or are not sure how to answer these questions, now is a good time to fine-tune your credit risk management process.
Accelerate Your Application Processing
Thursday, January 19th, 2017To keep your business running smoothly and effectively, you must be able to determine whether it’s worth extending credit to individuals or business leaders in a timely fashion. Try these strategies to speed up your application process while maintaining system integrity.
Business Owners Out-Manage Credit Compared to Their Consumer Counterparts
Wednesday, December 14th, 2016Before venturing out to start small businesses, people often ask themselves, “How will this affect my personal financial situation?” Many are fearful new venues will have negative implications on their personal credit and debt ratios. In The Face of Small Business data study, Experian researchers set out to get an answer:1 Is there a correlation…
B2B Fraud: Do You Know the Signs?
Wednesday, September 28th, 2016One of the biggest credit management risks that business leaders face is something many may not have considered: business-to-business (B2B) fraud, including bankruptcy fraud. B2B fraud occurs when a member of a business you have contracted with purposefully and deceitfully defrauds your company by taking advantage of the credit you have lent without intent to…
Know the Red Flags of Credit Management
Tuesday, August 16th, 2016A credit report evaluation is a good first step in your credit review process, allowing you to see if a new customer is worth the risk. It can certainly offer valuable information, but to take this review a step further, you’ll need to look at the company’s financial statement as well. You’ll get a more…