7 Credit Management Tips to Help Your Business

7 Credit Management Tips to Help Your Business

Pandemic Impact on Businesses The year of pandemic was full of challenges for business owners. They had to implement changes to survive the course. Whether it was cutting down on costs or creating a flexible business strategy, all this was the need of the hour.

Here're the eight credit management tips that can help you through the COVID crisis.

• Create a debt strategy • Accept digital payments • Approach credit bureaus • Prioritize clients • Make courtesy calls • Be professional • Consistency is the key

Create a debt strategy If you were lenient in offering payment terms or deadlines earlier, it's time that you think otherwise. Recovering bad debts is a tricky and lengthy process. So, it's better to create a flexible debt strategy that works for you in the long run.

Accept digital payments Direct bank transfer is still a religious practice. However, it's the digital age, and you should leverage it to get benefited.

Be flexible in receiving payments through the digital mode.

Approach credit bureaus In a pandemic, it is not a healthy habit to take the risk. The situation is still uncertain. So, if your payment defaulter is not willing to make payments at all, don't rest. Consult credit information bureaus like CreditQ that can help you settle payments with your debtors. Also you can find no defaulter businesses. We provide businesses transparency.

Prioritize clients

However, it also sees an impact if you stay short of funds. It could happen due to a payment defaulter no paying you the money on time. You may have to take credit to run business operations or pay EMIs.

Make courtesy calls One of the best credit management tips is to remind your debtors that they need to pay soon. Make courtesy calls so that they don't forget to update you on the payment status.

Be professional Having a professional and courteous approach. Listen to your payment defaulters. Think of a middle ground where both parties can find a solution.

Consistency is the key If you make consistent efforts to reach out to your debtor, you're likely to win in the end. Also, business credit management is not about the other party paying on time, but you may owe other businesses money.

Thank You

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