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Development Procedures for Building Effective Management Systems: Phase III
You have permission to publish this article free of charge, as long as the resource box is included with the article. If you do run my article, a courtesy reply to sean@bizmanualz.com would be greatly appreciated. This article is 592 words long...
Money Management Ideas for Large Cap Stock Trading
Money management in the field of stock trading is almost as important as stock selection. Without proper money management it is very hard to make money while trading stocks. And in fact poor money management can send your balance spiraling down...
Organizing a Time Management Plan
Yes, if you are not organized, your time management plan will fall through in most instances, however if you have an organized plan, you are well on your way to success. Organizing plays a large role in managing time. When we are not organized,...
Organizing Business Cards for Effective Contact Management
Now that you've had colorful new business cards printed, and have been distributing them diligently, what do you do with the cards you collect from other people? If you're like most people, you have a stack of rubber-banded cards floating around...
Productivity Redefined & Associated Management Decision - Algebraic Model
Visit : www.drvsrs.com/mgmtfull.htm About the Author Visit :...
 
Credit management - The way to the Top

The key to survival for any business is efficient credit management and debt recovery.

In dealings between businesses, a supplier is expected to allow a customer time to pay for the goods or services provided, but if the customer pays later than the established date, profits may be eroded. If the customer does not pay at all, then clearly a loss will be suffered on a particular transaction. Therefore, a healthy and productive credit management depends on the policies of payment for the services provided.

Credit management is more efficient when reducing the risk of non-payment through the means of a credit policy. The credit policy should deal with the procedure for approval of credit for new customers and the action to be taken to recover debts.

In obtaining an efficient credit management, after having decided on giving a credit to a costumer, it is important that terms of trade are agreed and the customer will be required to sign a document recording that customer's acceptance of the suppliers' terms of trade as part of the credit granting process.

To enhance your credit management as a supplier, you should consider charging interest on late payment of debts. The rate of interest stipulated under statute is


base rate, plus 8%.

Another important aspect for a healthy credit management is debt recovery. The key to effective debt recovery is the ability to apply the right amount of pressure at the right time. Credit management should also include a collection strategy.

As part of an elaborate credit management plan, debts could be collected by the means of a cash collection procedure involving standard letters. Prompt referral of debts to debt collectors substantially increases the chances of getting paid.

An efficient credit management policy supported by a pro-active cash collection and debt recovery strategy will reduce risk and boost profits.

Another important aspect in credit management is documenting your credit policy and ensuring that your staff understands it. Having set that policy, only make exceptions in extreme cases. Plan your credit management carefully and make sure that your methods are functional.



About the author:

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About Management - business management - people management - and more
THE starting place for exploring MANAGEMENT; helping new managers get started and experienced managers get better.
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Management - Wikipedia, the free encyclopedia
The phrase "management is what managers do" occurs widely, suggesting the difficulty of ... The management of a large organisation may have three levels: ...
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Welcome to the American Management Association
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Management
International review on management research. Peer-reviewed, occasional. Ejournal, with tables of content, abstracts and full articles available on-line.
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Advances the human resource profession to ensure that HR is recognized as an essential partner in developing and executing organizational strategy.
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Agency of the US government tasked with Disaster Mitigation, Preparedness, Response & Recovery planning.
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Object Management Group
Distributed object computing industry standards group founded in 1989. Defined standards include CORBA and IIOP.
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Management Reading | Global Executive | Business | Economist.com
The one management thinker every educated person should read Nov 17th 2005 ... The story of Emerson's successful management process is fascinating. ...
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Emerald: Home
Publisher of journals in management and library and information services, engineering, applied science and technology.
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