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Debt Management in the UK
Debt management, as defined in the UK, is a course of action where a reduction in repayment amount and/ or interest charges is negotiated with unsecured creditors, when you are no longer able to meet your repayment requirements. For some...
Debt Management Plans - Tips For Avoiding DMP Pitfalls
Most people are involved in some type of financial transaction or decision every day. Sometimes they can get way behind in their debts and financial obligations with no clear way to pay them off. Some resort to debt management plans, which can help...
Is Your Management Style.......Lead By Intimidation?
Is Your Management Style..Lead By Intimidation? So many women make the mistake of thinking that they have to be these big mean diva bosses, to get respect and cooperation from their staff and colleagues. They walk around the office huffing and...
Time Management for Your Home Based Business
Time management is key to running your home based business, as there often does not seem to be enough hours in the day to do all the things you want to do. However, if you focus your energy and know how to prioritize, you will find that your...
Time Management: Is Your To Do List The Problem?
You start each week with great intentions. You are determined to get a grip of your workload. You are determined to write a to do list, you even promise yourself that you will stick to it and use it and reprioritise each day so that you finish what...
 
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.



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