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Business strategy
How to effectively manage credit risk by customers
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[QUOTE="Augusta, post: 197805, member: 25283"] You know that a lot of business high turnover comes from the high level of credit taking customers. Customers would be willing to take more goods or products if you offer them credit sales. This credit giving isn’t always the problem but the problem of them paying back. It behooves on you the business owner to take up the responsibilities on your own side to avoid or reduce high bad debt. You can always do the following to manage credit risk [LIST] [*]Study the customers before giving out your goods to such a customer on credit. Check their level of creditworthiness [*]Do a business credit monitoring to be alerted early enough to when a customer has started defaulting in payment. This will help you be proactive with your decision concerning such a customer [*]Follow up each debtor with timely reminder: you can install an automatic reminder to make you remember t text the customer after some days and follow up ith phone calls when there is no response [/LIST] You can threaten to take action when the initial defaulting set in. let the customer know you wouldn’t mind registering a default if the customer isn’t responding in a specified time you would be given. What’s your thought on this? [/QUOTE]
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