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How to Write a Credit Policy for Your Business

How to Write a Credit Policy for Your Business

The book, "Become the Squeaky Wheel," by New Hampshire author Michelle Dunn, says the different ways people use and extend credit makes or breaks your credit policy and bottom line, which could result in less or more sales and money for your business.

"Business owners all have different types of businesses but can all extend credit," explains Michelle Dunn. "So it should only make sense that no two credit polices can be the same."

Dunn explains that one major difference is if you have a service or retail business. Your credit policy should use multiple facets to cater to prospective customers but also protect the business owner.

"You are limited in what you can and can't ask a prospective customer in order to extend them credit," says Dunn. "Business owners need to be aware of what these questions are and what the laws are before they create their credit policy." Your credit policy helps to filter customers so you don't have to spend your time chasing your money. Your best policy will be short, easy and to the point, it will avoid long-winded statements and a lot of legal or big words. Always create your forms with the reader in mind, the easier and clearer the better.

Michelle Dunn has over 17 years experience in credit and debt collection. She is the founder of Never Dunn Publishing, LLC, is a writer, consultant and the Editorial Advisor for Eli Financial Debt Collection Compliance Alert Newsletter. Michelle started M.A.D. Collection Agency and ran is successfully for 7 years. She also owns and runs Credit & Collections.com an online community for credit and business professionals.

She has written 5 books in her Collecting Money Series. She is currently writing a book for the Streetwise Series, part of the Adams Media Corporation. In addition to writing and marketing her books, Michelle moderates and runs Credit & Collections.com and was a member of The American Collectors Association for 9 years. Visit http://www.michelledunn.com or http://www.michelledunn.com for more information on any of Michelle's books or services.

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How to Write a Credit Policy for Your Business

Small Business