Did you know that bad debt has reached alarming rates with US business owners and that most creditors don't know how to avoid or prevent it?
"Become the Squeaky Wheel", a new book just published, explains that getting customers involves more than advertising. Michelle Dunn presents examples of credit procedures and policies to help creditors or business owners collect bad debt and prevent it in the future.
"One of the best things you can do is implementing a credit policy or have each new customer fill out a credit application," says Michelle Dunn. "A credit application will protect you and let your customers know you mean business. Done correctly, it can increase your overall profits now and in the future.
Having a sound credit policy in place helps ensure that you will get paid, as long as it is enforced. Most customers who open accounts for credit expect to fill out something and will not complain, but will realize you are serious and smart about your business.
Customers who have to fill out forms when they set up an account might also take advantage of direct pay options which lowers your receivables immediately and creates more sales for your business.
It may cost you some money to have credit applications and other forms printed, hire someone to run your Credit Department or do credit checks, but it will result in more money for you and your business.
About the Author
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