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Bernstein Burkley
  • Practice Areas
    • Overview
    • Bankruptcy & Restructuring
    • Business and Corporate Transactions
    • Creditors’ Rights
    • Litigation
    • Oil & Gas and Energy
    • Real Estate
    • Real Estate & Commercial Finance
  • Our Attorneys
  • About Us
    • Our Approach
    • History
    • Law Lists
    • Professional Memberships
    • Careers
  • Resources
    • Bernstein’s Dictionary of Bankruptcy Terminology
    • Links
    • Five Minute Legal Master videos
    • Blog
    • Legal Publications
  • News
    • Cases Archive
    • Firm News
    • In the News
    • Industry News
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Q&A
Q&A

Can you give us some insight on an effective 2007 credit policy for our business?

Posted on October 29, 2012 by Bob Bernstein

Business Law

A: Have you ever heard the line, “The best rules are those that are unwritten”? That twist makes credit policy flexible and customer-friendly. Or, said another way, inconsistent and arbitrary. Some credit policies that find their way into policy manuals live in perpetuity. Since they are not updated or revised, they lost their relevance years ago. Employees charged with enforcing these
timeworn restrictions usually ignore them.

Despite their seeming lack of popularity, credit rules—especially those that are periodically reviewed and updated—do have an
upside. A very big, potentially profitable upside, in fact. Successful entrepreneurs know that credit rules have three laudable, business-friendly goals:

  1. They force a customer to make a commitment to the transaction.
  2. They protect the company bottom line.
  3. They spread credit consciousness throughout the organization.

 

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