Our 10 point check list for small business

Equally as important as a credit check on your new and existing customers, is having a strong credit policy in place.

There are a number of considerations you should take into account when implementing a best practice trade credit management solution.

• I have a documented credit policy that is up to date and reflects my organisation's risk profile
• My credit policy is known and being followed by staff
• There are processes in place to review our credit policy regularly
• I have considered the benefits of an automated solution in the context of my work environment
• I have reviewed credit report options for the levels of credit I'm extending
• I have cleansed, or am considering cleansing, my whole ledger as it currently stands to ensure it is accurate
• I understand and comply with the Privacy Act 1993 when looking at the people behind the business
• I am checking the correct legal entity of my customers

• Staff know how to access the appropriate credit management products suitable for my business

• I have considered the benefits of using ongoing monitoring of my customers to keep my ledger up to date.

   

 Note: this is not legal advice but it is prudent.

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