In these times of crisis, the credit and collection policy has taken on more importance. Many managers and owners of transport companies have realized that having had politics already defined and implemented in their departments credit and collection, they would have done much better in these times of COVID.
Why is the credit and collection policy so important?
Let us remember that the credit and collection policy are courses of action developed for recurring situations and designed in order to control and minimize the risk assumed when extending credit to its clients.
By establishing in writing what is expected of each one, everyone realizes that they are part of the same team and makes decision-making more logical and simple by having predetermined criteria and customers are treated more fairly.
Some benefits:
- Focus on the most important aspects.
- Consistency in your own company.
- Consistency in dealing with customers.
- Achieve optimal levels of recovery.
- Healthy cash flow.
- Take advantage of financial opportunities.
If your company does not yet have a credit and collection policy, I invite you to develop and implement it as soon as possible.
I invite you to download at no cost the book “Credit and Collection Policy – Practical Guide” using the following link: https://fletesycobranza.com/politica-de-credito-y-cobranza-guia/
Until next time!
The author is a partner of the collection firm specialized in cargo transportation AFS International and creator of the course Efficient Collection in Freight Transportation.
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