Risk Management & Regulatory Compliance, Issue Management, Business Strategy
1 minute read
Aug 30, 2021
Written by: Shawn Sweeney
The best credit management strategies are developed in good times and position you to weather the storm when you hit bad times. For many business owners, the pandemic served as a wake-up call to be more proactive in protecting their business credit. After all, good credit could be the difference between keeping your doors open and shutting them forever.
Credit management should always be a proactive strategy, as you build the relationships and identify the tools that help you get through tight moments and come out ready for recovery. That’s why you always start from a place of power by securing credit before you desperately need it, as I advised in a recent Forbes Finance Council discussion.
Because I oversee a growth-oriented business, I’m always looking down the road to ensure my business has steady cash to maintain operations before we hit a financial storm. Taking that a step further, business leaders must be intentional about avoiding the tendency to throw good money after bad. Without question, that’s a tough choice, but ultimately you need to draw a line in the sand. Decide now what your point of no return is on an investment – and hold yourself accountable to keeping to that decision when you find yourself facing that situation.
Forbes Finance Council experts recently offered 10 ways to adopt a proactive approach to protecting your business credit and establish a strong credit foundation for your business. Check out their insights and be ready before the next crisis hits.
Before I invite guests to visit, I always clean my house. I tell companies striving for a winning digital transformation, particularly in my industry niche, to do the exact same thing.
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