Many businesses fail because of two simple yet very important steps that are looked over when the business is being set up. Billing and Collections. If a business is attempting to reach out to a wider customer branch and is willing to let consumers charge accounts they must have a very detailed credit application form that details exactly what the business terms are in case of failure to pay. These trading terms should include the product outline and should be signed by the consumer. A business should not allow a consumer credit if the consumer does not agree to the businesses terms. These terms will protect the business in case of default on the account.
Read more: Simple steps you must implement to improve your cash flow – DynamicBusiness
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