The Credit Policy Mission Statement

Now that you have a clear picture of what you want this credit policy to do for you, take a look at your business mission statement.  You want to write a short concise mission statement for your credit procedures.  Every business has a mission statement and you want to apply that to your credit policy to write a mission statement for your cash flow.

Your credit procedures mission policy should state what the goals for these instructions are, what the goal of these procedures are, who is responsible for all the credit decisions and functions and then the actual policies or steps.  For example, your policies or what you want your credit procedures to accomplish might be:

Your payment terms and conditions

Processing new customers that want revolving credit accounts

Using credit applications to check credit worthiness

Joining a credit bureau in order to pull credit reports

Setting realistic credit limits

Dealing with any past due customers

When and how to use a collection agency

 

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