Taking these five steps when granting trade credit to your customers will minimize credit risk and improve your overall accounts receivable collections efforts.
Your credit application doesn’t need to be complicated, but it should help you gather information necessary to make a good credit decision. The application should indicate the legal name of the business and ownership; provide banking information, and information on trade credit grantors. Business often provide a preprinted “bank and trade references" list to you, but the importance of your application is that the customer, by signing it, grants you permission to contact their bank and trade creditors for payment history.
Federal law has a large section of interstate commerce laws called the Uniform Commercial Code (UCC) which, among other things, provides for lenders to see what other lenders have secured as collateral for a business loan. Normally this is all collateral other than real estate. There are several forms within the UCC that business owners should understand because they affect their ability to secure future loans.
This is a subject that is studied often because of its’ importance in the marketing communications mix. If you are responsible for the sales and marketing of a company, you can’t ignore e-mail marketing. The 7 steps that I share are gained from recent studies, years of gathering best practices and new technologies.
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Working in Hot Weather
Geo-targeting is the act of optimizing your online content in a way that attracts local visitors. The types of online content that can be geo-targeted includes:
What makes some managers so much more effective than others? There are a number of potential answers, but the best responses have to do with leverage. Managers need to be experts at achieving results through other people. And while they have budgets and relationships they can leverage, their ability to leverage time is a constant, daily concern.
What will happen to your business when you die or become incapacitated? If you haven’t taken the time to put together a succession and estate plan, your business might lose momentum and become unprofitable while the leadership and ownership of your company gets worked out in probate. Even worse, your estate may have to sell the business or its assets in order to pay estate taxes.
In a decision released on August 20, 2010, the Texas Supreme Court addressed the scope of the Texas Product Liability Act (“TPLA”) and its application to the indemnity rights of a construction subcontractor. K-2, Inc. is a manufacturer of a synthetic stucco cladding product called “Exterior Insulation and Finish System” or “EIFS” as it is commonly referred to in the construction industry. A Texas homebuilder entered into a subcontract with Fresh Coat to install EIFS on residential homes. The subcontract contained a standard indemnity clause requiring Fresh Coat to indemnify the builder from any damages assessed against the builder regardless of fault. Approximately 90 homeowners brought suit against the homebuilder alleging that the EIFS allowed water penetration resulting in structural damage, bug infestations and mold. The plaintiff homeowners alleged the EIFS was defectively designed, manufactured and marketed (i.e., product liability allegations under the TPLA) among other causes of action. Settlements were reached between the plaintiffs and all defendants before trial.