Should you give credit to your customers?
I was training a group of entrepreneurs recently when this question came up.
Credit is a very divisive topic for business owners.
Some entrepreneurs love giving credit because it has helped to build their businesses.
Some have lost money to customers who never paid back.
And some others have a strong policy against giving credit to customers.
Credit is a double-edged sword.
If you manage it well, it can help to significantly boost sales and customer retention.
But if you don’t manage it well, you could end up with a lot of unpaid debts.
So, how should you make the decision to give (or not to give) credit to your customers?
That’s exactly what you’re going to learn in today’s lesson.
What you’re about to learn could make a big difference in how you run your business.