Although most businesses would prefer to require advance payment in full, it is probably safe to say that extending trade credit is more common. Providing credit terms is often required to win the business, but prudent businesses first conduct a level of due diligence that is appropriate for the amount of money at risk. This post at Allbusiness.com has some practical tips for adopting a credit policy and conducting basic due diligence.
“As few as 50% of restaurant workers wash their hands.” I was introduced to that disturbing stat during a presentation about some sort of high-tech handwashing tracking device that could monitor which employees were washing their hands. I’m not sure whether it was mounted to the sink or the soap dispenser or exactly how it worked—I was a bit distracted by the thought that the folks who worked at my favorite restaurants might be on the wrong half of the curve.
This had an oddly familiar ring to it. A simple practice, inexpensive, effective. Yet often neglected. Just like the contracting practices of a lot of businesses. [click to continue…]