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Credit policy plays a crucial role in the efficient management of working capital within a business. The main objective of a credit policy is to set clear guidelines regarding the credit terms and conditions extended to customers. This helps businesses manage their liquidity effectively while simultaneously driving sales and revenue. The policy aims to balance the risk of extending credit with the potential for sales growth, ensuring the business is not overexposed to bad debts or uncollected receivables. One of the primary objectives of a credit policy is to define the terms under which credit is granted to customers, including the length of the credit period, interest rates on overdue payments, and any discounts for early payments. A well-structured policy ensures that the business can generate enough cash flow to meet its short-term obligations without having to rely on expensive financing options. By offering credit to reliable customers, businesses can increase their __________ ______ ______ ___ ___ __________ _____ ______.
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