The document provides 7 tips for effective credit management: 1) Control who gets credit by assessing risk through credit checks and setting limits. 2) Have a clear credit policy detailing terms, collection processes, and invoice formats. 3) Build rapport with customers through regular communication and visits to maintain ongoing relationships. 4) Ensure the right staff and resources are in place to handle customer service and credit monitoring responsibilities. 5) Establish a consistent procedure for addressing payment queries quickly. 6) Communicate any issues promptly that could impact payments. 7) Generate monthly performance reports including aged debt, KPIs, cash flow forecasts, top customer details, and outstanding queries for close review.