Credit Management

Reach for the Skies

Chairman's Column

The author recently had a meeting with their bank which is reviewing its charging structure. The bank is currently reviewing their account and transactions. They are taking steps to try and reduce the potential for itemized charging on the basis that they still have many clients who expect payments by check, or indeed clients and debtors who pay us by check. With the government planning to review the use of checks in 2014 with a view to their abolition by 2018, he is sure this is an issue whi...

New Credit Services Directory Goes Live

The Institute of Credit Management (ICM) has launched a fully searchable directory for product and service providers aimed at giving the credit industry a quick and easy route to the solutions they need. CrLditWho? is seen as an important service from the ICM as the trusted source of information, both for its Members and UK businesses in general. The search function makes CrLditWho? easy to use, with both Web site and email contact details linking straight through to their relevant sites and ...

Royal Seal of Approval

Small Business Cashflow in Trouble

The results of a new online tool launched by the Institute of Credit Management to give small businesses an early warning of potential problems with cashflow are already giving cause for alarm. The online calculator provides a simple traffic light warning of impending cashflow difficulties based on outstanding 'debtor days.' In a pilot in August, more than 300 businesses answered two simple questions (the amount of credit extended to customers over the past six months and the amount owed by c...

In Brief

Icm Backs Launch of New Reference Work

Surge in Business Insolvencies

Corporates Plan for Cheque Migration

Oft Acts On Consumer Licenses

Fpb Says Banks Still Not Lending

Amid reports that the Government is getting tough with banks for failing to provide affordable lending to small firms, research from the Forum of Private Business (FPB) suggests that access to finance is worsening. According to the Forum's latest Economy Watch survey there is significant latent demand that is not being met by banks, contrary to claims made by several lenders. The survey shows that loan facilities for the 358 members on the Economy Watch member panel have declined by L66,000 d...

Enterprising Move by Bcg

Ccr-I to Tackle Key Issues

Closure of Sitpro

The Secretary of State for Business, Vines Cable, announced that SITPRO will be closed as part of the Coalition Government's efforts to reduce the cost of partner organizations. The concern is that the valuable work done by SITPROs 'Ports & Borders Advisory Group' will be lost. This was the one committee in the UK where port users, manufacturers, Customs & Excise, port owners and shippers met together as an independent voice to smooth international trade problems and procedures.

Export Victim

Uk Second Most Successful Global Defence Exporter

Export Effect Improving Confidence

British small firms are drawing strength from overseas markets, and are predicting rising sales and improved profitability, despite the ongoing specter of weak domestic demand, according to the latest Business in Britain report from Lloyds TSB Commercial. A balance of 25% of businesses expects order book levels to rise, in the second half of this year with 42% expecting a rise in foreign sales, as a result of the rebound in world demand and a sustained fall in the pound. This export effect is...

Creating New Links

The Coalition Government's axe has fallen on the UK's Regional Development Agencies (RDA) and the Business Link support services they fund and run. By 2012, they will be replaced by 'Local Enterprise Partnerships'. However, the future of public sector business support is far from clear. At present RDAs are tasked with developing local economies and helping businesses to grow. In turn, Business Links provide business advice and guidance. As part of a review into the functions of the RDAs the G...

Cutting a Dash

While some credit managers have made excellent use of technology in developing their reporting processes, these executives are keenly aware that up-to-date information delivered promptly to the right decision-makers is what makes performance reports valuable. Additionally, by taking traditional reporting to the next level, they are creating the blueprint for corporate initiatives that ultimately affect the bottom line. From his own own experience, the author has leveraged the business reporti...

A Different View

A Cup Half Full

The author recently found himself in a situation where one of his cashiers had banked a check received from a customer in respect of a termination invoice. The problem was that the termination invoice was for L5,000 and the check was for only L1,500. This is where the disputes began. For months the author tried to obtain payment -- to the point where he even agreed to meet the customer on the M25 for a 'without prejudice' discussion regarding his account. He still refused to pay the invoice a...

Standing Up to Be Counted

Core skills analysis is a useful exercise for identifying strengths and development needs across a collections team. However, consideration is seldom given to where else those skills may prove to be of benefit to the business. As core skills always require refinement to the task at hand, and with this in mind, almost every member of the Bupa Health & Wellbeing AR teams undertook a series of short but focused training courses including product training; sales training and operating system ...

View From the Sea Front

Life Ever After

The greatest skill of a credit manager has to be the ability to conserve money -- very useful with redundancy payments. Not accepting the word 'no' is also a skill credit managers possess; not accepting 'no' as the answer to 'please pay this bill' sets them up very well for whatever the future throws at them. Of course credit managers have all those wonderful accounting skills; being able to find their way around a profit and loss and balance sheet works a treat especially if they are conside...

On Good Advice

Three new representatives for consumer credit have been elected to the Institute of Credit Management's (ICM) Advisory Council and all are very clear on the strengths they bring to the role. Charlie Robertson has been teaching and coaching credit managers and consulting for 20 years and believes it is important that the ICM continues to be a standard bearer for the industry. He also thinks membership of the council is a two-way relationship. Claire Sandbrook, CEO, Shergroup, has been working ...

Neither Insolvent nor Complacent

A Case of the Jollies

The author would expect anyone who has had the right training and experience in trade credit to have 'personal customer profiles' on virtually everyone with whom they do business. It has been a way of life for him since 1970, and all of his staff were encouraged and indeed trained to have as much personal knowledge of their contacts as possible. By personal knowledge he does not just mean their hobbies and interests, but also their birthdays, wedding anniversaries, favorite holiday destinatio...

Women Inspire the Credit Industry

The ICM Women in Credit Management Conference (WICM) held in London was designed by the Institute following many requests for an event dedicated to women only. It brought together senior women within the credit industry to discuss their roles and career paths to date. Among those to speak was Jane Hingston, Lead Ombudsman for Banking and Credit at the Financial Ombudsman Service. In its inaugural year the conference was chaired by Brenda Linger, who has a wealth of experience in the industry....

Ensuring Continuity

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