When poor credit control processes lead to cash flow issues, it can be difficult to pay suppliers, overheads and sometimes, employee wages.
Over time, repeatedly extending large credit limits to customers who fail to meet payment deadlines could put a business seriously at risk, even resulting in liquidation.
Whilst every overdue payment needs to be looked at on its own merits it is worth remembering that friendships and loyalty disappear when a company gets into financial difficulty.
Working in partnership with the Chartered Institute of Credit Management (CICM) we have developed a face-to-face course for existing and new staff to hone credit management skills.
Remember: A sale is only a sale after it is paid for.
According to recent data from the Insolvency Service, the UK construction industry has recorded the highest number of insolvencies across all sectors in the 12 months leading up to March 2023.
- A total of 4,165 insolvencies were lodged in the first three months of 2023 alone
- These accounted for nearly one-fifth (19%) of all cases in industries with captured data.
- Not far behind construction is wholesale and retail trade and repair of vehicles (3,518 insolvencies, 16% of cases).
Through this new course Collection Success: Solutions for Improving Cash Flow our expert tutors will firstly identify best practice procedures for credit management within your business/branch at every level of the credit control process and secondly help with tips and tools should you need to chase debtors for payment.
The course will deliver practical skills and provide the necessary tools to use in your workplace providing you with the knowledge to improve your collection results, and give you greater confidence to succeed.
