You are
probably
aware of
the
difficulties
worldwide
with
finance
and
credit,
and they
are
affecting
small
businesses
ability
to get
funding
for
starting
up and
growth.
However,
you can
improve
your
credit
position
by
improving
your
credit
management.
The Institute of Credit Management (ICM) has
announced a number of initiatives to
coincide with the publication of the
government’s Enterprise Strategy, central to
which are a series of best practice credit
management tools endorsed by The Department
for Business, Enterprise and Regulatory
Reform (BERR) and the launch of a new web
portal, Credit Management Matters.
“The much-heralded Enterprise Strategy Paper
gave us an opportunity of contributing
significantly to the government’s debate,
and has led to a number of key initiatives
that have been championed in the Strategy
Paper,” says Philip King, Director General
of the ICM.
“Specifically, we have worked with our ICM
Online Services (icmOS) team to produce a
series of best practice tools and advice for
credit managers working in smaller
businesses, and we are publishing a
hard-copy best practice leaflet entitled
Combating the Crunch that will be promoted
heavily throughout the Business Link network
and a wide number of associated business
support channels.
“Both initiatives have been endorsed by
Business and Enterprise Minister Shriti
Vadera, and they feature prominent links to
the government’s Business Link site,” he
adds.
Speaking live on BBC TV’s World Business
Reports on 28 March, Philip King explained
the reasons behind the launch of these new
services and underlined the importance of
credit management, commenting: "cash keeps
business in business, and without it
businesses fail."
The hierarchy of literature starts with the
Combating the Crunch leaflet, available both
online and in hard copy format, which
focuses on the four top tips in credit
management.
As Philip King concludes: “In her
introduction to Combating the Crunch, Shriti
Vadera says: ‘we need to make sure small
businesses are well prepared for what could
be a testing time for the UK and global
economy.’ She also says that: ‘the ICM gives
important advice to businesses to help them
compete and manage their cash flow.’
“We hope that this new series of initiatives
is welcomed by both our Members and
non-members alike to help them through the
challenging times ahead.”
The advice leaflet Combating the Crunch is
available here.
Find out more about credit management in our
Credit Policy section.
Find out more about recovering debts in our
Debt Collection section.
For help in recovering debts visit
Specialist Debt Collection here.
