It may seem that the story has remained the same since 2008, but it is one that it is vital for you to pay attention to, nonetheless. That story is, of course, the global economic uncertainty that has continued to play itself out in the form of the current Eurozone crisis and the minimal growth that is being seen in the UK economy. In the absence of the bailouts that several nations and financial institutions have received in recent years, however, your own business will need to make tough decisions to order to survive… including implementing the right credit management solutions.
It is more important than ever at this stage to ensure increased cashflow and profitability for your firm, rather than being overly concerned to boost revenues and market share. The best credit insurance companies will be able to offer tailored products that cover a range of credit management problems, including collection and protection. These are the processes that need to be reviewed on a regular basis, so that you can be assured of an improved credit-to-cash process and greater efficiency across your entire revenue cycle. You will also need to spend more time checking the creditworthiness of all of your most vital customers.
Other invaluable credit management solutions at this time include various means of protecting your sales, whether they are being made nationally or even internationally. An appropriately structured sales contract and/or credit application will make it easier for you to litigate in future, should you need to. And of course, you also shouldn’t be afraid to seek outside assistance whenever it is required. Various credit insurance companies exist that can provide policies covering the entire turnover of a business.
Such products can protect your business against the unexpected at a volatile time for the global economy, making non-payment or late payment by your customers less of a risk.
For more information please visit – www.eulerhermes.co.uk/en
