Controlling credit in difficult times

Many businesses are struggling with cash flow difficulties in these taxing times. Sound credit management is especially critical in a recession and every employee has a responsibility to keep a tight grip on the collection of debts (and the payment of your own bills).

We have heard from Philip King, Director General of the Institute of Credit Management, whose expertise is regularly called upon in the current economic climate, offering advice to APA Members. He has identified two ICM websites that he feels could really help businesses to manage their cash flow and thought APA Members should be made aware – Philip and his PA, Tracy FAPA, have experienced countless companies where cash flow difficulties have led to enormous stress and worry and they know PAs are very often at the front line; and therefore see and hear the worries of their Managers/Directors.

The ICM provides a comprehensive range of nationally recognised awards and qualifications which range from Level 2 to Level 5 and can really help with credit management education and training. APA’s advice is that PAs be aware of ICM and its expertise it offers in this area should you start to see difficulties arising. Please direct senior staff (especially those with financial responsibility) to the following sites:

http://www.icm.org.uk

http://www.promptpaymentcode.org.uk

Philip has written 10 Managing Cashflow Guides in association with BERR which are incredibly useful and can be downloaded free from:

http://www.creditmanagement.org.uk/berrguides.htm

APA