Granting credit to customers can be a high profile risk for any business and the old adage remains true – a sale is not complete until the money is in the bank.
In many organisations, despite the importance of credit and risk management, processes can be fragmented relying on input from a number of areas. This can confuse a function that is vital to the survival of a business, especially when considering that book debts often account for the majority of its assets.
Dealing with new customers and granting credit terms can be a time consuming business, especially if the credit policy is outdated or – worse still – non-existent. The ICM can help you to create or adopt good credit practice that meets the challenges of today’s commercial environment.
How can we help your business?
- Review of current procedures
- Establishing payment terms and procedures for the business and its customers
- Developing a credit policy
- New account procedures
- The use of external reference agencies and trade associations
- Establishing the need for credit insurance
- Methods of credit underwriting, forms and procedures
- Ongoing customer account management
- How to conduct customer visits
- Collections management
- Implementing credit management strategies
- Provision of reliable and timely management information
- Establishment of duties and role of the Credit Manager and relevant staff
- Training to ensure effective implementation of policies
- Country/political risks associated with export credit
- Audit of compliance of a revised policy and procedures with corrective actions.
- Independent and impartial viewpoint
- Achieving organisational objectives
- Solving management or business problems
- Identifying new opportunities
- Enhancing knowledge
- Implementing changes