The ICM has produced ten managing cashflow guides in association with the UK Government’s Department for Business, Innovation and Skills (BIS).
You can download them here and also view the Minister’s Monthly Cashflow Tip and hear some great advice from Lord Sugar.
Minister’s monthly cashflow tip:
‘Don’t assume your customer can, or will, pay you on time. Obtain a credit reference agency report to assess their creditworthiness and find out how they pay other suppliers before agreeing payment terms.’
However big your business, cashflow is critical to survival and success. Whereas larger companies may have sophisticated in-house credit management teams to help them, smaller companies are often so focused on the day-to-day challenges of running their business that cashflow management can sometimes be overlooked.
Matthew Hancock MP, Minister of State for Business and Enterprise.
Business Basics – with Lord Sugar
The first series of Managing Cashflow guides, launched by the Government and the Institute of Credit Management (ICM) in November 2008, were the subject of over 120,000 downloads, by businesses across every sector, each of them with a need to get paid during the tough economic climate we all faced.
The Managing Cashflow series is produced by the Institute of Credit Management in association with BIS and with the support of:
Managing Cash when it’s time to invest produced by the ICM in Association with the FLA (Finance and Leasing Association) and the NACFB (National Association of Commercial Finance Brokers).
Paying on time is good for business download the leaflet for further details Getting paid on time