
Latest News ItemsSince the so called 'Credit Crunch' began to take effect on its devastating passage through 2008, people and companies have been slow to react but now, in mid 2009, budgets have been violently slashed or removed all together, limited funds are being shelved and retained for anticipated even tougher times ahead and no one wants to spend on anything unless it is a vitally essential operational expense. The net effect is a crushing blow to the UK economy and to British businesses, delivering a massive hike in the numbers of failures, liquidations and receiverships. Where everyone goes from here time alone will tell, even the experts are confused! One thing is certain though, those that have a strong financial base and an even stronger control of Current Assets and Working Capital, will survive this dangerous period. Having the necessary expertise in Credit Control and receivables management therefore assumes even greater importance than before the 'Crunch'. It is an especially urgent need for those who are weak and vulnerable suffering with poor cash flows as a result of limited skills, lack of knowledge and poor techniques. Risk Assessment, for example - never an industry strong point - will suffer where companies are slow to file and when they do, expect results to be 'problematic' at best. Cash flows from collections will slow dramatically as companies fight to stay solvent, holding onto cash more tightly to maintain at best an impression of liquidity. Pursuing debt through the courts will increase bringing yet more companies to their knees, forcing creditors to agree to more stage payments, slowing cash flows still further! One easily achievable answer to all this is to train staff - fast, while you still have them, in the battle to stay solvent long enough to weather the present ’Credit Predicament’ Developments
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