Liverpool chamber Of Commerce membership Benefits
The benefits of using your free Credit management toolkit as part of your chamber membership
As part of membership, Liverpool Chamber members have access to expert credit management advice and guidance.
Credit management processes are often overlooked in favour of other aspects of a business such as sales and marketing; however in order to have consistent cash flow and low risk to bad debt businesses must spend time analysing, reviewing and improving their credit management procedures.
Effects of poor credit management
Recent FSB research has found that a third of payments made to small businesses and paid late, with the average value of each late payment being £6,142. The research highlighted that late payment will not only have a significant impact of the cash flow of a business but also on the wider UK economy; more specifically it found that if not late payments had occurred amongst businesses in 2014, 50,000 more businesses would have remained open, which would have been a £2.5 billion annual boost to the economy.
Late payments are, unfortunately, something that is not likely to be eliminated any time soon; however, there are steps businesses can take with regards to their credit management that will reduce their risk of late or non-payment and therefore improve cash flow.
Credit management toolkit
Credit Management Group UK’s toolkit aims to provide UK businesses with the knowledge and know-how to improve their credit management function. Included in the toolkit are easy to understand, factsheets, calculators, template letters and forms, that cover all areas of credit management:
- Terms & Conditions
- Credit risk assessment
- Disputed invoice management
- Collection strategies
- Taking legal action
- Credit management reporting
For more information on the Toolkit please visit: www.cmgroupuk.com/toolkit and for details of how you can access the toolkit as part of your membership package please visit: http://www.liverpoolchamber.org.uk/services/credit-management-support.aspx
