West Cheshire & North Wales Chamber of Commerce Membership Benefits
West Cheshire & North Wales Chamber – the benefits of credit management guidance
FSB research, published in December 2016, has found that if there had been no late payments in 2014, 50,000 businesses would have stayed open; this would have added £2.5 billion to the UK economy.
Unless a business operates under pro rate terms (getting paid before any work is carried out), then they are highly likely to be exposed to late payment from some customers. Knowing how to reduce the risk of being paid late will have a significant impact on a business’ cash flow.
This can be done through effective credit management processes within a business, an aspect that can often be overlooked in favour of other parts of the business including sales. Whilst many businesses have a great sales function, they often forget to put the procedures in place to get paid for said sale.
How can chamber membership help?
As part of membership with West Cheshire & North Wales Chamber of Commerce, members have free access to Credit Management Group UK’s toolkit, that provides expert guidance and advice on all aspects of credit management. The toolkit is split into several sections:
- Accepting orders and terms & Conditions
- Credit risk assessment
- Dispute invoice management
- Collection strategy
- Legal action
- Reporting
The toolkit consists of factsheets, calculators, template letters and forms, and is continually being added to with updated and new material.
To find out more about the Credit management toolkit please visit: www.cmgroupuk.com/toolkit and to access the toolkit visit http://wcnwchamber.org.uk/member/access-your-benefits/ for your code.
