Credebt on the Leaders Council Podcast
This month, our MD Glen Morgan was interviewed on the Leaders Council’s Podcast where he shared his view on how the COVID pandemic has affected the Invoice Finance Industry and the wider business community.
Leadership challenges
Our team has risen to the challenge of working from home. Unlike many businesses we have not made use of the furlough scheme but have continued to pay our staff in full. In turn they have really stepped up and done some fantastic work for us in challenging circumstances.
Business has dipped somewhat as it became increasingly difficult to reach business that had closed, but we’re seeing this picking up again now.
Can’t pay or won’t pay?
For anyone collecting debts it’s important to differentiate between the can’t payers and the won’t payers, and this isn’t always easy. Some businesses will use the pandemic as an excuse not to pay, even though they have more money than before.
But those businesses that genuinely can’t pay need to be approached with empathy and understanding.
Remote working
We have been able to switch to working remotely on the collections by using email and phone more than before. By doing everything remotely we have managed to turnaround the start of a collection process within 3 hours (see our post on remote collections).
For our staff, working from home has meant more calls and online meetings, and in some instances it has meant more and better communication than before.
Automated Collections through ItSettled
The way through any crisis is by innovating, and we have been working on our automated Credit Control app ItSettled throughout this pandemic. This app will be instrumental in helping businesses get paid on time, and we expect to launch it in August 2020.
A new future
This has been a unique crisis with many challenges, but also with a positive impact, especially on the environment. Going forward we believe that there will be quite a few changes.
Businesses will be rethinking the use of office space and more meetings will continue to be held online.
Businesses that have innovated will be more resilient and able to withstand any future crises.
In general the banks have been very helpful and don’t deserve all the negative press they’ve been getting. We believe that this partnership between banks and businesses will strengthen the economy and although there will still be some difficult times ahead, we look forward to a future of growth and prosperity.
How can we help?
We are the experts in the field or receivables and risk management, and we are more than happy to help you with any issues you may have.
Feel free to contact us for a no obligation chat in total confidence, or arrange your Free Debtor Collateral Review to find out your Position.
Call us on 0845-6385256 or email info@credebt.co.uk
