What are Veri-Credit Industry Credit Groups?
Businesses face many challenges, - most of which is in managing their cash flow. Many businesses risk billions of shillings each year on sales on credit rather than for cash. Credit professionals must therefore be able to gauge on which current credit customer will abide by credit term payments and conversely which application for new credit facilities to avoid.
And, in times of crisis such as a pandemic, profitability is no longer the focus of many - or most? - businesses. Companies are failing due to lack of cash flow, regardless of profits. Quickly defining concrete actions and anticipating the possible developments according to different scenarios will make it easier for all businesses to overcome the significant cash flow difficulties created by this pandemic.
One globally time-proven method available to alert the credit professional in helping to form a sound judgment in this delicate and difficult area is the formation of a Trade Association Industry Credit Group established in partnership with the relevant trade association.
What can you do to change this?
Speak to your trade association with regard to establishing a Trade Association Industry Credit Group in assisting its members in increasing their cash flow whilst minimising credit risks as there isn’t a better, more timely, opportunity of doing so now.
