ICSM Credit's Ian Carrotte on coronavirus: 'the genie is out of the bottle' so keep calm and carry on
Curtail investment unless critical for the business, cut costs and take a tight grip on credit
I’ll keep this brief as you’ve heard enough about coronavirus – but it is having a big effect on business as orders dry up and appointments cancelled – but there’s no need to panic.
Frankly, the coronavirus genie is out of the bottle and things will pan out as all epidemics have done through the ages. The virus is one thing but the way Governments have acted has not helped business.
I’m old enough to have lived and survived four recessions. This coronavirus outbreak may well cause one so my advice is to keep a tight grip on credit control. With so many firms experiencing cash flow problems due to the outbreak either now or down the line you will start to hear excuses for late payment. Some are genuine but many will be trying it on – so be alert – especially if it’s a large account.
Join us at ICSM Credit and protect your business by being in the loop as to who is not paying their invoices. For less than a tank of diesel you will have accurate upto date credit intelligence which will ensure you don't allow credit to firms about to go bust. There's our FREE legal letters which work and are simple to use, we have a FREE micro debt recovery service for lost smaller invoices - plus we offer a full debt recovery service.
I’ve made a video on how to send one of our FREE legal letters – they work with a 90% success rate – so do make use of them. Here’s a link to a quick tutorial: https://youtu.be/KwhfUM5hZ9M
That’s it for the moment
Ian Carrotte
Proprietor of ICSM
For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.
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