Linkedin
CALL US NOW Tel: 01535 654 594

Category Archive: Uncategorized

  2. Bad debt (credit) insurance, is it really worth it ?

    Leave a Comment

    We insure our cars, our house and sometimes even ourselves – but how many of you have considered insuring the life blood of your business – Your cash flow.

    We’re at the coal-face of the credit and debt industry and we have seen a steeped rise in companies failing over the last 12 months.

    A recent BBC editorial highlighted the fact that company insolvencies were at their highest since the 90’s and effectively every 1 in 200 active companies closed in 2023.

    Frightening statistics ! But what can you do when a customer enters insolvency ?

     

    Credit insurance is like most insurance… it can be costly and you hope you won’t want to use it but when you do, it can be life saving.

    Now we don’t profess to being experts at insurance but we have trusted contacts who are. We picked the brains of Tamlynn Siddle at Allianz for her thoughts as to the whys and wherefores of credit insurance and how it all works.

    Effectively with the appropriate cover in place, should you suffer the shock of having a customer enter insolvency, in straightforward cases a client can receive up to 90% of their losses back from the insurance company.

    Even when you’re experiencing a late paying customer, your insurance can help. For example, if Corp & Comm were retained to recover your account but sadly all of our actions were being ignored (which is rare but we have to admit it does happen from time to time) then after a pre-agreed period of chasing, you can pass this account to your insurers and should they also not be successful, you again could receive up to 90% of the debt value back via the insurance company.

    In short, although there are no guarantees that you won’t experience a customer’s insolvency, there are ways that you can avoid feeling the full brunt of that pain.

     

  3. A good walk spoiled… Not when you’re helping others.

    Leave a Comment
    Golf… a good walk spoiled they say…
    Well not if you’re raising money for charity and helping others less fortunate than yourself.
    (But to be honest, the way I play the walk is probably the most enjoyable aspect !)
    Here at Corp & Comm we’re all about giving back, simply because we can and to be honest, we all should.
    Now in our 11th year, The Friendly Golf Society is a bunch of like-minded business owners who have a bat once a month during the fairer days.
    We’re always on the look-out for a stressed business owner who fulfils these criteria :
    1, They’re looking for a little time to themselves.
    2, They’re looking to do some good for others.
    3, They can smack a bit of plastic around a field…
    The aim – to give themselves a little reward whilst all the while doing some good for those less fortunate for ourselves.
    Last year we raised £1,500.00 for Rob Burrow’s MNDA.
    If you know somebody who fits the bill, click on the link below and point them in our direction.
    If their heart’s in the right place, then they need to be too…
    The Friendly Golf Society
    Our 2024 events are : 
     
    3rd May – Knaresborough
    31st May – Normanton / Hatfield Hall
    28th June – Huddersfield / Fixby Hall
    20th July – Rotherham
    23rd August – Woodsome Hall
    20th September – Shipley / Beckfoot

  4. Never mind three wise men, what about three wise tips to getting paid…

    Leave a Comment

    The invoices you raised in October are your Christmas Cash-Flow.

    To maximise your chances of being paid these invoices before the Christmas break, it is vitally important to you have all your checks and balances in place.

    This year, a lot of companies will shut down for Christmas around Friday 22nd December (if not before…) and the likelihood is, they won’t be returning until the New Year.

    This means that you’ve only got three weeks to recover four weeks worth of invoices.

     

    Don’t be phased though, use the last weeks of November to action your Christmas Cash-Flow Plan.

    With a bit of careful thought, planning and action, you can maximise your chances of December being all… Ho-Ho-Dough !

     

    1 – Review all of your invoices that will soon be falling due.

    Have all of your invoices been sent ? Can you send them again by email also to ensure receipt ? Do your invoices contain all the information they should ? Most importantly, do they contain your bank details ?

    Now is the time to make any amendments to any invoice and get them sent again to the customer.

     

    2 – Find out when your customers are closing.

    Pick up the phone. Use the opportunity to continue to grow your business relationship but also find out when your customers are closing for Christmas. Make a note and you’ll ensure you’re able to chase your invoices when they’re actually around. Finally use the opportunity to make sure they’ve got your invoices and that they don’t need anything further.

    It may seem cheeky to ask about invoices that aren’t yet due but it’s better to resolve challenges now than when the time is ticking.

     

    3 – Set two dates in your diary for credit control.

    December can be a manic month, we’re trying to fit four weeks of work into the three weeks on offer. As a result, we have a tenancy to concentrate on sales and revenue and NOT financial admin. By physically putting two mornings into your diary, be it Outlook, Google or whatever method you use, you ensure that you spend time of the important function of Christmas Cash-Flow.

    A good tip is to diarise the first and second Thursdays of December. People often take Fridays off Christmas shopping.

     

    There’s just a few tips as to how to reduce your Christmas financial stress, whilst all along increasing your chances of Christmas Cheer.

    Don’t worry if it seems a lot, we’re always on hand to discuss, advise and guide how you can implement same and should it all seem too much time and effort, then we’re there to pick up the baton for you instead.

     

    Enjoy the rest of 2023, from all the Team at Corp & Comm. 

     

     

     

     

     

  5. Talk is cheap… Not here, we think talk is priceless.

    Leave a Comment

    A huge thanks to business mentor Gary King for affording us the opportunity to share with The Association of Business Mentors, our knowledge and advice as to how their clients can not only survive but also grow in these troubled times.

    Through their Podcast series about Business Essentials, we share our tips, advice and guidance as to how to maximise the return of your business invoices…

     

  6. Overtrading – Once a myth, now a reality.

    Leave a Comment

    Is there one word that sums up the cost of living ‘crisis’ on the credit management of a business…
    One word we use – Overtrading !

    The sky rocketing cost of raw materials, the utilities to convert them and the fuel to distribute means companies need to spend more to simply purchase the same value of items as before.

    To cope with this reduced money making, some businesses are gambling on what we call ‘overtrading’, where they commit to larger and larger contracts to bring increased revenues.

    The downside to committing to larger projects is the necessity to buy more materials. Buying more leads to an monetary increase in orders, meaning much larger potential debts.
    Yes, we can hear you say… ‘but this increased demand is fine because they’re going to earn more from the larger project to pay the bills’… but are they ? ?
    All it takes is a snagging query on a site, or a manufacturing query at source and the customer’s payment chain comes to an inevitable halt, restricting cash-flow into their business. This lack of funds forces them to pass on their pain through none-payment to suppliers.

    So how do you spot the tell tale signs of overtrading ? Look at your ledger for these…
    1, Has a regular customer started to order increased volumes beyond their limit ?
    2, Has a customer’s payments started to become delayed later and later ?
    3, Has a normally ‘talkative’ customer become unexpectedly silent ?

    If the answers to 1 and 2 are Yes, then grab your credit control script, give them a call and look for some answers.
    Tell them you’ve noticed an increase in orders and ask them is this for a specific larger project, or are they simply doing more and more work.
    Tell them you’ve noted recently that ‘everybody’s’ payment terms are getting stretched these days and you just wanted to make sure they had everything they needed to ensure there were no delays with the payment of your invoices.

    Let’s not forget, until you’re paid, you’ve funding their business. It’s cost you money to fulfil these orders, it’s not all pure profit and until you get paid, it’s you carrying their debt, not them.
    Finally, if you sadly don’t get a response from your attempts, then it’s time to grab the bull by the horns and take some action. You know where to find us to source your solution.

  7. If we could all be a better friend, the world would be a better place…

    Leave a Comment

    Those immortal words, spoken by the legend Sir Kevin Sinfield about his mate Rob Burrow, keep us driven on our quest to do good for others.

    Fancy making a difference too…

    Good, then ask yourself these three very important questions….

    Do you strive to help others less fortunate than yourself ?

    Do you live / work within an hour of Leeds ?

    Do you play golf (badly) ?

     

    If the answer to all of these questions is a resounding YES, then you’re the perfect candidate

    to join our merry band of business owners in The Friendly Golf Society.

    Now in it’s 10th year, the society was created with the sole aim of helping raise funds for various local charities.

    They are proud to state that to press they have raised over £10,000.00 for good causes.

    Made up from an ever growing list of local business owners, the society plays a monthly round of golf at different marquee courses around West Yorkshire.

     

    The purpose : To take some time out for themselves, make meaningful connections, grow their businesses and have a leisurely bat, whilst all the while doing good for others that need it most.

    If this is something that appeals to you, click to our website The Friendly Golf Society for further details and then drop us a line to register your interest.

    Al si thee,

    Cheers, Rob.

     

     

  8. Meet the team – The fifth in command, affectionately known as Bosley…

    Leave a Comment

    ‘Getting to know you, getting to know all about you’…… or so the song goes.

    People often ask us… ‘What’s so-and-so really like ? We speak with them on the phone all the time but we’ve never met them’.

    As a result, we felt it was time to publish a quick, informal question and answer session with all of our team individually, just as a bit of fun mostly but you never know, it might spark a conversation between others over mutual tastes.

    This month we speak with the office minion Rob (also known as Bosley on account of him being surrounded by angels, and no Rob didn’t come up with the moniker or the reason why…)

    So Rob, what’s your best trait ?

    I’d like to think patience but I’m sure both my family and my colleagues would have a word or two to say about that.

    What’s your most annoying habit ?

    Procrastination, or is it, I’m never too sure. Let me think about that one for a while and I’ll come back to you. 

    What hobbies do you have ?

    Still playing golf really badly (but I do enjoy our charity golf events we arrange in the Summer months). 

    Playing footie with my old team mates (but I’m at an age now where the brain is willing but the body is not !)

    Being out and about with my family and our dog Beau. Time is precious when you run a business so the ability to spend time with those precious to yourself becomes more and more paramount as you get older. 

    What three things would you take with you on a desert island ?

    My wife Dan, our daughter George… and some headphones…

    What’s your favourite ‘happy’ movie ?

    Anything from the old school 80’s like Ferris Bueller, Weekend at Bernies. Anything that’s not too taxing on the old grey matter.

    What’s your favourite ‘sad’ movie ?

    Tend not to watch sad movies, life’s too short to spend it in tears.

    Which two people (dead or alive) would you share a meal with ?

    My Grandparents – Enough said !

    Tell us a joke ?

    Patient – Doctor Doctor, you’ve got to help me, I think I’m a moth. 

    Doctor – You don’t need my help, you need the Psychiatrist next door.

    Patient – Yes I know, but your light was on !

    Thank you, I’m here all week.

  9. Meet the team – Everyone’s favourite ‘monster’ – Cookie.

    Leave a Comment

    ‘Getting to know you, getting to know all about you’…… or so the song goes.

    People often ask us… ‘What’s so-and-so really like ? We speak with them on the phone all the time but we’ve never met them’.

    As a result, we felt it was time to publish a quick, informal question and answer session with all of our team individually, just as a bit of fun mostly but you never know, it might spark a conversation between others over mutual tastes.

    This month’s victim (sorry, subject) is the staggeringly individual Cookie (yes, that is Cookie’s real name, ask her about the story one day).

    So Cookie, what’s your best trait ?

    Hopefully I have more than one!  Friendly, resourceful, caring and a good listener spring to mind.

    What’s your most annoying habit ?

    I’m not very patient with liars ! Always tell the truth no matter how bad it is.

    What hobbies do you have ?

    Playing Chess – Have a game every week, online with a pal in New Zealand.

    Zumba – Love it so much became a Zumba Gold Instructor which is an absolute joy.

    Reading, walking, yoga, hula hooping (yep, you read that right…) and going to live music gigs.

    What three things would you take with you on a desert island ?

    My three favourite M’s : My friends and family (one of them will bring a chess set !), Marmite and some music.

    What’s your favourite ‘happy’ movie ?

    High Society – Back from a time when movie stars were icons and not just famous !

    What’s your favourite ‘sad’ movie ?

    The Elephant Man – “My Name is John Merrick” Such a sad and heart breaking real life story.

    Which two people (dead or alive) would you share a meal with ?

    George Michael and Frank Sinatra – What a chat that would be, I’d be happy to just sit and listen !

    Tell us a joke ?

    How many dance teachers does it take to change a light bulb?

    Five! Six! Seven! Eight!

  10. Everyone’s saving save money but should we be spending ?

    Leave a Comment

    90’s pop chanteurs D’Ream once sang… ‘Things can only get better’.

    Sadly, if you apply this in a business sense, they’re wrong !

    Inflation is at a record high. Interest rates are rising. Petrol is ever fluctuating. Utilities are going up again with the upcoming increased price cap. This all means that supplier costs continue to increase to cope with the demand for more business capital and there’s no immediate end in sight.

    Unfortunately now it’s more apt to chime… ‘things are only going to get more expensive’, but what can we do to mitigate these increasing costs and maintain business continuity ?

    Cutting costs is one option but the general rule of thumb is that you can only cut costs by around 20% but as a well-known supermarket brand does say… ‘every little helps’.

    Increasing sales generates greater long term returns, especially if they’re recurring but revenue growth can take time, which a lot of businesses simply don’t have.

    But what about maximising the situation at present ?…

    Many businesses have a cash life-line hidden within their ledger, they just don’t have either the knowledge, the skills or perhaps the time to release it. Unpaid monies sat on a client’s invoicing can hold the key to survival. It’s simply a matter as to how you recover those monies to both the client’s  AND the customer’s benefit.

    Business owners recognise the risks ahead and are looking for solutions to provide them with the tools and the bi-product, cash-flow to navigate the tricky waters ahead.

    We normally get recommended within ONE LinkedIn discussion a week as the ‘go-to guys’ when it comes to effective and professional debt recovery solutions. At the point of writing, this week alone we’ve been included within FOUR separate LinkedIn posts.

    But why choose to spend more money when times are tough ?…

    Well we recently conducted a bi-annual review of one of our creative clients and ascertained that for their monthly investment of only £300.00, we had recovered for them the total of around £245,000.00. An eye watering return of investment of approximately 7000 % !

    Now more than ever….

    Is the time to keep control of your exposure and risk.

    Is the time to maintain and continue your essential business cash-flow.

    Is the time to invest in business continuity, business growth and business survival.

    Now more than ever, is the time to invest in the gang at Corp & Comm.