Credit Management July and August 2020

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FAST, FAIR, FOR YOU. Delivering an approach that differs from traditional High Court Enforcement providers, Court Enforcement Services works tirelessly on the frontline to collect Judgment debt, ethically and fairly. What you can expect A dedicated account management team Expertise in legal requirements and High Court Enforcement processes Tailored & structured approach to meet your requirements, timescales and priorities A strong focus on early engagement at compliance For further information on our services, please contact: Wayne Whitford, Michael Whittaker or our Business Development Team t 01993 220557 e BD@courtenforcementservices.co.uk Advancing the credit profession / www.cicm.com / July & August 2020 / PAGE 16
COMMERCIAL COLLECTIONS PERSONAL ACCOUNT How one commercial DCA has weathered the storm and the lessons learned. AUTHOR – Steve Lewis Steve Lewis WHEN the editor called and asked me to write an article on The Life of a Commercial DCA during and after COVID-19, I thanked him profusely. It has been a welcome change from a. Netflix or b. On-Line Quizzing, not that it has affected my thought processes in any way! In some ways it has been difficult because the new reality is ‘Life but not as we know it Jim’. But it’s not helpful to simply say that ‘We can’t handle the truth’; we now have to accept what is a reality and as an industry, commercial debt collection agencies are determined to adapt and operate as such. We must now deal with our clients and their customers in a different way. We had not planned for a ‘lockdown’. Of course, we had all the usual ‘disaster plans’ in place, but when it really happened, nothing in our experience seemed to help. For the first week of closing the office we were in a state of suspended animation, along with literally millions of others, including governments. None of us had any previous experience of such a crisis and we, as a business, were not sure how we should go forward. Then reality clicked in. My team started to get its act together. Our remote access was tested and those who could, started to get us up and running. Those whose personal and/ or health obligations did not allow, or where it was totally impracticable to work from home, were placed on furlough. Telephone diverts were quickly put in place and ‘WhatsApp’ Groups and Zoom meetings quickly established. HOUSEKEEPING With the housekeeping taken care of, we were now facing a new reality. As debt collectors, there is always the assumption that our services may seem a little inappropriate for the current climate. But never assume! Our clients’ cashflow was now the major consideration. There are still industries out there selling and innovating and by default must also be buying products and services. Industries such as transportation, food, medical and many others that I am sure suddenly come to mind means that credit control always remains an important aspect of business. Of course, in the immediate present the building industry, retail and many others are taking a big hit, so as a commercial DCA it means that we need Some businesses say that they cannot pay because of the current crisis, and it is left to our training and experience to establish the veracity of any statement, as we have always done. to understand exactly what has happened and is happening currently. We have had to be far more empathetic in the way we approach those we are chasing. It is often far more prudent to give time to discuss repayment schedules rather than a tougher approach to immediate payment. Agencies have had to move with the times we are operating in. Agencies like ours are establishing a relationship now between all parties that can be built upon when things return to a certain level of normality. It will never again be that easy to dismiss one supplier for another when payments are delayed or contract arguments cannot be settled. There is a sea change on the way that we all deal with each other, because at the moment, and I hope it lasts, everyone in a business or personal capacity will need each other for support as we go forward. There will be no mileage in aggressive payment or collection attitudes. But let us not be too naive, in the world of commerce and industry there will always be businesses that use credit just to survive, and delay payments as a natural way to protect cash flow. ‘Payment lagging’ will never disappear and arguments and problems over payment will always be part of business, but what a shock we have all had. BOLD STATEMENTS Some businesses say that they cannot pay because of the current crisis, and it is left to our training and experience to establish the veracity of any statement, as we have always done. None of us have had any experience of what is now happening. I, for one, never want to go through this again, but it has meant that every business I speak to, large or small, is not as dismissive of our intervention as we first thought. In some ways, because of reduced staff levels everywhere and many working from home, personal contact has become easier and in some ways friendlier. We are ‘all in the same boat’ is perhaps the best way to describe the business attitude out there at the moment. At the time of writing we are making plans for a return to the office. Our emphasis will continue to be more personal contact with our clients. We do not doubt that there will be a surge in instruction from clients as we all endeavour to get back to ‘normal’ and our personal approach will mean that we can give them a better understanding of some of the expectations regarding collection and in some instances the slightly longer time considerations. That is not to say we will lose any of our fervour in achieving results, but we have to recognise the very different trading conditions we are returning to. Steve Lewis is Managing Director LPL Commercial Investigations Advancing the credit profession / www.cicm.com / July & August 2020 / PAGE 17
Page 1 and 2: CREDIT MANAGEMENT CM JULY & AUGUST
Page 3 and 4: 14 CARRY ON REGARDLESS Matthew Godb
Page 5 and 6: GET YOUR CREDIT CONTROL SALARY SURV
Page 7 and 8: NEWS ROUNDUP Association adopts pos
Page 9 and 10: THE CICM THINK TANK > THE NEWS IN B
Page 11 and 12: INSOLVENCY PRIME STAKE Insolvency P
Page 13 and 14: INSOLVENCY EXCLUSIVE The Moratorium
Page 15: ASK THE EXPERTS IN this series, we
Page 19 and 20: COMMERCIAL COLLECTIONS AUTHOR - Sea
Page 21 and 22: SECTOR COMMENT DINING OUT Has the r
Page 23 and 24: OPINION AUTHOR - John Ricketts FCIC
Page 25 and 26: LEGAL MATTERS AUTHOR - Peter Walker
Page 27 and 28: VIEW FROM THE SEA FRONT AUTHOR - Da
Page 29 and 30: EDUCATION & MEMBERSHIP Which CICM q
Page 31 and 32: Handy Andes are not to be sniffed a
Page 33 and 34: COUNTRY FOCUS France is our nearest
Page 35 and 36: COUNTRY FOCUS AUTHOR - Adam Bernste
Page 37 and 38: Each of our Corporate Partners is c
Page 39 and 40: CAREERS ADVICE STAYING AHEAD Why op
Page 41 and 42: It needn’t be that hard. Imagine
Page 43 and 44: OPINION AUTHOR - Chris Sanders FCIC
Page 45 and 46: PAYMENT TRENDS Data supplied by the
Page 47 and 48: OPINION LADIES FIRST A talk at a La
Page 49 and 50: PERSONAL DEVELOPMENT Making Memorie
Page 51 and 52: HR MATTERS Vicarious Living Indiscr
Page 53 and 54: INSPIRE ME IN THE NEW ERA OF WORK Y
Page 55 and 56: More reasons to be a member Make co
Page 57 and 58: FOR ADVERTISING INFORMATION OPTIONS
Page 59 and 60: PAYMENT SOLUTIONS ARE YOU A LEADER

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