CM September 2020

The CICM magazine for consumer and commercial credit professionals The CICM magazine for consumer and commercial credit professionals

24.08.2020 Views

INTERVIEW AUTHOR – Sean Feast FCICM during lockdown.” Research by business groups across the country support these fears. The majority of small businesses (62 percent) have been subject to late or frozen payments in the wake of the COVID-19 outbreak, according to the Federation of Small Businesses latest study of more than 4,000 firms. Sinead believes that risk insight technology will play a big part in ensuring small businesses avoid late payments from unreliable clients. “Right now, business owners need to be well informed about the clients they are doing business with. We have all heard the phrase ‘Know Your Customer’ but what does it mean for your business? Put simply, it means knowing when to walk away from scenarios which could put your company at risk. For many business owners, saying no to a prospective client goes against every instinct they have. But in fact, having the wherewithal to reject unfavourable payment terms from unreliable customers is crucial. “In order to make that call, it’s imperative that you have solid data to back up your decisions. This is where a sophisticated risk insight tool can help.” MODERN TOOLS Modern risk insight tools allow business owners to view their customers’ credit score at the touch of a button, giving them the opportunity to make informed decisions based on accurate data. Platforms like Satago, Sinead says, go one step further, informing business owners of their customers’ risk band, suggesting workable payment terms and notifying them of credit breaches within their sales ledger. This in-depth customer analysis is invaluable to SMEs, making it easier for them to make choices that will ultimately future-proof their business. In the past, this level of insight was only available to those who could afford it, now it’s accessible to everyone. “Tools like Satago level the playing field,’’ says Sinead, “by giving all businesses, no matter how small, access to the information they need to protect their business from the threat of late payments and bad debt.” In addition to utilising risk insight tools, Sinead encourages all organisations to automate their credit control, a topic she discussed on the recent CICM webinar. “I don’t have to tell CICM Members that persuading customers to pay their bills on time can be extremely frustrating,” she says. “For businesses with a wide customer base, manually chasing payments is time consuming. The average business spends around two days a month sending invoice reminders – hardly a good use of anyone’s time. “For companies with a smaller number of clients, chasing payment can feel awkward. Some business owners shy away from sending payment reminders or make regular concessions for fear of damaging their customer relationships. “Automated credit control facilities solve these issues, allowing you to manage your invoice chasing process easily. There are plenty of solutions out there, but the best ones integrate with your existing mail server, as Satago does, allowing you to communicate with your customers in a way that feels personal, even when automated.” CLOUD SOFTWARE Sinead credits cloud software with making it possible for the large majority of us to continue doing business as usual, despite the lockdown restrictions. “There’s no doubt that the cloud has changed the way we do business forever,” says Sinead. “Whether it’s Slack, Microsoft Teams or Sage, technology is enabling us to collaborate in new and exciting ways, even when we’re not physically in the office.” Over the past few years, one of the fastest areas of growth has been within the fintech space. Platforms which integrate with cloud accounting software, make collaboration between credit controllers, accountants and business owners easy. As well as freeing up time by automating tasks that used to require hours of manual work. “The best pieces of software don’t just save you time,” says Sinead, “they offer data-driven insight that you can easily share with your wider company and clients, allowing everyone to get on the same page and make informed business decisions. “For me, this is where technology gets exciting. By offering companies a level of financial clarity that was previously unattainable for many, technology is providing solutions to the everyday cashflow issues that cause so many enterprises to fail within their first few years of trading.” “If your business does experience cashflow gaps, my advice is to always talk to your accountant or financial advisor. They will steer you away from expensive options (such as dipping into your overdraft) and towards responsible financial solutions which can ease cashflow concerns in the long term. If you’re interested in learning more about Satago’s fast and reliable invoice finance facility, you can always get in touch with our team.” While it is impossible to predict what the coming months might bring, Sinead believes that businesses will continue to think progressively and use technology to overcome the obstacles that threaten their growth, particularly in regards to cashflow. “If we can make even a small dent in the enormous £51.5bn burden caused by late payments, more businesses will have a chance to survive and thrive in the coming years.” A reminder that CICM members are invited to use Satago, free of charge, for three months. There is no obligation to continue once the three months has elapsed. Visit www.satago.com to register. Advancing the credit profession / www.cicm.com / September 2020 / PAGE 46

CAREERS ADVICE CAREER ROADMAP How can you take control of your career and plan for the future? AUTHOR – Karen Young HOW has your outlook on your career changed over the last few months? Huge numbers of accountants have been affected by remote working, furlough and constant change which may have left many questioning where they stand currently with their career development and direction. According to recent research from Hays surveying 160 credit professionals, half (50 percent) describe their career prospects as average or poor, and over a third (36 percent) are unconfident about progressing their career over the next six months. In light of this sentiment, I’ve put together a few tips on how you can control your career in the current COVID-era and thrive in an everchanging world of work. PLOT OUT A CAREER ROADMAP How much time do you dedicate to thinking about your long-term career? Despite drive and ambition, most of us don’t spend enough time thinking about this even though our career can make up one of the most important aspects of our lives. With half (50 percent) of credit professionals anticipating moving jobs in the next six months, plotting out a career roadmap may help you target your next job and will give your career move direction and purpose. Try answering the following questions to start laying out your roadmap: • What does your organisation want to achieve over the next few years? • How does your role or department support this? • What jobs or skills are in demand in your industry? • What are the major digital changes happening in your line of work? • Who are the leading figures in your industry and how did they get to where they are today? • How has COVID-19 impacted your profession or industry? Write down your answers to these questions to see if they illuminate career ideas or pathways which you hadn’t considered before. DEFINE SOME SHORT AND LONG-TERM GOALS Your roadmap should give you clarity about the direction of your overall career, but defining some short and long-term goals will bring this roadmap to life and provide you with the motivation to succeed. In the next six months: Start by focussing on where you want to be in six months and what immediate actions you need to take to get there. Consider how the COVID-19 crisis may have impacted the roles and skills that will be most in-demand in the coming months. In the next 12 months: Where do you see yourself in a year? Try to align this to your current game plan – and again be realistic about how COVID-19 might have changed your career prospects. In the next two to three years: Finally, project some long-term goals. Keep these broad enough so they can be reached if you move jobs during this time. MAXIMISE YOUR PRODUCTIVE PERIODS Working remotely certainly isn’t easy for everyone, but over the past few months many have enjoyed the benefits it has to offer. Perhaps you feel more productive at home than in the office? Or maybe you’ve improved your work-life balance? As offices start to reopen, getting a handle on your career may involve reevaluating your split between working remotely and in the office. Over two thirds (68 percent) of credit professionals have been working remotely during lockdown and 52 percent say it has made them more productive, so if this rings true for you, consider approaching your manager to have a conversation about how you wish to split your time going forward to harness your productivity. Most (46 percent) of credit professionals wish to work partly in the office and partly remotely in the next six months, so see if this is an option and how it might suit your working style. FINALLY, EMBRACE THE CHANGE Considering all the change in the world of work at the moment, using this time to take control of your career can be incredibly reassuring. However, as the pandemic continues to evolve there is still much out of our control and a lot continues to change in our world of work. My final piece of advice is to accept and embrace this while taking on board some of the above points to sharpen your perspective and set some clear direction for changing times ahead. Karen Young is the Director of Hays Accountancy & Finance Karen Young Advancing the credit profession / www.cicm.com / September 2020 / PAGE 47

CAREERS ADVICE<br />

CAREER ROADMAP<br />

How can you take control of your career<br />

and plan for the future?<br />

AUTHOR – Karen Young<br />

HOW has your outlook on your<br />

career changed over the last<br />

few months? Huge numbers<br />

of accountants have been<br />

affected by remote working,<br />

furlough and constant<br />

change which may have left many questioning<br />

where they stand currently with their career<br />

development and direction.<br />

According to recent research from Hays<br />

surveying 160 credit professionals, half (50<br />

percent) describe their career prospects as<br />

average or poor, and over a third (36 percent)<br />

are unconfident about progressing their career<br />

over the next six months.<br />

In light of this sentiment, I’ve put together a<br />

few tips on how you can control your career in<br />

the current COVID-era and thrive in an everchanging<br />

world of work.<br />

PLOT OUT A CAREER ROADMAP<br />

How much time do you dedicate to thinking<br />

about your long-term career? Despite drive<br />

and ambition, most of us don’t spend enough<br />

time thinking about this even though our<br />

career can make up one of the most important<br />

aspects of our lives.<br />

With half (50 percent) of credit professionals<br />

anticipating moving jobs in the next six<br />

months, plotting out a career roadmap may<br />

help you target your next job and will give your<br />

career move direction and purpose.<br />

Try answering the following questions to<br />

start laying out your roadmap:<br />

• What does your organisation want to<br />

achieve over the next few years?<br />

• How does your role or department support<br />

this?<br />

• What jobs or skills are in demand in your<br />

industry?<br />

• What are the major digital changes<br />

happening in your line of work?<br />

• Who are the leading figures in your industry<br />

and how did they get to where they are<br />

today?<br />

• How has COVID-19 impacted your<br />

profession or industry?<br />

Write down your answers to these questions to<br />

see if they illuminate career ideas or pathways<br />

which you hadn’t considered before.<br />

DEFINE SOME SHORT AND<br />

LONG-TERM GOALS<br />

Your roadmap should give you clarity about the<br />

direction of your overall career, but defining<br />

some short and long-term goals will bring<br />

this roadmap to life and provide you with the<br />

motivation to succeed.<br />

In the next six months: Start by focussing<br />

on where you want to be in six months and<br />

what immediate actions you need to take to get<br />

there. Consider how the COVID-19 crisis may<br />

have impacted the roles and skills that will be<br />

most in-demand in the coming months.<br />

In the next 12 months: Where do you see<br />

yourself in a year? Try to align this to your<br />

current game plan – and again be realistic<br />

about how COVID-19 might have changed your<br />

career prospects.<br />

In the next two to three years: Finally,<br />

project some long-term goals. Keep these<br />

broad enough so they can be reached if you<br />

move jobs during this time.<br />

MAXIMISE YOUR PRODUCTIVE<br />

PERIODS<br />

Working remotely certainly isn’t easy for<br />

everyone, but over the past few months many<br />

have enjoyed the benefits it has to offer.<br />

Perhaps you feel more productive at home<br />

than in the office? Or maybe you’ve improved<br />

your work-life balance?<br />

As offices start to reopen, getting a handle<br />

on your career may involve reevaluating your<br />

split between working remotely and in the<br />

office. Over two thirds (68 percent) of credit<br />

professionals have been working remotely<br />

during lockdown and 52 percent say it has<br />

made them more productive, so if this rings<br />

true for you, consider approaching your<br />

manager to have a conversation about how<br />

you wish to split your time going forward to<br />

harness your productivity. Most (46 percent)<br />

of credit professionals wish to work partly in<br />

the office and partly remotely in the next six<br />

months, so see if this is an option and how it<br />

might suit your working style.<br />

FINALLY, EMBRACE THE CHANGE<br />

Considering all the change in the world of work<br />

at the moment, using this time to take control<br />

of your career can be incredibly reassuring.<br />

However, as the pandemic continues to evolve<br />

there is still much out of our control and a lot<br />

continues to change in our world of work. My<br />

final piece of advice is to accept and embrace<br />

this while taking on board some of the above<br />

points to sharpen your perspective and set<br />

some clear direction for changing times ahead.<br />

Karen Young is the Director of Hays<br />

Accountancy & Finance<br />

Karen Young<br />

Advancing the credit profession / www.cicm.com / <strong>September</strong> <strong>2020</strong> / PAGE 47

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!