Guest blog by Sue Kettle, Director of Membership and Support Services of the ICM - 'Love and Passion? Can this really be credit management?'

As Philip’s guest blogger, I deliberated long and hard on the theme and title of my blog. Would it be appropriate? Will it be taken in the context it’s meant? 

 

It didn’t take me long to feel at ease when I spotted a recent discussion posted on LinkedIn by a fellow colleague entitled ‘I love…’. With a smile and no real surprise I began to read the responses to the post that confirmed my thoughts. “I love the challenge” and “I love making a difference” to quotea couple.

From day one of joining ICM, and for the past 14 years, it has been so apparent from conversations with our members that the passion, commitment and excitement for credit management is boundless.

 

My early career was spent in a variety of industry sectors and I can honestly say the only passion and love I ever saw in those days was from an 11 o’clock diet coke break or an early finish.

 

One story that has always stuck with me, and I won't mention any names, was during my early days in membership when an individual who as applying to become a Member, who was so passionate about his job and his enthusiasm to join the credit community, he felt the need to call me from the bath to tell me he had reduced the companies DSO to 12 days, would this contribute to him achieving recognition as a credit professional?  To this day, he is now a long serving Member, I can't look at him with a straight face!

 

I feel, from my experience, I can honestly say credit professionals love their jobs with a passion and they are a breed that are not precious about their knowledge they have a longing desire to share and help others develop in the same way they have.

 

To all in the credit community let's nurture the professionals of the future to continue this infectious passion.

 

Yes, this really is Credit Management.

 

Sue Kettle

Director of Membership and Support Services

 

Weekly blog by Philip King, CEO of the ICM - 'Firing the imagination'

I talked last week about the flurry of consultations being launched by government ahead of the summer holidays and, guess what, there have been even more since I wrote those words.  It feels like I have spent every waking hour of the last ten days ploughing through page after page of government documents and preparing questionnaires and summaries to share with our members so they can comment and offer their views.

The latest to hit my inbox was HMRC's consultation document: 'Sharing and publishing data for public benefit', a set of proposals that "form a significant development in HMRC's Open Data Strategy".  Judged by the title, you wouldn't imagine this has much to excite credit professionals but ­ as is so often the case ­ there are nuggets hidden away that are very interesting.  Indeed, I would go far as to say that this one has genuinely excited my imagination. Why is that?

In amongst the detail, the paper suggests the possibilities of releasing of basic non-financial VAT registration data as public data, and sharing more detailed VAT registration data on a more restricted and controlled basis for specific purposes, such as credit referencing.  It also considers whether VAT registration data could provide a foundation for private sector business registers.  It is this last point that lights my fire! I'm old enough to remember the Business Names Register (I think it was called) which allowed a supplier to identify a business.  It ceased to exist years ago and no doubt someone reading this will remember better than me the background as to why, and when.  Since its demise, the ability to identify a business that trades as a sole trader or partnership has been incredibly difficult, and the proportion of businesses on which the credit reference agencies are able to report is incredibly low because of the dearth of data available to them.  I know the VAT threshold is currently £79,000 so the smallest businesses wouldn't be picked up but it would still be a huge step forward.  According to HMRC, around 800,000 VAT registered businesses are not incorporated so making basic information available to credit reference agencies would at least enable a business's existence, location, legal status, and trade classification to be verified.

Of course we'd prefer to have financial information as well but let's keep our feet on the ground; that's not going to happen any time soon.  In the meantime, please let me know what you think (the ICM In-Brief newsletter published on 14 August will have a link to the document but it can also be found here so we can make HM Government aware of our views.

I'm off to Scotland for my summer break shortly and I'm grateful to Charles Mayhew, Sue Chapple, and Sue Kettle who've agreed to do me the honour of writing guest blogs while I'm away.  If you too are heading for some time of relaxation in the coming weeks then make the most of them.  This is the only time in the year when I genuinely turn off emails (despite what I may tell Mrs K at other times!).  I'll look forward to returning refreshed and re-charged.