At the start of the week, Vince Cable and Mark Prisk announced a new 40,000-strong network of business mentors as part of their Global Entrepreneurship Week: http://bit.ly/cSbrsp. The rationale, they said, is that the best people to advise new entrepreneurs and existing businesses are those who have already started and run successful companies.
The ambition is to nurture new talent as well as increasing productivity and growth among existing businesses. It is a laudable ambition, and I am hesitant to pour cold water on what appears to be a compelling proposition. My concern, however, is how they are going to make it work in practice? It is a legitimate concern, but should not stop us as an Institute from engaging with the programme and encouraging our members to add their considerable skills and expertise in cashflow management.
Elsewhere I note that Graeme Leach, Chief Economist at the IoD, is predicting that "...after a very abnormal recession it would be foolish to rule out the possibility of a very abnormal recovery as well." http://bit.ly/aLz8Q7. It will be interesting to see if he is proved correct. What it does prove, however, is that there is still plenty of uncertainty ahead of us which makes the contribution of professional credit managers even more important.
This week has been a good one for Cabot Financial, and I was delighted to present their Chief Executive and the management team with the Quality in Credit Management (QiCM) Award. It is significant for many reasons, not least of which being that this is the first award to be given to a business in the debt purchase sector. It's an impressive company with clear focus on its people, on customers and quality. They are to be congratulated on all that they have achieved. http://bit.ly/6uVCxM.
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