Weekly Blog by Philip King, CEO of the ICM - 'A reason for good cheer'

As we enter the Christmas break, it's good to pause and reflect on the last 12 months.  Our Regional Roadshow programme, for example, has been really successful and it was great to end the year with a superb event at the premises of Schuco in Milton Keynes.  It was an excellent venue with great speakers, and proved to be a fantastic example of the ICM credit community at its best.

 

Looking at our wider activity, we've had some notable success too.  By the end of the 2012 there will have been 125,000 downloads in the year, over 50,000 more than in 2011, and almost 400,000 downloads in total of the Managing Cashflow Guides that were written and launched in 2008.  The Prompt Payment Code (PPC), which we host and administer for BIS, featured in a November House of Commons debate when the ICM received no less than eight mentions, and we've seen a surge in sign-ups in the last few weeks - particularly from large organisations - with signatories now standing at over 1,240.

 

Even more encouraging however is recent research by Experian showing that the PPC has had a positive effect on payment times.  It found that on average those who had signed up to the Code paid five days earlier than those who had not.  Furthermore, there has been a sizeable improvement over the period amongst PPC signatories who now pay 12 days quicker than in December 2008.

 

The Code was launched late on Christmas Eve, 2008 and, while I accept that there is much much more to be done, it's great to see independent evidence that it is has made some progress in changing the culture it was designed to achieve.

 

I'm looking forward to an exciting 2013.  In the meantime, may I wish you a very happy Christmas and a peaceful, prosperous and productive New Year.

 

Weekly Blog by Philip King, CEO of the ICM - 'A Christmas wish'

I asked a question on the ICM Credit Community group on LinkedIn recently and have had some interesting responses.

 

The question was: if Father Christmas were to bring you one gift that would really help you and/or your team be more effective in 2013, what would it be? There's still time for you to respond at http://www.linkedin.com/groups?gid=94851&trk=hb_side_g but posts so far can be split into three broad categories: practicalities; economic outlook; and professionalism.

 

The first comprises a wish-list including such things as: a crystal ball; a dictionary and thesaurus; more time; a cure for arthritis; better management systems; paying clients; sight of customers' management information; and a tool to force people to tell the truth! The second includes a wish for a steep economic upturn and a positive, optimistic view of the world. And the third, professionalism, covers: the desire for more networking; investment in the recruitment, retention and development of good credit people; and the resulting improvement that such investment delivers.

 

I'm afraid the ICM's ability to deliver some of the aspirations in the first category is limited, particularly in the field of arthritis (a cure for which I would certainly welcome if it were possible) but I'm pleased that our members are able to influence the second through our contact with the business/political community. I'm even more pleased that we're able to play a significant role in achieving the desires expressed in the third.

 

As I've often said in these blogs, we are all about driving professionalism, and developing services to support this ambition. As the recognised standard in credit management, our motivation is to raise the professionalism of people working in credit management by providing them with the opportunity to develop their skills, knowledge, and expertise in such a way that credit management is seen more and more as a profession in its own right.

 

I'll share some more thoughts from the discussion next week and also the wishes of the senior management team at ICM HQ; in the meantime I'm off to prepare for the ICM's Regional Roadshow in Milton Keynes where I'm looking forward to meeting a large number of our members and learn from an excellent panel of speakers.

Weekly Blog by Philip King, CEO of the ICM - 'Making the headlines'

Notwithstanding the Chancellor’s Autumn statement, and the undoubted noise that will follow, I’d instead like to reflect on a couple of reports I've read recently.

 

The first is the SME Finance Monitor (Q3 – 2012) produced for BIS that was published last week. I was struck by a couple of things. Only 46% of SMEs were aware of any of the Business Finance Taskforce initiatives with 22% aware of the Enterprise Finance Guarantee Scheme, 18% aware of the National Loan Guarantee Scheme, and 21% aware of the network of business mentors. Given the amount of publicity and airtime generated during their launch in 2010, these statistics are disappointing.  Even more interesting was the lack of confidence SMEs have in availability of finance.  Overall, only 33% were confident that their bank would agree to their request for finance (the lowest level seen in the six surveys to date), and yet the outcomes are markedly better.  The success rates for renewal applications are c90%, compared to 53% who were confident ahead of the application and, for new applications, the success rates are c56% against a confidence level of 21%.  Both of these aspects show how much more needs to be done in raising awareness.

 

The second is a report written by Duncan Cheatle, who I've met through my involvement on the Board of the Start-Up Loans Company.  Duncan is CEO of Prelude Group and has authored; 'The Unsung Heroes of Business'.  This report tells the story of seven entrepreneurial businesses and analyses their tax accounts.  It shares the views of their owners about taxation, their attitude to it, and their recognition of the value they add to the economy and society through the contributions of their businesses.  The foreword talks about ‘the perpetuated myth that successful business owners are the sole and selfish beneficiaries of the fruits of their business's output’ and delivers the message ‘that we need to do all that we can to encourage and support the relatively small cohort of business innovators who drive value into our economy and make such a significant and mostly overlooked contribution to public finances in the UK.

 

It's a refreshing read at a time when Starbucks, Amazon, Google and others are in the headlines for all the wrong tax reasons.

Weekly Blog by Philip King, CEO of the ICM - 'No man is an island'

I've just left a board meeting of the Start-Up Loans Company and never cease to be amazed at what can be achieved by a small group of people pulling in the same direction. Indeed, I may have quoted Winston Churchill words in a previous blog: "Never doubt that small groups of people can change the world. In fact it’s the only thing that ever has."

 

The first board meeting was only six months ago and, since then, an infrastructure has been pulled together, Delivery Partners have been appointed, a significant number of loans have been advanced, and some big challenges have been overcome. They've been overcome by a committed group of people pooling their talent and resources, and coming up with solutions, and it's fascinating to see what can come out of a two-hour meeting with real focus.

 

At ICM HQ, we're doing some work here to ensure our management team is as effective as it can be because we know that an effective team can make a real difference. One of my favourite quotations, and one I frequently repeat at HQ, is: "Creative thinking makes it possible; teamwork makes it happen.” Wherever you are, whether you are at work or at home, whether part of a large group or small, we all invariably work as a team. It is teams, more than individuals, which turn ideas into reality.

 

No man is an island after all!

Weekly Blog by Philip King, CEO of the ICM - 'Standing tall and proud'

When I said in my blog last week that it was time for credit professionals to stand up, to be noticed, and to be proud, I was talking about the value they contribute to their organisations and to the wider economy. I'm glad to say that I'm seeing a trend that exemplifies the pride I'm talking about.

I've noticed an increasing number of ICM members who include their designatory letters - AICM, MICM, MICM(Grad), or FICM - on their business cards, their email signatures, their LinkedIn profiles, and elsewhere. These letters are not just given away when someone becomes an ICM member; they have to be earned by gaining qualifications and/or having their practical experience verified, validated and reviewed.

Some might say the practice is archaic but I believe those who have earned them should be proud of their achievement and are right to use them in this way. If you don't tell people what you've achieved, who else will?

I've also seen a marked increase in the number of ICM members wearing the ICM badges we launched earlier this year. This, too, is a good way of promoting your professionalism and - if you don't have a badge - simply email icmmembership@icm.org.uk and we'll be delighted to send you one.

Don't be a shrinking violet!

Weekly Blog by Philip King, CEO of the ICM - 'Setting the agenda for credit management'

Last week we saw late payment and the Prompt Payment Code, hosted by the ICM for BIS, rise rapidly up the political agenda.  Business Minister Michael Fallon wrote to the Chief Executives of all FTSE100 and 250 companies that have not signed up to the Prompt Payment Code, urging them to do so and advising that he plans to publicly name those who don't.

 

Then, last Thursday, there was a debate in the House of Commons on 'Stimulating growth through better use of the Prompt Payment Code' where the impact of late payment was discussed in detail.  The ICM's press release following the debate can be found here.

 

This recent activity coupled with the implementation of the revised EU Late Payment Directive by March 2013 means that credit management, as one of the most effective ways to avoid and deal with late payment, is also firmly on the agenda.  Credit management is key to ensuring healthy cashflow and there have now been over 370,000 downloads of our Managing Cashflow Guides aimed at helping small businesses to get the basics right.

 

Let's make sure we make the most of this opportunity to demonstrate and promote the value that credit professionals bring to their businesses and ultimately to the economy as a whole.  Now is the time to stand up and be counted, be noticed, and be proud.

Weekly Blog by Philip King, CEO of the ICM - 'Doing the right thing'

I spent Monday afternoon as part of a panel of 'experts' on a Guardian Small Business Network online Q&A session addressing Effective Cashflow Management.

 

Much of the advice offered would have been no surprise to readers of this blog. Such basic tips as: know who your customer is; agree payment terms in advance and in writing; invoice promptly and accurately; and don't be afraid to ask for money that is owed to you and is rightfully yours. The usual reminders that cashflow is vital, and that payment terms should be discussed along with all elements of a deal and not as an afterthought, also prominently featured as good advice, as well as the reminder that credit should not be offered unless you are confident that the customer can repay the amount involved.

 

All of this leads me to Comet, where administrators were appointed after it became clear that the company couldn't pay for the stock it needed for Christmas after suppliers demanded payment in advance following the withdrawal of credit insurance cover. It's always disappointing when long-established high street names collapse, and the Comet situation is no exception, but I have to take issue with some of the media coverage over last weekend.

 

It incenses me when it's suggested that suppliers have caused the collapse of the business by unfairly refusing to supply goods on credit terms. Credit is not a right, it is a privilege and is one of the tools available to businesses in creating profitable sales through the provision of extended payment terms. As above, credit should only be granted when you're confident that the customer can repay the amount involved.

 

Several writers expressed concerns about Comet's survival when OpCapita bought the retailer in February. I'm not going to get into the debate about the financial engineering involved here but suffice to say unsecured creditors are likely to lose substantially more than the investor who was going to save the business, so if questions are going to be asked and brickbats thrown, let's aim them in the right direction. And there are certainly questions to be answered.

 

Credit professionals weren't the cause; they were dealing with the symptoms and, if they were reducing credit availability, they were doing the right thing for their own organisations.

Weekly Blog by Philip King, CEO of the ICM - 'Re-arranging the deckchairs'

The report from Lord Heseltine released this week - No stone unturned in pursuit of growth - contains some interesting proposals. I'm writing these words within hours of publication so I won't pretend for a minute to have read and digested all 89 recommendations but I have scanned the chapter focusing on localism, and building on our strengths.

 

The report says we must 'reverse the long trend to centralism' and goes on to propose we should 'empower local places by letting them take the initiative to generate local growth, in partnership with central government', and 'we must ensure that the incentives and structures of local places are organised in such a way as to secure the greatest possible economic contribution, with each area able to play to its natural strengths.’

 

It's difficult to argue with this - local people should be more aware of the needs and opportunities in their area - and this should therefore be more effective than funding being handled, and activity controlled, from the centre. However, if the 29 current Local Enterprise Partnerships, and their predecessor Regional Development Agencies have demonstrated one thing, it is that some local organisations are better than others.

 

Lord Heseltine says ‘...growth is everyone's business. Government can set national policies and create an environment where business can flourish, but success depends on businesses and individuals working together. As we prepare for growth we must - each and every one of us - do all in our power to advance it. It is not someone else's problem.’

 

Good true words but if a local infrastructure is going to work as we all want, then it needs to deliver consistently well and effectively across all regions. If it doesn't, we're in danger of just rearranging the deck chairs under a new name.

Weekly Blog by Philip King, CEO of the ICM - 'Always read the label'

So David Cameron met with some of the country's largest companies this week and urged them to support their smaller company suppliers by engaging in Supply Chain Finance.  The scheme uses the creditworthiness of the big company customer to allow the smaller supplier to obtain funding at lower cost secured against invoices that have been approved for payment.  It's often called reverse factoring, and one of the biggest advantages is that - since the buyer has confirmed approval of the invoice - there is no recourse.

 

The downside is that there are significant IT and administrative costs and it will only work in circumstances where the customer/supplier relationship is ongoing with regular transactions.  Perhaps the bigger risk is that large customers will be able to dictate longer payment terms justified on the basis that they have an arrangement whereby the SME can be paid faster.  But that, of course, will cost the SME interest which flies in the face of the culture we want to see, where payment terms are set fairly, and adhered to, in a climate where paying on time is the norm rather than the exception.

 

I'm not as scathing as some commentators about the scheme - there are circumstances where it is a great solution and can work really well – but it certainly isn't a panacea, and nor a one-size-fits-all solution.  I'd like to think that, while our Prime Minister had these business leaders in the room, he also asked those who hadn't signed up to the Prompt Payment Code why they hadn't done so.  In a week when Sainsbury's is being lambasted for extending payment terms for non-food suppliers to 75 days, we need to be encouraging good practice that enables SMEs to have certainty about payment expectations.  Supply Chain Finance has its place but there's no substitute for agreeing fair payment terms and sticking to them.  We need more businesses to lead by example, and we need our leaders to put pressure on them to do so.

Weekly Blog by Philip King, CEO of the ICM - 'Stand and be recognised'

I wrote last week about the importance of aspiration and referred particularly to the contribution of ICM members in helping to formulate our aspirations as an Institute. One of those aspirations is to achieve recognition of credit management as a profession in its own right. We want to be able to hold our heads up as equals alongside accountants, lawyers, architects and other professions. In some organisations we do but there is some way to go in others.

 

Two events this week have reminded me of this and of its importance. The ICM was strongly represented at a ‘Dods’ conference on Monday: Tackling Debt Owed to Government. We presented to two breakout sessions, had a stand in the exhibition area, and I was pleased to be able to present to an audience of over 200, mostly public sector employees and management, in the afternoon. My message was simple and clear: if Government wants debt to be taken seriously within the public sector and wants collection to be effective, then Debt Management must be seen as a profession and not simply 'doing a job in the Civil Service'. To achieve that culture shift, the value of the contribution of the role must be recognised, the impact of it being done well must be recognised, and professionalism in the Debt Management teams must be promoted and recognised.

 

Yesterday, I hosted an ICM Regional Roadshow in Exeter that was combined with a Quality in Credit Management Best Practice event. What did I see and hear about there? Professionalism in practice; examples of organisations that are best in breed and demonstrating the very professionalism I'd been talking about on Monday, and an audience of credit professionals who were eager to develop their knowledge and skills so that their contribution could increase and become even greater.

 

If you look up 'professionalism' in a thesaurus, you'll see words like competence, knowledge, and expertise but you don't need to find alternative words. Professionalism means exactly what it says and it's what we're all about.

Weekly Blog by Philip King, CEO of the ICM - 'Meeting the aspiration of members'

Having attended two of the main party conferences in the last few weeks, they all bring home the importance of grass roots support, and understanding your audience. Much of what I saw and heard resonated with our own position: the need to understand our membership, from those just starting out in a career in credit management, to those who might already be at the top of their profession.

 

As I write, I have just heard David Cameron talk about the need for us to become an ‘aspiration nation’, and yet I witness this aspiration every day in talking to our members. Our members aspire to great things, both personally and in their professional lives, and recognise the role that the ICM plays in helping them achieve their ambitions.

 

There is a clear recognition of the Institute of Credit Management as a serious and professional organisation befitting the role of a professional membership body, and this position has been helped significantly by our ongoing engagement with Government and other like-minded professional bodies, and through our consistent profile in the national press.

 

There is recognition too of the importance of our Qualifications, and having a clear career development pathway for credit professionals to support them throughout their years in practice.

 

We recently asked our members what we are doing well and what else we might be doing to even further enhance the value of membership. We listened, and we are acting but the process is constantly evolving. I would like to thank all of those hundreds of members who have taken part so far, and strongly urge those who are currently sitting by the sidelines and watching to take part in the discussion. There are many challenges ahead, but by facing those challenges together, we can be sure that our Institute – and our members – can equally attain the goals to which we all aspire.

Weekly Blog by Philip King, CEO of the ICM - 'Out on the fringe'

I've spent the last few days at the Labour Party Conference in Manchester and, next week, I'll be in Birmingham with the Conservatives. The conferences represent a great opportunity to meet and network with business and lobby organisations, MPs, and others but - to be truthful - I find them a bit depressing. Some of the fringe events are interesting, and I've heard some fascinating debates and arguments, but I'm far less impressed by the main conference sessions.

Now before I am accused of being partisan, I'm not suggesting any one party is better or worse than the other, and I understand that politicians are playing to an audience which is largely comprised of very passionate and committed party faithfuls who hang on their every word, but I honestly don't want to listen to a litany of all the things that the 'other parties' have done wrong, how misguided they are, and how they should be ashamed of themselves.

What I want to know from the party in opposition is what they would do to address the issues they see as being important, in specific and detailed terms, so that I can form an opinion as to how realistic their plans are, and how I believe they would perform if they were in power. What I want to hear from the governing party is how they're going to address things that aren't working quite as they'd wanted, how they're going to modify their plans to get things back on track, and where those plans will get us.

The optimist in me says that I'll be more impressed next week; the realist says I doubt it and my depression at British politics will deepen!

Philip King, CEO of Institute of Credit Management (ICM) - 'Judge or Jury'

I had the privilege of sitting on the judging panel last week for the SME category of the National Business Awards. It was the first time I've been a judge where the nominees have to present a 'pitch' and it was a fascinating experience. I've always wondered what it felt like to be a dragon in the den, and I guess this is the closest I'll ever get to finding out!

There were 12 entries and we spent a long day listening to a series of presentations from a range of very diverse businesses. It was inspirational hearing from people who have turned an idea into a business that is thriving and, in some cases, hugely successful in a very short space of time.

The common theme, certainly among the front runners, was unbridled energy and enthusiasm and a passion for a business that entrepreneurs saw as 'their baby'. If those qualities could be replicated and reproduced across business, it's hard to believe we'd still be struggling to see the recovery for which we all yearn. So often, the idea was simple and certainly not rocket science. As a judge, I was left thinking why somebody else hadn't thought of it before and wishing I had a more creative mind that could spot what seemed like obvious opportunities once somebody else has pointed them out!

The Start-Up Loans Company in which I'm involved has now started lending and, at the Board Meeting this week, we were hearing examples of young people who are determined to turn an idea into a successful business and - judging by their determination - will do so.

On the political front, we've heard Vince Cable's announcement about the new Government-funded bank to support SMEs. The devil, as always, will be in the detail but I certainly welcome the plan to bring together in one place Government finance support for small and mid-sized businesses. As I've said here recently, the multiplicity and complexity of schemes often results in them almost working against each other so if the new bank helps to simplify and de-clutter the landscape, it can only be a good thing.

It was good to meet Michael Fallon, the new Business Minister, this week and I'm at the Labour and Conservative conferences over the next two weeks. It will be interesting to hear what the parties have to say at this mid-way point of the current Government.

Weekly Blog by Philip King, CEO of the ICM - 'Making business add up'

I've been catching up on reading that accumulated while I was on holiday and had a look at the SME Finance Monitor over last weekend; the full document can be found here: http://www.sme-finance-monitor.co.uk

 

A few interesting statistics struck me: 43% SMEs are using external finance, compared with 51% a year ago; 34% of loan and 21% of overdraft applications were declined; banks offered alternative funding or pointed to alternative sources of finance in just 9% (loans) and 13% (overdrafts) of cases; 70% of those declined felt the advice they received from the bank was poor and 25% were not given reasons for the decline decision. Almost more alarmingly, only 8% (loans) and 14% (overdrafts) of declined applicants were aware of the appeals process even though it's been available for well over a year now, and just 47% were aware of any of the Government's lending initiatives, of which the National Loan Guarantee Scheme is but one example.

 

So we still haven't fixed the problem that banks (and the Government) aren't communicating adequately with the SME community, and the message persists, particularly from the media and some business organisations, that banks remain reluctant to lend. But we do also need a sense of balance.

 

I've just started listening to Jonathan Moules' book 'The Rebel Entrepreneur'. Jonathan has been Enterprise Correspondent at the Financial Times for several years and he makes the point in an early chapter that, although the banks may seem reluctant to lend, there is a balancing argument that says the current economic situation is in part due to banks lending when they shouldn't have done so, and on terms that were unsustainable. He argues that many businesses do not merit being lent to, and gives examples of very successful businesses that achieved their growth by managing in the early days on a shoestring and refusing to incur debt that could sooner or later become a millstone. If the banks don't impose sensible lending policies, we'll be in danger of repeating the cycle all over again.

 

I'm an avid follower of Dragons' Den and it's hard not to be frustrated by entrepreneurs who clearly have a brilliant business idea but cannot remember, or worse do not know, the salient financials on which their request for funding is based. If someone cannot say how much the business turned over or made/lost in the recent past, then why would anyone have the confidence to risk their own capital? Talking to bankers I hear many examples of businesses who seek funding based on a business case that is at best unrealistic and, at worst, simply doesn't add up (literally).

 

Just as businesses have to help themselves by applying basic credit management principles, so they need to think through their plans and ensure they put together a business case that is realistic and believable before they ask for funding. The more information they provide, and the better it is, the greater their chance of success. 

Weekly Blog by Philip King, CEO of the ICM - 'Reading between the lines?'

Last week Vince Cable announced that the Government was tabling the Statutory Instrument to implement the planned changes to accounting thresholds.  The accompanying BIS press release heralded the fact that allowing 36,000 more companies to choose not to have an audit "will help save UK companies millions every year and free them up to expand and grow their business, which ultimately benefits the entire British economy".

 

How frustrating it is to see the Government fail to grasp a fundamental principle of trade credit and business. Suppliers make credit decisions based on the information available to them; the more information, and the more reliable it is, the better will be the quality of the decision.  It follows that, where the information supports it, credit will be more readily available to the business requiring the goods or service.  Most likely, 36,000 companies will now follow the implicit steer from Government and leave potential suppliers struggling to justify the granting of credit.  Will that aid economic growth? I think not!

 

We should remind ourselves what audits do.  Formally, they ensure the accounts represent a true and fair view of the company's financial situation giving suppliers confidence in the status of the business they're being asked to support through the provision of goods or services on credit.  But they do much more besides.  Very often, they highlight errors in the business's accounting system, records or processes, they identify any gaps or omissions that could be attributable to inefficiency or, worse, fraud, and they provide an independent and objective view of the business.  A good auditor can be very useful to a business; I know the ICM's auditor takes a real interest in its business and our discussions go far beyond the accounts and the numbers.

 

Interestingly, only this week, I saw a draft article for a European magazine by a university academic referring to the positive impact of the changes in 2006 that obliged German companies, especially small and medium-sized ones, to disclose financial statements and the resulting increased transparency!

 

I understand the thinking behind the changes and I have no problem for micro-businesses with very low turnover where accounting is cash-based and simple, but we're talking here about businesses with turnover up to £6.5m and 50 employees.  When an error eventually comes to light and the company fails because it's too late to do anything about it, there will be impacts on the business, its suppliers, its employees and the economy.  The suggestion that something that can be so invaluable is an unnecessary regulatory burden is misguided, naive, and unhelpful.

Weekly Blog by Philip King, CEO of the ICM - 'Shuffling the pack'

 

I'm always fascinated by arguments about correct usage of words and I was amused by a debate on the Radio 4 Today programme on Tuesday about whether, since the bulk movement of Ministerial appointments was the first by David Cameron, it should actually be called a shuffle rather than a reshuffle. A complete irrelevance but nevertheless quite fun!

 

More interesting has been the debate about the real reasons for the changes and whether they are to achieve policy shifts, to recognise good or poor performance, to change the political spin brought to specific areas of government activity, or simply to change the shape or style of the ministerial team. There are many and diverse views about this, and I suspect the reality is that it is a combination of all four and some more besides.

 

Speaking personally, I'm sorry to see Mark Prisk move from his role as Minister of State for Business and Enterprise. Although I haven't always agreed with him, he is tuned into business and seems to understand well the challenges they face. It will be interesting to see whether Michael Fallon maintains the momentum started by Mark but the inactivity caused by ministerial transition is always frustrating even though it's nothing new and expected.

 

Whatever the motivations for the changes, many issues remain and require resolution, one of which is the amount of debt owed to central government estimated to cost the public purse £7-8billion per year. Earlier this year, the interim report 'Tackling Debt owed to Government' was issued by the Cabinet Office's Fraud, Error and Debt Taskforce and since then the Institute has continued its engagement with the task force and the Debt Expert Panel in identifying how professionalism in debt management across government can be enhanced and improved. As part of that work, we are pleased to be working in association with Dods who are delivering a conference in London on 15 October considering the issues raised by the report, reviewing the activity underway, and looking to the future. If you're involved in working in, or with, the public sector in any way and want to attend, please register here, and I'm pleased to say ICM members can gain a £200 discount from the standard conference fee.

 

 

Guest blog by Tracy Carter, Executive Assistant to Philip King, Institute of Credit Management

I was happy to accept the invitation to be a guest blogger until I realised that my blog would be following Nigel Fields’, a member of the Institute of Credit Management whose blog included the line “I have the best job in the world in ‘the movie business’ at Twentieth Century Fox”!  How do I follow that?  Well, I also feel that I’m lucky in my role; I work as part of a vibrant, enthusiastic and driven senior management team, for an Institute whose staff and members are completely committed to the work of the Institute and the credit management profession.

 

In addition to my varied executive assistant role, I’m also responsible for driving the Institute’s social media strategy.  I am truly passionate about social media, and particularly the benefits of social media as a communication tool for the ICM; our LinkedIn Group (ICM Credit Community) and Twitter account (@ICMorg) are good examples of how we can share what we’re doing, enter into discussions, and listen to credit management professionals.

 

Over recent months I’ve had the opportunity to speak, share ideas and offer advice to organisations, ICM branches, ICM members, and other professional bodies who are driving social media – the common feeling I’ve encountered is nervousness.  My advice is to ignore the nerves – start as an observer – sign up to LinkedIn and Twitter and watch for a while - you’ll soon discover a new world that you may even want to converse with.

 

Social networking is here to stay, and just like the arrival of email, it’s a communication tool that everyone can utilise – it’s happening with or without you! 

  

If you’d like to read Philip King’s weekly blog and other guest blogs click here or visit our Twitter page http://twitter.com/ICMorg.  You can also follow me on Twitter @TracyCarter.

Guest Blog by Nigel Fields, Director of International Credit at Twentieth Century Fox - 'Who the hell is Nigel Fields'

I thought, as this is my first ever Blog, that I should first start by letting you know; Who the hell is Nigel Fields?

 

OK, here I go, I think I am incredibly lucky!  In fact I feel life has been really kind to me, from being with my fantastic wife, Jackie since age of 13, (hey, I was not married then) rolling on to 32 years later with our two great kids Harry and Sally, who kindly make sure I never have any money to worry about and can continue to train and practice for myself the art of ‘Debt Management’.  I have met so many fantastic friends along the way.  And today I am working with, what I consider, to be one of the greatest businesses of all, ‘The MOVIE Business’ and in particular Twentieth Century Fox where I sit in Soho Square, London which is also probably the coolest, friendliest place in London.

 

I have been at Fox for 13 years now, and have established my role at Fox as Credit Director working with all countries outside of the USA and Canada.  Here’s a summary of what I get up to.

 

- Oversee Fox’s international risk management providing clarity of Fox’s objectives for risk and financial control to territories.

 

- Identify and monitor “at risk” customers within territories.

 

- Make recommendation for the mitigation of any risk gaps using best available and most cost effective solutions e.g. Credit Insurance, PUT options etc. and provide recommendations for doubtful debt provisions as required.

 

- Provide consolidated reporting of international Accounts Receivable.

 

- Assist Subsidiaries with debt recovery strategies.

 

- Best Practice reviews, improvements & enhancements.

 

- Provide the business with technical expertise in all areas of credit management and make best practice recommendations to territories for a structured credit management framework to improve cash flow where possible.

 

- Responsible for Credit vendor management.

 

 - Privileged to be a Member of the Institute of Credit Management and sit on the ICM Editorial Panel and Think Tank.

 

- Having to attend Premiere’s, meeting film stars and personalities, attending Awards e.g. Bafta’s, travelling the world and watching loads of films.  This makes it all so very hard.  It is a great business and I never ever get bored.