Credit Management March 2024

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COMING MARCH 2024 OUR FULLY COMPREHENSIVE & HIGHLY DETAILED CREDIT CONTROL SALARY SURVEY FROM THE ONLY TRUE SPECIALIST CREDIT CONTROL RECRUITMENT AGENCY IN THE UK. Based on survey data from hundreds of credit control professionals across the UK. • Benchmark your salary against job title & location • Gain Credit control hiring insights into the marketplace to remain competitive • Learn employee & workplace trends • Guidance on building a lucrative benefits package Contact one of our specialist recruitment consultants to fill your vacancy or find your next career move! Pre-order your FREE copy of our latest Credit Control Salary Survey when it launches in March 2024! LONDON 020 7650 3199 1 FINSBURY SQUARE, 3 RD FLOOR, LONDON EC2A 1AE MANCHESTER 0161 523 5585 THE PENINSULA, VICTORIA PLACE, MANCHESTER M4 4FB www.portfoliocreditcontrol.com recruitment@portfoliocreditcontrol.com
SEAN FEAST FCICM MANAGING EDITOR Editor’s column NEVER TOO BIG TO FAIL THE smart people in the CICM Think Tank have been saying for some time that it is only a matter of weeks before some of the big industry names start falling. That’s not because they want it to happen or take any pleasure in seeing a respected business fail. It’s more that as credit managers and professionals they get to see what many outside of our credit industry do not – especially within the supply chain – and it’s getting a little scary. Of course, some sectors are being more affected than others. Construction doesn’t look very pretty. The construction industry saw more companies go bust than any other sector last year, with a record 4,371 building firms collapsing in England and Wales. And they keep coming. A few weeks ago, the Essex-based contractor Readie Construction entered into administration. Chairman Stuart Read attributed the financial failure to ‘inflationary cost pressures, numerous subcontractor failures and chronic tightening in the performance bond and trade credit insurance markets.’ Founded in 2007, the company saw massive prosperity in the warehouse and logistics sectors, increasing revenue between 2016 and 2020 by almost £100m. The retail sector also isn’t filling the markets with confidence. As we go to press, the news was filled with stories of recession and the failure of Body Shop, a business with a 40-year pedigree. Once the darling of the High Street, the business was said to have lost its way - and its soul if some commentators are to be believed - many years ago and its failure to attract new customers in a crowded market was key. That’s true up to a point. Bodyshop took its eye off the ball and what was once niche is now mainstream. Soul didn’t have anything to do with it; it had simply lost its competitive advantage and then failed to act accordingly. What’s happening now is not a shaking out of zombie companies or those kept alive artificially by COVID loans or banks’ forbearance. It’s more fundamental than that. And it’s not a lack of business that is always to blame, but rather a lack of cash. Some are pursuing business models that are no longer fit for purpose and haven’t been for some time. Others have agreed to contracts that have denied them any flexibility or wriggle room and should probably never have been agreed to in the first place. But then hindsight is a wonderful thing. There will be many more big names to fail before we reach the bottom. Best practice credit management and professional credit managers can certainly help, and that includes calling in help early if it is needed to protect their business, their employees and their creditors. Good businesses experiencing temporary issues can still be saved with intelligent restructuring and flexible funding. But it means ditching the egos and admitting there is a problem in the first place. Because no company, it seems, is ever too big to fail. Brave | Curious | Resilient / www.cicm.com / March 2024 / PAGE 3
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