Small Business Minister says Carillion must act as the catalyst for change
New ‘Credit Champions’ programme reveals critical importance of best-practice credit management in reducing late payment and increasing cashflow.
The Minister for Small Business says the collapse of Carillion must act as a catalyst to supporting small businesses, and prompt payment is a central part of the solution.
Interviewed exclusively for ‘Credit Champions’, a news and current affairs-style programme created by The Chartered Institute of Credit Management (CICM) and ITN Productions, Andrew Griffiths MP also championed the role of the Prompt Payment Code:
“The Code is working well and we can make it even better,” he says. “The Code sets the benchmark and Gold Standard to which companies must adhere.”
The launch of the programme today coincides with an announcement last week from the Chancellor, Philip Hammond MP, of a new consultation into late payment, a call welcomed by CICM Chief Executive Philip King: “The Code has played an important part in beginning to change attitudes to late payment, with more than 2,100 signatories to date,” he says, “but there is much more that can be done to promote the benefits of the Code and to strengthen the challenge process.
“Whenever a challenge has been raised we have been successful in finding a resolution. What we need, however, is for the Code to be more widely promoted and supported, and for business organisations to get behind it, and actively encourage their members to raise challenges where appropriate, rather than appearing to undermine its value and purpose through a lack of understanding of its key aim.
“Business organisations are also able to raise challenges on behalf of their members and this too needs to be clearly promoted.”
Mr King and Mr Griffiths both feature in the new programme which explores the critical impact of the credit cycle, and how taking an integrated approach to credit management is helping raise industry standards across the globe.
‘Credit Champions’, which was premiered at Credit Week, showcases the principles of the credit management lifecycle, and how it can be applied to manage credit risk. During the programme, a special animation explains how being paid on time can be the difference between success and failure.
There are 5.5 million small businesses in operation across the UK and the management of credit has unparalleled influence on them and their supply chains. ‘Credit Champions’ brings to life why relationship-building between creditors and debtors is so important by illustrating examples of best practice and highlighting solutions to underlying problems. The programme also looks into how poor credit management or lengthy payment terms can have a detrimental impact to not only the business, but the mental health of those involved in the supply chain.
The credit management team can hugely impact the success of a business and ‘Credit Champions’ looks at the training and qualifications on offer from CICM as well as showcasing those who are making best use of the training on offer. The programme reveals how people skills, the ability to understand customers and personal development shine through in those who work in credit management.
Drawing upon ITN’s 60-year heritage and expertise in storytelling, presented by national newsreader Natasha Kaplinsky, the news-style programme combines key interviews, case studies and sponsored stories from American Express, C2FO, Cedar Rose International Services Limited, Darcey Quigley & Co, Dun & Bradstreet, Elevate Credit International Limited, Lovetts, Pay360, Rimilia, TDX Group, The Lending Standards Board, Vision Blue Solutions and Zinc Group.
Speaking about the programme specifically, Phillip added: "This is a genuinely important and ground-breaking programme that looks to project credit management - and the work of the wider credit industry - into the minds of business owners, leaders and politicians throughout the UK. The organisations and individuals taking part reflect essential roles and experiences within the credit community, helping to drive best-practice and achieve high standards of excellence for all."
Simon Shelley, Head of Industry News, ITN Productions, concluded: "ITN Productions has been delighted to partner with the Chartered Institute of Credit Management to create ‘Credit Champions’. We hope this programme will help to inform and enlighten viewers of the importance of the credit cycle and the destructive impact of poorly managed credit management. We are extremely pleased with how this programme brings to life the people and new innovations and hope this can be used to share ideas and promote best practice within the sector and wider audience.”
