In these difficult times the BPIF has decided to team up with Direct Route Debt Recovery and AccountAssyst to offer members the best advice on credit control and debt recovery.

Direct Route have been offering advice and zero cost commercial debt recovery to the BPMA for a number of years and their members have found their services invaluable.

They have some pertinent advice for companies facing severe reductions in business due to the COVID-19 virus, and areas to concentrate on particularly as you may be facing periods of inactivity in other areas.

Their message is simple: Cash is King - Focus on Cash. 

Don't worry about profits, turnover, or any other measure that might have been important in the past, only cash matters now! 

Look for every opportunity to retain cash within the business;

• Maximise incoming cash
• Reduce or defer outgoings. Analyseallyour outgoings - what's essential for the continued survival of the business, what isn't?Reduce, defer or cut entirely the latter, including your own remuneration.When cutting, be brutal, and early, but in a way that when you eventually look back, you won't be kicking or criticising yourself
• Barter if you can.Focus your resources where they bring the maximum benefit. Treat this crisis as one that will last at least 3 months

Getting your staff to concentrate on these areas now will put you in a far better position when things start to get back to normal.