Healthy Cash-flow - Healthy Mind 04
Updated: Feb 15
Tips and tricks for maintaining balance whilst working from home.
Welcome to our fourth issue of Healthy Cash-flow, Healthy Mind. We hope you are all managing with lockdown wherever you are in the world. Even though it seems to have lasted forever, we can all take heart from the fact that we are getting closer to a solution for the Covid19 problem.
We are very happy to announce the winner of this year's Innovation Software DSO Challenge. Congratulations to Asset Manager, Gary Marsland at Plexus Law together with his team who include: Jennifer Norton, Debra Lascelles, Tequila Noel, Andrea Swaby, Hayley Wilson, Corinne McMaster, John Ward, Deborah Gomersall, Viv Bednall and Shaun Kirk.
The winner of the DSO Challenge was selected as the company who achieved the biggest reduction in their DSO, using the count back method over the past financial year. Plexus Law managed to produce an amazing 12% reduction in the year to 31stMarch 2020, bringing their DSO from 42.6 to just 37.5 days.
Since the time that CreditForce was introduced at Plexus Law, the Credit Control team has consistently been reducing DSO. 4 years ago it stood at a whopping 76 days, in his time Gary and his team have halved that number. As this year’s winner, Plexus will choose a charity to which Innovation Software will make a donation of £1,000.
From all of us here at Innovation Software, we offer our congratulations to Gary and Team Plexus on a magnificent achievement.
We are now entering our 8th week of working from home, and although it is not necessarily getting any easier, most companies have adjusted and reorganized themselves as much as possible to deal with this pandemic. In no time at all organisations have thrown themselves into a digital world in order to safeguard productivity.
We recently had a conversation with former Head of Credit Control at PWC, Sunil Inamdar and discussed the importance, as Collectors, of maintaining excellent relationships with all of your Clients. Russell Lyons shared his thoughts on how essential it is to keep up to date with the latest news on your clients and recommended sources of information to get, and stay, updated.
Information can be obtained from free sources, such as Microsoft Money, and setting up a watch list for share prices of your key clients. You can click down to information about your customer in seconds.
There are also sentiment trackers that summarise information, and what people are saying about a company on social media websites such as Glass Door and many others. These, such as Refinitiv, can be linked to CreditForce so that the latest information and news on your clients is available automatically.
Do not underestimate the power of a conversation, the right telephone call can do wonders at this time. We are all missing the connection to other human beings, so wherever possible encourage your Collectors to pick up the phone. When the Collector maintains close contact with your customers they can act as a CIA agent and obtain information about the situations and challenges your customers are facing.
Spend some time talking to your customers, ask them how they are and be an ear to what they have to say. Credit Controllers are the last piece in the sales jigsaw, and part of the sales and “Ambassador” team for your business. It’s much easier to buy something, and make a payment, if you like the sales people, as well as the product.
For most people right now, inboxes are overflowing, and generic messages are piling up. By calling your customer it allows one to engage even more closely and establish one-on-one connection to uncover pockets of available cash - even if it is not the full amount owed. Customer and Collector are more likely to come to an agreement on the best method of collecting funds. Maintaining cash-flow is a key driver, so perhaps more payment plans are offered and accepted during this time. An agreement for 50% of what your company is owed is better than 0%.
Something so seemingly insignificant as a telephone call can be the cornerstone to maintaining the link with your customers now, so the relationships continue long into the future.
CreditForce uses algorithms to create prioritised task lists that will optimise the use of your time, and ensure you have the best financial intelligence about you clients available. It also offers the best range of tools to streamline and maximise the productivity and effectiveness of your work.
We are giving away free yoga sessions again this week. Caroline Lyons will be hosting free yoga sessions from the comfort of your living room, kitchen, dining room, office room - anywhere-you-like room. Please find details of these below:
NamaStay At Home Yoga Sessions Held at the following times: Thursday 21 May, 6pm (GMT) Friday 22 May, 6pm (GMT) Saturday 23 May, 11am (GMT)
Click the link: NamaStay at Home Yoga 10 minutes before class start time to join either yoga session from your computer, tablet or smartphone.
Things to think about. 1. Please arrive 10 mins before the class starts 2. Have cameras and microphones on if you would like to say hi 3. Once the class begins, Caroline will switch off all microphones 4. You are free to play your own relaxing music 5. When the class ends, switch cameras and microphones back on to say bye 6. Please email Caroline at: email@example.com if you would like any help in setting up (in advance of start of class) We hope you enjoy these sessions, designed to work out the body, and relax the mind. We look forward to seeing you on the Mat.
Thought of the day
“Courage is the most important of all the virtues because without courage, you can't practice any other virtue consistently."