Turnover policy credit insurance: no longer a must!
Exporters increasingly demand support in collecting payments and hedging risks. The main partners are still banks, export associations and credit insurers. Besides the traditional credit insurance policy (the so-called turnover policy), many new products have been developed in recent years. Both existing and newly joined insurers are looking for opportunities to engage the still large group of uninsured companies. Or, on the contrary, for opportunities to serve existing policyholders even better. This development in the credit insurance market is leading to more and more innovative tailor-made products.
Financial guarantees through insurers: these are the opportunities
You may need to issue a guarantee or surety to customers, this can be requested in both the public and private sectors. The market for these financial guarantees has changed considerably in recent years. Whereas in the past - with one exception - bank guarantees were almost immediately discussed, nowadays more and more other parties are entering the market. These mainly include insurers. And that offers opportunities.
Issues to consider when taking over a business
Taking over a business is not something you do often, or you must be a professional investor. A business acquisition is a delicate process. This applies to both the seller and the buyer. While the seller looks forward to an attractive purchase price, which often secures his pension, on the other hand, he is also saying goodbye to his life's work. He therefore wonders whether the company, which he has built with blood, sweat and tears, is in good hands with the intended buyer. And does the buyer have the necessary resources or financing? For the buyer, the process is no less exciting. It is often the first time he is taking over a business. Is he not paying too much? Are the figures he received from the selling party correct? Will he manage to continue the success and is he able to get the financing of the purchase price and then also pay it back in the agreed instalments? In short, an exciting process for both parties.
What do you do against fraud? 9 tips to prevent fraud
Of course, as soon as you detect fraud in your business, you are often already too late. And then third parties often come and tell you what you could and should have done differently. That's no longer of any use to you. Prevention is better than cure! But fraudsters are becoming increasingly inventive to (often) steal money or resources unseen. You can insure internal and external fraud. Should it happen again, despite the tips in this article... at least you will limit the damage.
Avoid unnecessary mistakes and extra costs
The great thing about software is that it continues to evolve and improvements can be made to it constantly. We work closely with Creditdevice to continuously optimise Polismanager. Last year, for instance, we built in alerts, so that Xolv receives immediate messages in case of specific mutations or deviations. Credit insurance policies are bulky documents, with many conditions. Managing them manually takes time, attention, knowledge and skill. Just like driving with a paper roadmap.
Prepare for a future recession. 8 strategies to implement now.
Average 6-12 months of operating expenses. Make careful consideration and make sure the money goes to the best place (make money work for your business). Make sure your invoices are always at the top of the pile with your debtors. Become indispensable and communicate often and clearly with debtors. Always pay on time, so [...]
Negotiation is possible!
To govern is to foresee. It's an old saying, but still holds true. Especially in these uncertain times and certainly for the relationship with financiers. In the journey from application, offer and ultimately signing for a financing agreement, there are a lot of things you need to anticipate. And what you can negotiate on.
Prevention is always better than cure
Uncollectible invoices and bad debts, every entrepreneur has or will have to deal with them. Annoying, but not always avoidable. Of course, before you do business with a customer, you check the creditworthiness of a future customer and you have your credit management in order to prevent non-payment. This already captures a lot of risk. But what if a company does not fulfil its payment obligation after all?
How do you make the most of software to maintain cash flow?
Consider before you begin. Before you opt for credit management software, first map out your debtor management procedures. If it appears that optimisations are possible, you will of course implement them first. Only then will you determine which requirements the software should meet. There are many providers; the right choice will make the implementation, set-up and actual management more efficient and effective. This way, you can be sure that you make the best use of the software.
2022: a year of ups-and-downs
Corona turned our lives upside down in 2020. Something happened that we had never experienced before. But we showed that we can adapt quickly. In early 2022, it seemed we were heading in the right direction again. However the war in Ukraine threw us back into a new crisis.