What you see is what you get
Jeroen Ottevanger, managing director/partner at Xolv - After my 20-year career at credit insurer Atradius, I decided to start for myself after the last four years as deputy managing director. With nothing, just a desk and a phone, I managed to build a nice portfolio in a year and a half. I had just lost a pitch for working as a one-pounder when Paul and Erik bumped into me at a New Year's reception. To make a long story short, we decided to join forces and I became employee number four at Xolv. That was nine years ago.
Legal maximum payment period to 30 days
The liquidity position of companies is largely determined by the payment period of its debtors. In the Netherlands, the standard payment term in most industries is 30 days. We see that large companies, with a lot of purchasing power, make agreements that go far beyond that. They agree contractually on 60 and in some cases even 90 days. As SMEs, on average, have fewer reserves, this can have quite an impact on their cash position.
Relations appreciate service Xolv!
A while back, Xolv conducted a customer satisfaction survey among its relations. We are proud to say that they rated Xolv with an 8.2. Relations particularly appreciate the service in the field of credit limits and buyer information. That is our speciality. We invest in Risk analysts who support our relations in optimising coverage on their buyers, but also provide extensive information if a buyer's creditworthiness turns out to be not so good. We also analyse debtor portfolios so that trends can be detected quickly.
Declining confidence in the economy. What next?
After two-and-a-half years of uncertainty due to the corona pandemic, for the first time, it looks like we will have a more or less normal Christmas again. Lockdowns are no longer expected. Reason for optimism you would think. But no, consumer confidence is now at an all-time low for two months in a row.
What's left to do in 2022? Seven tips for maximum benefit
Slowly but surely, we will take stock: what did 2022 bring, what could be better in 2023, did you achieve your goals, where do you need to adjust? Can you grow or are you just marking time? In any case, what you can do this year is to read these seven tips. Then you will know what you can still do (or not do) to get the maximum financial benefit from your credit insurance policy or financing. Then you can tick off that too!
Why China is not dropping its own currency just now
Little is coming of Chinese plans to make the renminbi a major force in the currency world. However, the digital renminbi is well ahead of crypto currencies from other central banks.
Inflation record! And now down again
It was a bit of a gulp again when it was announced how high inflation has risen. However, a fall in oil prices and a cautious recovery of the euro, are signs that the worst of the inflation pain is behind us.
Against the current
The economic tide appears to be turning on many fronts. Energy prices are at historic highs, interest rates, not so long negative, are rising by many percentage points and will continue to do so in the coming months. To make matters worse, the war in Ukraine is causing shortages in many areas and the uncertainty about its outcome is creating a lot of additional uncertainty in the market. Consumer confidence has never been as low as it is now. In sectors where things are still going crescendo, vacancies cannot be FILLED and wages are rising by sometimes as much as 10% or more. To the extent that we are not already in a recession, it will surely come in the near future.
Help, my customer doesn't pay!
From 1 October, deferred taxes have to be paid again and undue NOW benefits will have to be repaid. Borrowing money is no longer free and, as a result, payment problems may increase rapidly. Also because economic growth is slowing down. Companies are generating less revenue. They try to stretch their liquidity position by delaying payment of their invoices.
Outsourcing receivables management is solution to labour market tightness
Schedules hard to knit around, too few staff for too much work, new vacancies left unfilled. Recognisable? It is extremely difficult for many companies to find and keep good staff. Due to the tightness on the labour market, more and more companies are facing staff shortages. At the beginning of the third quarter of 2022, 38 per cent of companies indicated that a labour shortage was the main obstacle to production or operations. Just for comparison, the figure was 10 per cent at the beginning of last year.