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How SMEs can chase for payments to survive COVID-19 – RIABU on MoneyFm 89.3

How SMEs can chase for payments to survive COVID-19 – RIABU on MoneyFm 89.3

April 2, 2020

RIABU’s Mark Laudi goes on Money FM 89.3 to share the findings of the RIABU survey of 200 finance managers in Singapore, where most of them agree that late payments are an urgent issue and it might get worse.

It might be harder in this economic climate for SMEs to collect payments, but companies themselves need to accept they have control over whether they can get paid on time. If you are a business owner, listen to the interview to find out how to review your internal processes so you stand a shot at surviving this challenging period.

Listen to the full podcast here.

Unpopular measures SMEs must take to survive this COVID-19 crisis

Unpopular measures SMEs must take to survive this COVID-19 crisis

March 31, 2020
SMEs are now facing unprecedented challenges due to the COVID-19 situation. RIABU’s Simon Littlewood tells Mark Laudi about the necessary measures SMEs must quickly take to survive this crisis.

The measures include using a binary approach to customers, cutting your losses, and reviewing your headcount. They will not make everyone happy, but these actions are pragmatic and might just save your company.

What you have to do in a COVID-19 crisis – get closer to your customers

What you have to do in a COVID-19 crisis – get closer to your customers

March 25, 2020

As the COVID-19 outbreak gets declared a worldwide pandemic, a Singaporean minister warned that things may change on a permanent basis and this means businesses would also need to change the way they operate.

RIABU’s Simon Littlewood tells Mark Laudi how this crisis provides opportunities for companies to improve their relationships with their customers, but warns against offering discounts.

Bombardier took 223 days to pay a caterer. Here’s what you should do to avoid this.

Bombardier took 223 days to pay a caterer. Here’s what you should do to avoid this.

February 28, 2020

Bombardier has been criticised for making a £5,600 payment to a caterer after half a year, much longer than its own payment terms of 60 days. RIABU’S Simon Littlewood tells Mark Laudi what SMEs can do to avoid being in such a situation, and it is simple – just have the initial conversation. Listen to find out how to have the initial conversation with your new customer.

We contacted Bombardier for their side of the story but we did not receive a reply.

Retailer sells on consignment, but still fails to pay suppliers on time?

Retailer sells on consignment, but still fails to pay suppliers on time?

February 26, 2020

Naiise is a Singaporean design retailer that sells products on consignment. It said that it is transitioning from a startup to a full-fledged company, and that it is automating its payments, but its suppliers are saying they are still not seeing their money.

RIABU’s Simon Littlewood tells Mark Laudi his opinion of automating payments. Listen to the end for one of Simon’s retail stories about how products can suddenly move to the front of the shelves in supermarkets.

We contacted Naiise for their side of the story but we did not receive a reply.

Economy growth forecasts downgraded: what SMEs can do right now to manage their cash flow

Economy growth forecasts downgraded: what SMEs can do right now to manage their cash flow

February 24, 2020

The Singapore government has downgraded its forecast for its economy this year, and there is a possibility of a recession.

RIABU’S Simon Littlewood tells Mark Laudi the steps SMEs can carry out to manage their cash so they can keep the lights on and pay their employees. Also, advice for companies that are not prepared for this downturn to prepare better for the next one.

Five steps you can take to get out of dynamic discounting hell

Five steps you can take to get out of dynamic discounting hell

February 17, 2020

In Australia, Rio Tinto and Telstra have come under scrutiny for their use of dynamic discounting, which means they were insisting on a discount of 2% for invoices that they will pay on time to their suppliers. The two companies have since ceased this practice.

RIABU’s Simon Littlewood tells Mark Laudi five steps you can take to protect yourself from your customer insisting on dynamic discounting, and what you can do to get an exemption from it.

How to protect your business from the impact of the novel coronavirus

How to protect your business from the impact of the novel coronavirus

February 14, 2020

The novel coronavirus has created an environment of fear worldwide. The number of visitors to Singapore has gone down and conferences have been cancelled. Payments might be slower than usual.

RIABU’s Simon Littlewood tells Mark Laudi the steps you can take to protect your business from the negative environment. They include figuring out the customers who are important to you, and extending service, or if you can, financial support, to them.

Selling your goods on consignment? Listen to this.

Selling your goods on consignment? Listen to this.

January 29, 2020

Selling your goods on consignment can be tricky as you don’t get paid unless your goods get sold.

RIABU’s Simon Littlewood tells Mark Laudi specific processes you can implement – payment terms, stock checks and service - with your customer to ensure you get paid.

5 receivable truths that are not so true

5 receivable truths that are not so true

January 24, 2020

We debunk some known truths about receivables - should you propose partial payments, or turn overdue accounts to a collections agency? Or reward your customers for paying promptly?

RIABU’s Simon Littlewood talks to Mark Laudi about what you have to watch out for when you read advice online about managing your receivables.