RIABU - Tips and tools for getting paid on time by your customers

We have scored a huge Pledge2Pay supporter...but we can't tell you who it is

We are totally thrilled to have secured the support of a large European company for the Pledge2Pay. They wrote us an email stating that they would update their systems, and meet the pledge until the end of the year.

But in the same email, they said they didn't want publicity.

In this podcast, RIABU's Simon Littlewood and Mark Laudi dance around the identity of the company and explain what they are going to do with it. Reach us at service@riabu.com

Large US company forces 90 day payment terms on suppliers

Many companies are looking to shore up their cash holdings during these difficult economic times. But some very large companies are using the opportunity to change their payment terms, to the detriment of their suppliers.

One such company, which recently reported very healthy sales including during Covid-affected months, recently declared that it would only pay suppliers after 90 days. This at the same time that it boasted of large cash reserves, and redundancy in its supply chain.

In this podcast, RIABU's Simon Littlewood and Mark Laudi discuss what - if anything - suppliers can do about it.

You can also read our blog on this story here.

International Chamber of Commerce calls for SMEs to be supported, paid on time

The Paris-based organization which represents millions of companies in more than 100 countries has recognized the critical importance of SMEs to the global economy and has listed ways that their larger customers can help them

RIABU’s Mark Laudi and Simon Littlewood discuss the announcement by the ICC which closely mirrors RIABU’s pledge2pay, already enthusiastically endorsed by the SICC and ASME in Singapore. 

Is this a good sign that the world is waking up to the need to preserve SMEs who (in Singapore) provide nearly 70% of jobs?  What are the implications?

Singaporean SMEs missing out on tool to get invoices paid

Singaporean SMEs are missing out on a cash flow management tool commonly used by companies in the US and Europe: Trade Credit Insurance. It ensures your invoices get paid, even if your customer defaults.

But there's much more to it than meets the eye. While ensuring you get paid is clearly an important feature, there are other benefits even if you never make a claim. And in Singapore, the government even subsidises companies through the little-known Trade Credit Insurance Scheme (TCIS).

RIABU's Simon Littlewood and Mark Laudi speak to Clemens Philippi, CEO South East Asia of Euler Hermes, a division of Allianz and a partner of RIABU, for the most important points you need to know about it.

Is RIABU’s Pledge2Pay the solution to the SME cash crunch in Singapore?

Simon J Littlewood asks RIABU’s Mark Laudi about the Pledge2Pay initiative and learns that many SMEs cannot borrow and have less than 2 months cash in hand.

With the COVID-19 circuit breaker going into its second month RIABU has launched Pledge2Pay to encourage large companies with sound balance sheets to pay SMEs in 30 days.

SMEs employ nearly 70% of Singaporeans. Many may become insolvent without further help and if they do Singapore’s unemployment is likely to soar.

What can you do to support Pledge2Pay, and why is it so important?

Singapore International Chamber of Commerce supports RIABU's Pledge2Pay – CEO Victor Mills tells us why

Singapore International Chamber of Commerce (SICC) was the first to jump on board Pledge2Pay – RIABU’s initiative to encourage large companies to pay their SME suppliers in 30 days.

But CEO Victor Mills goes even further. He says invoices should be paid on sight!

In today’s podcast, he tells RIABU’s Mark Laudi and Simon Littlewood why SICC enthusiastically endorsed Pledge2Pay, and he shares his own challenges in managing receivables.

US SMEs under COVID-19 restrictions are running out of cash – what can they do to survive?

RIABU’s Mark Laudi and Simon Littlewood discuss a recent survey of 4000 US businesses showing that a majority have less than 2 months cash reserve, and that many are either unwilling or unable to access federal support.

Many may go under without further help, 3% already have, and unemployment is likely to soar.

What can US SMEs do to generate the cash they need to survive? How does the US situation compare with other countries dealing with COVID-19, including Singapore whose efforts have been much lauded? What lessons can business leaders everywhere learn?

 

10 things you need to do to survive and prosper during and after the COVID-19 shutdown: 10) Adopt a balanced scorecard with shared objectives

COVID-19 measures have interrupted your business, and it may take a year for activity to return to former levels, but you have been busy making the changes you need to survive.

RIABU’s Mark Laudi and Simon Littlewood discuss how, having successfully realigned your business to survive reduced activity and identified how to thrive by taking share (and people) from competitors, you can embed a new focus on profitability with a balanced scorecard.

10 things you need to do to survive and prosper during and after the COVID-19 shutdown: 9) Make cost optimisation part of your DNA

COVID-19 measures have interrupted your business, and it may take a year for activity to return to former levels.

RIABU’s Mark Laudi and Simon Littlewood discuss how, having successfully reduced costs and optimized cash flow in order to survive the downturn, you can now make cost awareness and cost optimization part of your DNA in the future. Set the objective of ensuring that costs as a percentage of revenue come down every quarter - delight your partners and shareholders.

 

10 things you need to do to survive and prosper during and after the COVID-19 shutdown: 8) Be ready to recruit strategically

COVID-19 measures have drastically reduced revenue for many, and it may take at least a year for things to get back to normal.

RIABU’s Mark Laudi and Simon Littlewood discuss how (when things are tough) you can identify competitor staff you want to recruit and get ready to onboard them when things start to improve - especially where they bring new customers or strategic expertise.