How savvy are you at managing trade credit? Take the Better Payment Practice Group Quiz and find out.
The Better Payment Practice Group (BPPG) has added a new quiz to this website to help businesses identify gaps in their trade credit knowledge and to give advice on establishing good credit management practice.

Up to 60% of new firms cease trading within the first five years, with cash flow problems often cited as a major contributor to business failure. Extending trade credit is an integral component of business growth, yet with strong credit management procedures and an effective management policy on the late payment of bills, businesses are better able to control cash flow and avoid the detrimental effects of bad debts to their business.

Clive Lewis, Head of SME Issues at the ICAEW and member of the BPPG commented, “Effective credit management is essential for every business, small and large, to ensure that customers pay their bills on time. Not every business’s credit management knowledge will be complete, so it is important that those involved in the management and customer relations areas of a company, as well as sales and finance staff, set aside time and resource to protect their cash flow and future business success by educating themselves on strong credit management practice.”

The BPPG’s quiz can be found by clicking here.

You can keep up to date with the Better Payment Practice Campaign by sending us an email