The Analysis Forums
The virus impact
The coronavirus is requiring the industry to both rely on its existing strengths and consider new options
Laurie Beagle Managing director, Forums International
lauriebeagle@forumsinternational.co.uk
When we started the new year, none of us expected the situation facing us with the coronavirus. Firstly, I would like to start by sending my best wishes and hope that you, your teams, and your families are safe and well. Like you, we at Forums International took
stock of the actual and likely impacts and working with our team and supported by our corporate partners we built a plan for the next few months. That was we are ‘Open for Business’. Yes, we have had to make some changes, but our goal is to deliver the forums on time and ensure we continue to deliver the benefits.
Technology Technology is a wonderful thing and part of our plans is to hold all our forums on a virtual basis. We started with the first one early March when we should have been in Madrid. But as most of Spain was closed and almost all our members from around the world had travel bans, we held the meeting virtually. A great success. The members joined us from the US,
As Philip King is now the interim small
business commissioner, I am sure he would be interested to hear of any of these actual cases.
New supplier form Another angle. When being signed up as a new supplier, it is not uncommon that you must fill in a new supplier form. In most cases this would be done at the beginning of the relationship. However, I have heard of cases where the
form is only mentioned once the invoice is raised. So, the payment terms clock is ticking. In one instance, it took nearly eight
months to get the suppliers set up and a second four months. Totally unacceptable and unprofessional. Finally, after completing a supplier form
Canada, across Europe, and the UK. We used the video option so everybody could see each other. So, the scene is now set, and we will be running the forums virtually until the situation eases. Hopefully that will not be too long into the future. We are also bringing in a few ‘new’ ideas to keep in touch with our members and so on. We will be announcing these shortly.
Across sectors The coronavirus is also having impacts on businesses across the industry sectors and especially in the hospitality sector, as we are being asked to not go to the pub and so on. Also, I am hearing that companies are using the virus as an excuse
not to pay suppliers on time. Times are hard enough for companies, especially SMEs. So the virus, in my view, is not a reason to delay payments.
March 2020
Also, I am hearing that companies are using the virus as an excuse not to pay suppliers on time. Times are hard enough for companies, especially SMEs. So the virus, in my view, is not a reason to delay payments
18 pages long - not every page needed input, however, before the signature page and on page 17 it said, “we pay on 75-day terms” – do you sign it? If we have not been in touch, please go to
our web site for more information on the up coming forum meetings which are now all virtual. All you need to attend is an internet
connection and a computer with a camera and microphone. So we look forward to seeing you.
Forums April to June l 7 April – Credit Professionals Forum. l 8 April – SAP User Group. l 23 April – IT Distributors & Resellers Forum. l 14 May – Best Practice Credit Forum. l 20 May – International Credit Forum. l 21 May – Fraud Prevention Network. l 9 June – Pharmaceuticals & Medical Devices Forum. l 10 June – Credit Management Forum. l 11 June – International Telecoms Risk Forum. CCR
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