SICC | Singapore International Chamber Of Commerce | Raffles Quay – The voice of international business in singapore
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28 APR 2020  |  ISSUE 294

Dear Members and Friends,

The Chamber is a SME just like 50% of your businesses. As a SME boss, I don’t have to tell you the importance of cashflow. It is the lifeblood of every business but especially for us SMEs and especially right now in the worst economic crisis since 1945.

Many of you will share my frustrations with companies and entities which do not pay invoices promptly. This is sometimes by design. It is also often a result of their own inefficient, over-engineered processes including complex approval procedures. So, what can we do?

First off, we can help ourselves by paying each other’s invoices on time, every time. The ideal is payment on sight of invoice as practised by your fellow member John Bittleston of Terrific Mentors International Pte Ltd. A good start is payment within 30 days.

That is why I am very encouraged by an initiative by another of your fellow members RIABU. It is inviting companies to pledge to pay invoices within 30 days. If most of the private and public sectors consistently practised this pledge, just think how transformative it would be for mutual productivity and the economic survival of all SMEs. Take the pledge now and action it. I have. You should too.

Yours faithfully
Victor Mills
Chief Executive
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