How the Titanic is the story of most new businesses.

Is your company Jack or Rose?

According to history when they designed the Titanic, the brief was to create the fastest and most luxurious liner of the day. From the end of the 19th century to the middle of the 20th century the liner that completed the fastest crossing between the Southampton & New York was awarded the coveted Blue Ribbon. Winning this coveted prize would increase the number of wealthy business people who would book passage just to cut half a day from the journey. As you can imagine the ship owners enjoyed the rise in their profits. Winning was the equivalent of winning the XFactor today. While a contestant will be crowned the winner and go on if they are lucky to enjoy chart success the real winners of XFactor as we know are ITV, Syco Records and of course Simon Cowell. As with the Blue Ribbon companies wish to be associated to the programmes success and flock to advertise their products and services to the millions who watch the programme.

Consequently The White Star Line, Titanic's owners were intent on winning the Blue Ribbon and set about finding a designer who could help them achieve their dream. They insured they had the best engines, the crew were trained to the highest standard, the 1st class passengers were provided with the best decor and furnishings, nothing was left to chance. Except according to historic records they apparently forgot to check if the watertight doors worked! This decision proved fatal when the Titanic met the iceberg. The rest as they say is history.

When we launch a business the intention is to launch the best company ever, you check the quality of the stock, spend money on marketing your company, services and products. Their business like Titanic is going to break records unfortunately, like Titanic they have a similar flaw in the blueprint. In the case of the Titanic it was those pesky watertight doors in business, it’s called poor credit control.

If you do not insure that your Terms & Conditions are fit for purpose, set up a proper credit control policy ensuring that your customers pay their invoices within the agreed terms, your business like the Titanic will sink to the bottom of the ocean. However, unlike Titanic there will be no romance about your business sinking.

A further analogy can be found in the film of Titanic and only you can decide which character your company is. You can either be like Jack, who despite being very brave & heroic ultimately ends up, like the Titanic at the bottom of the ocean. Or you can be like Rose who clings on to a piece of drift wood and was finally rescued by a passing life raft.

The bottom line is that with the correct credit control policy your company can be like Rose survive and grow to or you can chose to do nothing and ultimately be doomed like Jack.

To find out more about David or why Deanem Collections Ltd is known as “The life Raft in the sea of Debt” please visit www.deanemcollections.co.uk