Case Study – ICM Debt Recovery
Here at Yorkshire Powerhouse, we believe in the value of studying other successful businesses and organisations to allow you to develop new ideas and strategies that could benefit your own business. We keep these case studies snappy and easy to access to allow you to rapidly gather the relevant information:
Please confirm your business name:
I Credit Management Ltd but we trade as ICM as we offer a variety of services from credit control through to debt collection and legal action in conjunction with panel solicitors.
When did ICM Debt Recovery start trading:
ICM has been trading 14 years
Who started the business:
Andrew Brennan. Having worked in the County Court for 6 years, Andrew decided to enter the legal world by joining a solicitors practice. This opened up a new world and invaluable insight into the world of business. This honed his Court knowledge and processing skills into collection skills with the added bonus of dealing with private clients and their specific needs. After 10 years, he decided that starting his own business was the way forward.
Tell us what you do and how you do it:
We offer an end-to-end, full turnkey debt management and collection service. That is from initial instruction all the way through to Court action if required. Wherever we can, we try to avoid litigation as that can be costly and so the expertise we have ensures we often successfully collect avoiding that extra expense.
Who buys your product / service:
We are predominantly a business-to-business agency and companies often instruct us when their own credit control attempts fail to obtain payment. We act for a wide variety of businesses, from the sole-trader who hasn’t been paid for his work to medium-sized businesses with the occasional issue to large companies who have regular late payers. Any business that offers terms to their customers will at some point require our services.
What makes your business stand out from your competitors:
Our common sense and pragmatic approach to dealing with the instructions we receive can often result in not only having outstanding money collected but also goodwill maintained. Customers are precious but have to adhere to terms.
What are the main strength/s of your business:
We have a very experienced team of collectors with a wide-ranging knowledge of how business works and we endeavour to use these skills to gain recovery. Every instruction is treated individually and worked appropriately and we work closely with each client to ensure they are updated and also offered guidance to try and avoid the pitfalls of non-payment.
What’s your favourite business book and why:
Start with Why by Simon Sinek, understanding ‘why’ creates a need and a need leads to service.
What are the values that drive your business:
Our mantra is Honesty, Integrity, Results – we fully believe that every business works hard for its money and deserves to be paid.
What is the most useful lesson you’ve learned through experience:
Document everything. Ensure that any verbal agreement is backed with a corroborative email and/or paperwork. You’ll never know if this is needed at a later date.
What is the main mistake to avoid in future:
Which business success are you most proud of:
There have been a number of very tricky situations that we have been involved in where we have made an unexpected recovery. It’s always nice to ring a desperate client to advise that the money they so desperately needed has been successfully recovered.
What are your future ambitions:
To continue to offer education and guidance on all things to do with ensuring a client is paid for what they do. The extensive and wide-ranging expertise that we have in our team we believe is an asset to any business and our results are a testament to that.
If you are a successful or interesting Yorkshire based business or organisation and you’d be willing to share your experiences by completing a case study then please contact us.
Have you any questions?
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