Credit manager’s corner

The recession reaches Canada:
What can the credit manager do?

An economic tsunami breached Canada's breakwall in December, and many business owners and employees are feeling a strong sense of impending doom. Despite resilience and strong fundamentals, in the end nothing could entirely protect Canada from being drawn into the U.S./global mess, which many experts believe has not bottomed out. Only two months ago, we were told Canada would not go into deficit and many experts told us repeatedly that the country would escape a recession. Now, layoffs are announced daily, plants are closing or downsizing, car showrooms are empty and retail margins are dropping. Interestingly, even though there is still demand for the fantastic deals for a new car, car dealers are reporting 25% of sales are declined financing by banks, the opposite of what banks are telling us.

Canada had a budget deficit of $0.6 billion in October 2008, compared to a deficit of $0.5 billion in October 2007. Although business bankruptcies were not increasing in Canada and may be a lagging indicator, it was a totally different story in the U.S. (The U.S. year end is September). The Administrative Office of the U.S. Courts announced that in the 12-month period ending September 30, bankruptcy filings in federal courts increased more than 30% compared to fiscal year 2007. There were 1,042,993 September 2008 filings. Business filings for the period totaled 38,651, up 49% from the 25,925 filed in September 2007. Chapter 11 filings were up 49% to 8,799. It is anticipated that Canadian business failures will follow this trend in 2009.

:: THE FOUR FOREMOST PROBLEMS FACED BY CREDIT DEPARTMENTS

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:: WHAT CAN THE CREDIT MANAGER DO?

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