The Virtual IAM conference in October included a panel discussion on a subject dear to the hearts of most moving companies: how to manage financial risks. With the challenges everyone experienced during 2020 it was a particularly poignant message.
The panel was composed of Paul Bernardt from Harmony, Mark Oakeshott from Mark Oakeshott Consulting and Aulina Mithal Sood from Star Worldwide Group in India. The session was moderated by Ray daSilva from Mobility Exchange.
Mark said that he saw increased financial risks as governments worldwide began to walk away from providing support. Paul agreed, saying that he had seen an increase in companies asking for advance payment because they were unable to finance moves from their own resources. Aulina pointed out that this whole subject was difficult for movers as they were, in general, not finance experts, they were more concerned with getting the job done properly.
The panel agreed that it was sometimes more sensible to walk away from business if it was not going to be profitable. “It’s OK to walk away,” said Aulina. “You can then put your resources into something more useful.” Paul added that it was by doing just this and diversifying that some companies had been able to expand their revenue mix and stay healthy ...
Photo (left to right): Ray daSilva, Mobility Exchange; Paul Bernardt, Harmony; Mark Oakeshott, Mark Oakeshott Consulting; Aulina Mithal Sood, Star Worldwide Group.