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Seminar: 3rd Generation Cash Flow Management Thursday, September 29th SCCE’s member Lindorff arranges a Business Breakfast Seminar titled “3rd Generation Cash Flow Management”.

The seminar will take place at Radisson BLU’s Lounge 24, Rävala pst 3, Tallinn, at 08.30 – 11.00.

From Lindorff’s invitation:

“What would be your answer if the CFO or the Chief Accountant would ask: ‘When are we going to start using the 3rd Generation Cash Flow Management? You agree that this sounds like something that the genius Steve Jobs came up with. Could something so ingenious take place in Estonia and in your and your cooperation partner’s companies? YES.

In the Estonian society the question of money and happy relationships has been actual since some time now. Often the attitude towards money is belittling this is due to the posture that money has been opposed to culture, therefore excluding the enterprise as a part of the national culture. As we celebrated the 20th anniversary of Estonia’s regained independence, we can see how the attitude has started to change towards the enterprise, entrepreneur and money. Results of a survey conducted by Lindorff Estonia reveals that consumers who has got credit and who has troubles with on time payments is not ill-intentioned, but the reason lays in the credit managing skills lost during the recession. Estonian entrepreneurs have made the Scandinavian business culture as an example for themselves.

The survey European Payment Index 2010, conducted by Intrum Justitia Group, revealed some interesting facts; since the recession, Europe’s businesses have clearly learnt the importance of sharpening their credit management systems. Additionally it showed that companies have to work harder than before to implement an efficient credit management process to avoid liquidity problems. The payment behavior in Estonia has its good and bad news too. The good news is that consumer and business payment behavior has remained stable. The bad news is that it has worsened in the public sector where invoicing payments are delayed by an average of 3 days beyond due date. Some 92 % believe that late payments are due to the financial problems being confronted by their debtors. A worrying 88% (84%) say they are being paid late intentionally by debtors.

Lindorff has long term experience in dealing with overdue payments. Lindorff has developed a solution for credit management which enables enterprises to concentrate on their core business. It is a cost effective, tailor made solution for your enterprise. In light of this information we believe that Estonia’s businesses are ready for the 3rd Generation Cash Flow Management.

The insight of the economy and the 3rd generation cash flow will give you Mr. Andres Arrak, the Director of Entrepreneurship Institute of Estonian Entrepreneurship University of Applied Sciences, and Seppo Lahtinen, Lindorff.

The economist Andres Arrak, who always sparks a lot of feedback and sometimes rocks the society to the core, asks: “Neoclassical consumption society: to be or not to be?”. Noted scientist of economy provides us with two solutions: a) neoclassical theory of economy (more is better) should be rewritten; b) return from the socialism (the government will do everything for me) to the free market capitalism. How and why?

Mr. Seppo Lahtinen will provide you with one of the possible solutions.

The Business Breakfast Seminar will be in English language.”