Businesses help in growing the economies of the world, every country puts a lot of attention on that and channels significant amounts of resources towards improving the business environment. A good business environment gives local and foreign investors the confidence to do business and therefore growing the economy. The greatest challenge for many businesses is the lack of adequate funds to expand their businesses. Some businesses focus on providing the necessary financing in return for some agreed amount of interest. The borrowers are legally obligated to refund the amount issued as a loan under the specified terms. Failure by the borrower to repay the loan could result in losses on the part of the lender, some companies come in to provide the debt collection services on behalf of the lender. The practice has gained prominence in all parts of the world.
IC Systems is a debt collection company which has been in operation for decades with a great reputation for their reliable services. The founders realized that there was a need to provide the service to lenders to help them in managing their credit risks. According to a research, the credit risks are one of the main reasons contributing to business failure. When a company is able to manage them, there is a great potential for better performance. The company has grown consistently over the years due to their ethical practices. It is based on various values, all the stakeholders are expected to adhere to these values. For example, the company believes in giving back to the society, through various initiatives, the company has improved the living standards of many people around the world, this has been through partnerships with other international bodies such as Red Cross.
Social Responsibility is a marketing tool, this is according to some scholars. Companies that participate in charitable activities are likely to be more successful. IC Systems believes in respect for all their key stakeholders, the company understands that the unity of the stakeholders fosters its growth. Scholars have urged businesses to embrace innovation as a means of creating a competitive edge against their competitors. IC System’s growth can be attributed to their ability to continuously adopt new innovations in providing services to their customers.