Posted by
admin on December 13, 2011 at 4:46 pm.
Caryl Nielsen, CBF, Valley Glass, Inc
The construction industry, like many others, has been hit hard with the economic down turn. The bottom falling out of the construction industry has made us realize that our trade is not a necessity, but a luxury that most people can live without or put off indefinitely. We find ourselves asking different types of questions like “How can we” instead of “Who should we.”
Our education and experience tell us that as creditors and collectors, we can’t have a lenient credit and collection policy. Credit policies and procedures should be stringent and well researched. There must be a careful evaluation of a company’s ability to pay back the amount of credit we have entrusted to them. Collection policy should enforce the terms of the extension of credit as set forth in our credit policy. If you choose to be lenient in one, you should be very stringent in the other. This is a must to be successful.
Posted by
admin on August 5, 2011 at 5:07 pm.
“The difference between school and life? In school, you’re taught a lesson and given a test. In life, you’re given a test that teaches you a lesson.” Tom Bodett
Lessons learned in a credit department of a business may be costly. How often could a bit of knowledge have saved thousands of dollars - if only they’d known.
The Basics That Every Credit Department Should Know:
*The customer’s legal formation where is the financial strength and who is legally liable for debt.
*The 5 C’s of Credit the essence of evaluating customer information and making good credit decisions.
View related article on The Five C’s
The Five C’s of Credit in Today’s Economy
View full article
Posted by
admin on June 1, 2011 at 8:39 pm.
By Susan Archibeque, CCE, Nicholas & Company
We literally changed our “credit culture” from one of finger pointing to one of teamwork and commitment.
When asked to write an article on the importance of having a good credit policy, I jumped at the chance. I experienced firsthand how a good policy can assist in effectively reducing DSO, bad debt write off, and managing conflict between credit and sales. A well written Credit Policy that is backed by upper management will improve efficiency and productivity. This is one of the biggest challenges credit managers are facing today.
Before establishing a Credit Policy or making changes to an existing policy, it is important to identify your company strengths and weaknesses.
WHERE YOU ARE:
Your current performance levels – Research your industry and ask your colleagues how they measure performance. Create charts and graphs that pinpoint trends and areas of opportunity. Some common areas to measure are: Full Article http://tinyurl.com/44tqfbl
