eNews January 2019

2019 - The Present

Shane Inglesby, CCE, Geneva Rock Products, Inc.

Several weeks ago, while driving past the Hilltop United Methodist Church in Sandy, I read an inspirational message posted in front of the chapel. It read, "Today has never happened before, make it great." Perhaps I was in an overly reflective mood but I took that message and projected it to the future known as 2019. I contemplated how 2019 has never happened before and that I truly have the potential to make it great.

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The 3 C's of the Credit and Sales Partnership

Katie Parry, Allred's Inc

Communication, Collaboration, and Cooperation. These three action words play a vital role in today's business. They are especially important in the credit world. Working full time as a credit manager, I found out really fast why it is important to exercise the 3 C's!

Communication is your number one tool to grab from the bag of 3 C's. A credit manager must possess great communication skills. Communicating with the sales team is crucial to help generate sales, improve profit margins, increase market share, provide great customer service and strengthen customer loyalty, meet customer demands, and remain competitive. If the sales department has great communication skills along with good customer relationships, they can often obtain current information from their customers that a credit manager cannot, such as current customer conditions financially and personally, or how they may be handling or not handling their business. With communication, I have learned a great deal about my customers from my sales team. On one occasion, we were informed by sales that a long term and reliable customer had not been handling his financial affairs properly due to a pending divorce. This could have cost us greatly if we had continued to lend out more and more credit. Because of communication we were actually able to help the customer make better sound financial decisions to help him out of the downward spiral.

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I Dare You! Try One New Thing

April Tanner, CCE, Kimball Equipment

At Western Region Credit Conference in October I was the monitor for a great session taught by our NACM National President Robin Schauseil. The topic was Top Benefits of Membership. In other words, are you getting and using the full value of your membership in NACM? I have been a member of NACM for three decades and I learned new things from Robin. Learning new things at credit conferences is why I keep attending - there is always something new. I was stunned at the new ways to use my membership and to enhance my skills and performance. Being better at my job means better profitability for my company and isn't that the goal?

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ICEL RECAP: Christmas

Kyle Meade, CBF, Sunroc Corporation

What can you say about the December ICEL meeting?

It is the time of year when there is a little less learning and a little more fun. This year we had Cold Creek Band come and entertain us with some Christmas classics and bluegrass music. I think that the band would agree that it was one of the more "less rowdy" bluegrass concerts they have performed at, considering the band did most of the hootin' and hollerin'. But I think that is more of a reflection of the audience than the band. The music was beautiful, and the talent level of the band was awe inspiring. Maybe we were too mesmerized to make any noise.

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The Benefits of Going Paperless and How ACH Works to Lower DSO

Christie Citranglo, NACM National

Making the switch to electronic payments (e-Payments) from traditional paper checks can be anxiety-inducing-and yet, consumers have overwhelmingly made the switch much quicker than have business creditors. Nearly two-thirds of all business-to-business (B2B) payments are still made by physical checks, according to a recent FinTech Market Landscape study. By just switching payments to ACH, days sales outstanding (DSO) can decrease by 20% after full remittance increasing cash flow and making budgets more flexible, as stated in a recent Receivable Savvy webinar hosted by Senior Director, Product Management and Strategic Corporate Relations for NACHA, Robert Unger.

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