Industry Credit Group Resolutions for 2011

From Larry Convoy – Manager CMA Industry Credit Groups

  1. Each member will look for opportunities to bring new companies into the group in 2011-(references on credit applications or faxed requests for a reference are potential members as are companies advertising in your trade journal)
  2. Contribute to your monthly report-(provide CMA with an a/r file and we can automatically extract your data each month for group reports or past due list)
  3. Alerts save you money daily, look for opportunities to submit-(change in management, slowing trends, credit withdrawn usually precede NSF checks, placed for collection and Bankruptcy. Alert before the problem escalates
  4. Utilize the RFI’s system-(while other reporting agencies can provide a broad picture of your account, an RFI tells you how they are paying your competitors. Use them on new accounts and to update. Respond to your group member’s requests in a timely manner).
  5. Prepare in advance for your monthly meeting/conference call-(have the accounts you would like to discuss or clear ready prior to the meeting. Bring an aging so you can respond immediately to any inquiry)
  6. Share your knowledge with the group-(if you have had success with Small Claims Court or filing UCC’s, offer to lead a 15 minute discussion with your group.  Speakers do not have to be from outside the group.)
  7. Ask for HELP-(whether it be suggestions for improving your credit application or your company’s computer system, someone in the group can be of assistance. Credit forms, software packages, technology are always evolving. Ask for updates, chances are several in the group have the same issues.)
  8. Use CMA’s new PHONE2PHONE speaker program-(if you need expert information, CMA has enlisted a group of speakers who will make themselves available via conference call. Work with your group secretary to reserve dates)
  9. Listen and adhere to the 3 statements read prior to each meeting-(The anti-trust, confidentiality and anti-defamation statements are for you and your company’s protection.  They should be taken seriously)
  10. Let upper management know that value of the group and your participation-(Working within the confidentiality restraints, make management aware that an alert from the credit group just saved your company thousands of dollars, or information received on a potential new account at a group meeting prevented a possible loss. Make them acknowledge that attending and participating in the credit group is a PRIORITY.)

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