A new year, time to once again resolve to fit into that suit I bought in 2007 or follow through on changing my car’s oil at least once this year. Not exactly reaching for the sky but if history is any indication chances are good that neither of these things will happen in 2012.
What I will resolve to do this year is make sure that each of the 750+ CMA members that belong to an Industry group are aware of the responsibilities that are attached to being a member of a group and how beneficial this service is.
With the use of some of your own words, please commit to including these in your 2012 Resolutions.
REPORTING – In the words of one Las Vegas group member,
“I have saved my company thousand of dollars and have made very wise credit decisions because of the information I have gotten from the alerts, RFI’s and monthly group report. That is why I believe it is my responsibility to report every month.”
As members submit information, it builds history in the anscers data bank which benefits all members today, tomorrow or 6 months from now. Also, submitting your complete A/R to CMA can save you a great deal of time reporting.
ATTENDANCE – To quote a Northern CA Member:
“My efficiency rate has doubled and delinquencies have been reduced significantly since I started attending regularly. There is a great deal of knowledge and experience sitting at that table that I was missing.”
Sharing your industry and account knowledge, credit expertise on topics ranging from small claims court to Chapter 11 or just networking make attending your group meeting or conference call time well spent. Prior to the meeting, prepare by gathering any accounts requiring clearance or credit issues needing assistance.
PROMOTING – An out-of-state member said:
“No faxed credit request or call received gets responded to without a pitch for our credit group. If we are sharing this account, there are probably many more we can assist each other with.”
More members in a group mean more trade information, less need for costly third party credit reports or losing 20%-50% to a collection agency.
More members in a group mean more sharing of knowledge and Best Practices, less expenditure for attorneys or other professionals.
More members=less losses=more profits and hopefully more $$$ in your pocket.
If you promise to follow through on these three resolutions, I will resolve to change the oil in my car regularly. I think fitting in the suit is not an attainable goal in 2012.
Have a great year.
Larry Convoy, Supervisor-Industry Credit Groups