It’s a Wonderful Credit Group, by Larry Convoy

Some of you remember the great Jimmy Stewart movie, “It’s a Wonderful Life,” in which he envisions what life would have been like if he wasn’t born and its effect on his loved ones. At the conclusion, he is thrilled that it was only a dream and realized how good he actually had it.

Consider what your life would be if Industry Credit Groups did not exist and its effect on your company’s bottom line. You can put any music or special effect to signify that a dream sequence is next.

Without an Industry Credit Group, how would you know?

• If your new customer came to you because of your product and not because everyone else in the industry has taken him legal
• If there was changes in management or key personnel
• If they are ignoring phone calls from other suppliers or passing bad checks
• How high in dollars and far in days are they are extended with others in your industry
• Who controls the checkbook, or who to really contact for payment,
• Recommendations for software, service providers, legal experts
• If they filed BK, had liens placed, or worse, if they are GONE

You can relax. If you are a member of a credit group, you have access to all this information. You can enter alerts and respond to RFIs (or contribute your A/R). You can network with your peers and exchange the latest Best Practices. Hopefully, your management’s support allows attending the meeting/conference call a priority.

Relax, This was just a dream.

Larry Convoy
Credit Management Association
Lead Group Facilitator

One Reply to “It’s a Wonderful Credit Group, by Larry Convoy”

  1. I’ve said it before and I’ll say it again: the return on investment for membership in the typical industry credit group is massive. That return on investment includes but is not limited to: Bad debt losses you avoid; Slow paying customers you dodge; Credit reports that you don’t have to purchase because you have a trade clearance report from your industry credit group.

    In my opinion, the typical return on investment can not be less 10x and that includes the CM’s time to attend the meetings.

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