President’s Blog: 2016: What’s in your budget?, by Mike Mitchell

All too often our members tell us that they want to take advantage of benefits offered by CMA, but they are not in the budget. For companies on a calendar fiscal year, here’s your opportunity to begin thinking about those budgetworthy benefits for 2016. Even if your next fiscal year extends well into 2016, it’s never too early to start your wish list.

Above all, budget for CMA membership and if your company participates in a credit group, include group membership ($1665 total). Credit groups are still one of the best ways to maximize the value of your CMA membership because the unique combination of industry trade data, insider knowledge about common customers, and industry best practices often pays for your membership fees many times over in helping you grow revenue, reduce bad debt losses, and saves you valuable time in conducting due diligence. One of CMA’s newest groups focuses on developing processes to help the credit department evaluate supplier risk. If your company faces significant exposure from the risk of critical suppliers failing to perform on time (or at all if they go out of business), consider budgeting for membership in the Supplier Risk Credit Group ($1200).

CMA has already scheduled the next CreditScape Summit for March 24-25, 2016, and will soon schedule the Fall 2016 CreditScape, so be thinking about adding one or both events to your budget (CMA members pay $499 per person per event). CreditScape is a unique event focusing on process improvement for the credit department, providing the tools to allow you to act more proactively.

CMA will offer NACM Certification Courses for the CBA and CBF Designations starting in January. These will be offered once a year only, unless there is sufficient participation for additional classes, so if you plan to get certified in 2016 or early 2017, plan to register for the Certification Courses now and budget accordingly ($3000 for all courses per designation per person). Information for all professional development events can be found on CMA’s website and on anscers.com on the Education tab.

Before you budget for your credit information, consider whether you are getting the best value for your budget. Let CMA help you analyze your current credit reporting products– we might be able to save you money by suggesting a more cost-effective reporting strategy (pricing varies by report volume). CMA’s anscersX multi-bureau report combines proprietary scores and data elements from all three major credit bureaus (Dun & Bradstreet, Experian, Equifax) to give you a comprehensive look at the payment history of your customer or prospect ($65 (or less) per report). Budget for some anscersX reports to supplement your existing credit reports.

If you are a construction supplier, consider how using CMA’s Forms Filing Service can save you time and money. With services ranging from preliminary notices to lien warning notices, mechanics liens, bond claims and stop notices, CMA’s Form Filing Services often provide the lowest pricing and best service in the marketplace. You might also be interested in CMA’s new Construction Credit Report, providing title data, public record data, active trade lines, credit analysis and scores, collection agency activity and links to state contractor information, the only all-inclusive report of its type, at $29.95 per report.

Finally, CMA’s collections partner, AG Adjustments, offers third-party collection services at competitive rates on a contingency basis.

We hope this list is helpful as you consider your needs for 2016.

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