The Twelve Days of Credit

Though Christmas is now over, we thought you might want to see the imagination of credit professionals, as a group of them rewrote the holiday classic “12 Days of Christmas” to apply to credit.

You can watch the video of them singing it at their recent holiday party here, or read the lyrics below.

Happy holidays from CMA and we wish you a prosperous new year!

 

1st day – A Large Check for H&E
2nd day- 2 Returned Checks
3rd day- 3 Phony Excuses
4th day- 4 Calling Sales Reps
5th day- 5 Bankruptcies
6th day- 6 Lost Invoices
7th day- 7 Liens a Filing
8th day- 8 Customers Complaining
9th day- 9 Collectors Dancing
10th day- 10 Late Payments
11th day- 11 Dancing Divas
12th day- 12 Cards Declining

CMA Member of the Month, October 2016: Dave Boudreau, Pacific Seafood

Dave Boudreau of Pacific Seafood
Dave Boudreau of Pacific Seafood

There’s an old proverb that there’s no substitute for experience. When dealing with an Industry Credit Group, as you may know, just because someone has experience doesn’t mean that they’re willing to share it for the overall good of the Group. However, if you’ve been to a Las Vegas Commercial Credit Group meeting over the past 8 years, you may know our October CMA Member of the Month, Dave Boudreau of Pacific Seafood of Las Vegas, an active participant in the group who is always willing to share his knowledge and best practices with them.

In addition to simply attending CMA Credit Group meetings for more than 50 years across several industries, Dave provides excellent contributions to the Group, especially on the topics of how to get paid, navigating internal customer channels and payment portals. He has always been one of the first members to show up for CMA meetings, he is always prepared with his reports and he always adds valuable comments to the Group discussions. He’s also a proud veteran of the U.S. Army.

An active CMA member since March 2008 with Pacific Seafood (and he’s been active with CMA with other companies before that), we commend Dave for participating, and we look forward to his continued support.

Members of the Month are nominated by CMA members, Group members, volunteers and CMA staff to highlight those members (or member companies) whose engagement with CMA has helped improve the overall credit profession for others.

For more information on how you can participate in any of the areas mentioned within this article, or to nominate any members for this honor, contact Diana Escobar at descobar@emailcma.org or 818-972-5300.

CMA Welcomes Sergey Garanyants to Construction Forms Filing Department

Sergey Garanyants
CMA is proud to announce the hiring of Sergey Garanyants to manage its Construction Forms Filing Services (CFFS) team and offerings in CMA’s North Las Vegas office. Sergey, who obtained his Juris Doctor Degree from Loyola University New Orleans – College of Law, Class of 2015, offers his law background to help companies protect their lien rights under the law.

 

With a background in corporate legal counseling, commercial litigation, corporate governance, contracts & transactional practice, alternative dispute resolution, intellectual property & information technologies, administrative law & compliance, Sergey’s skill set is sure to provide additional value to companies filing preliminary notices, mechanics liens, bond claims, stop notices and other services to ensure they get paid on their construction jobs.

 

Sergey can be reached at 702-259-2622 or sgaranyants@emailcma.org.

CMA Las Vegas Office Hosts Town Hall With Congressman Cresent Hardy

House Small Business Committee Chairman Rep. Steve Chabot joined congressman Cresent Hardy for a small business roundtable on Monday, June 20, at the CMA North Las Vegas office. The audience of more than 20 business owners and local chambers of commerce discussed the increased cost of doing business that overreaching regulatory burdens have on our small business owners. They also brainstormed on allowing for a better environment to create jobs in North Las Vegas. Among the topics discussed by the bipartisan crowd of small business owners were the challenges of SBA funding, difficult tax codes, the effects of a minimum wage hike and overtime rules. If you’re located in the Las Vegas area and your business has been affected by over-regulation, please let the congressman’s office know at kelly.espinoza@mail.house.gov.

Here are some images from the town hall meeting.

 

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CMA Las Vegas Office Hosts Open House

The CMA Las Vegas Office recently hosted an open house and networking event for nearly 50 Las Vegas-area credit managers, CMA Members and Board of Directors members, on May 20. The open house is an annual event with the sole purpose of allowing members to meet and network in an informal setting. Below are some pictures from the event. Thanks to everyone who came out, and we look forward to creating more networking opportunities for Las Vegas-area credit managers in the near future.

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Because “That’s the Way We Always Did It” Doesn’t Cut it Anymore, by Larry Convoy

Larry Convoy, lead group facilitator
Larry Convoy, lead group facilitator

To change successful formulas or brands takes courage. Sometimes it works (Datsun becoming Nissan), sometimes it doesn’t (remember the “New Coca Cola”?). But in this current environment, where you can close or lose a multi-million dollar deal by touching an app on your phone, being passive will leave you behind the crowd.

For that reason, CMA is taking an aggressive approach with its new CREDITSCAPE Summit. CreditScape is unlike any other education activity CMA has ever offered. For one, the topics were created from feedback direct from CMA members about items they need to know. It focuses on only one topic (collections), and covers it thoroughly. If your idea of an educational event is to sit and passively watch a PowerPoint presentation given by someone pushing a product or book, this is NOT for you.

CreditScape will present collection options, not by a vendor pushing their services, but by credit managers who are actually using them so you can hear about their experiences. It will allow you to break into small groups and brainstorm various scenarios and hopefully come up with better ways to run your collection department.
CMA is offering workshops, role playing, a collaborative approach to learning instead of the standard classroom style for the credit and collection manager and their staff.

The event takes place September 17-18 is the Tropicana Hotel in Las Vegas.

Brainstorm with your peers, hear their procedures, tell them yours and then divide into smaller groups and address the issues presented. Leave Las Vegas with some solutions to your collection issues and real-world case studies, ones that you can implement immediately.

All credit professionals are encouraged to look over the agenda for the conference and decide if you’re ready to learn the latest in collections by being a participant, not a spectator.

You can register now at www.creditscapeconference.com

I hope to see you in Las Vegas.

Larry Convoy
Lead Group Facilitator
Credit Management Association

Registration now open for the 2015 CreditScape Fall Collections Summit

CreditScape Fall Summit Logo

Registration is now open for the 2015 CreditScape Fall Summit, which will focus solely on improving attendees’ collection practices. The conference, a collaboration with commercial collection partner AG Adjustments (AGA), takes place September 17-18, 2015 at the newly renovated Tropicana Hotel on the Las Vegas Strip, featuring two days of hands-on workshop training, expert practical and legal advice, and networking with other credit professionals.

Register now at www.creditscapeconference.com

CreditScape will be unlike anything else CMA has ever done before because:

  • It takes a different approach to a conference in that it focuses on only one topic, and covers it thoroughly
  • CMA members have asked for more information on collections
  • The summit takes a different approach to learning by collaborative exercises with other credit managers in a workshop approach instead of the standard classroom style
  • CMA members’ input will comprise the curriculum, to give credit professionals exactly the content that they need.

Topics will include:

  • Effective collections communications strategies
  • Understanding the AP process & cycle at a member company
  • The “Collection Prevention Department”: Collection mitigation tools like UCCs, Liens, and Credit Insurance
  • If my company sells internationally, how can I collect the payments? Where to go for information on collection protocols for other countries?
  • How to leverage automation for better collection results
  • Developing and managing a third-party collections process: insourcing, outsourcing to third party agencies, legal, and bankruptcy administration
  • Using data and analytics to drive collections effectiveness
  • Power phone collection techniques
  • Collections best practices tips
  • Advanced Collection Techniques (Pre and Post judgment) and when to use your collection attorney
  • Bullet-proofing your credit application to make it enforceable
  • Legal compliance and best practices: Standards for commercial collections, including personal guarantees
  • How to hire and retain the best collectors: Interview techniques, skills you’re looking for

A complete schedule of topics, including speaker information, will be announced during the summer. Credit professionals can visit CreditScapeConference.com to register now.

President’s Blog: Why I’m Excited About the CreditScape Fall Summit, by Mike Mitchell

CMA President Mike Mitchell
CMA President Mike Mitchell

I am really excited about our newest program, the CreditScape Fall Summit, focusing solely on Collections. First of all, I have to thank all of our members who participated in the CreditScape program development survey. We have received almost 100 responses from you with very valuable feedback on the topics and challenges you feel are important for getting better collection results. We are committed to considering input from our members and creating curricula that addresses your challenges as we design all of our education and training programs.

Additionally, in talking directly with members and subject-matter experts about the main focus of CreditScape, collections, my own view of collections has changed. I always thought of collections narrowly as a process for collecting overdue invoices. I now see it as a broader discipline that begins as soon as a sale is made. So, in addition to the mechanics of making demands for payment, the CreditScape will include many other aspects to ensure timely payments and effective accounts receivables management.

I am also excited about the format of the Summit. I have now attended and hosted probably close to a hundred conference-style events, most of which were in classroom-style lecture presentations. Recently, I have attended several events where a concerted effort was made to incorporate audience collaboration into the learning experience, and when done well, gave participants a much greater sense of value for their time spent, and I personally got a lot more out of those types of sessions. Bringing that approach to CMA, while subject matter experts will still share their experiences with credit practitioners, much of the learning at CreditScape will come from practitioners sharing experiences with each other in workshop-style settings. This might be the perfect opportunity for credit and collections teams to get away from the office for a couple of days to pursue a journey toward process improvement.

Our goal with CreditScape is to provide an opportunity for credit practitioners with all levels of experience and expertise to come together to share successes and solve problems around collections and accounts receivable management. Everyone has something new to learn or something valuable to pass down that could help drive better results. You don’t know what you don’t know, and what you don’t know could be hindering your success.

And speaking of what you don’t know, I mentioned in my last blog that I had enrolled in the Business Credit Principles Online course. Since I am not a credit practitioner by trade, I have learned a lot about what credit professionals face every day, and the myriad of factors that have to be considered before a simple credit decision can be made. Clearly, it’s not that simple, which is why not just anyone with an accounting degree or with a general business background (like me) can perform effectively without a great deal of training and dedication to the profession. The real value in continuing education, even if it’s in an area with which you are already familiar, is that you don’t know what you don’t know, and I have had a great experience with instructor Paul Beretz discovering what I don’t know and putting it to good use.

By the way, I personally valued the Business Credit Principles course so much that I enrolled in Beretz’s Financial Statement Analysis course. Stay tuned…

What’s new at CreditScape 2014?

CreditScape 2014

In four weeks from today, many of the greatest minds in credit management will gather at the Palms Hotel in Las Vegas at CreditScape, the 2014 Western Region Credit Conference.

If you haven’t already signed up for the conference, here are 10 new reasons to attend:

1. NEW TO WRCC: Top-notch presenters and program moderators, including Chris Kuehl; Steve Zipkoff; Lisa Wright, Esq.; Rita Jo Schilling; Steve Ragow; Romelio Hernandez; Andrew Edlefsen; Bob O’Brien; Kelly Brockway; Joyce Simas; Ross Cirrincione; Lee Clutter, CBA; Tracy Rosenbach, CCE; Jennifer Walsh, CCE; Elissa Miller, Esq.; Michelle Herman and Diana Crowe.

2. As the Credit Industry keeps changing, lots of information has changed since last year. Keep current on the latest trends in credit management.

3. With the economy going global, CreditScape offers a bigger focus than ever before on international issues.

4. New Industry Huddles provide a forum to network with credit managers in the Construction, Food and Technology industries.

5. Sessions “tracks” include fundamental credit principles, legal, international, collections and finance to help make it easy to pick your conference schedule.

6. More than 10 new topics/sessions that have never been featured at this event before!

7. Looking for inspiration to excell at your job? Several sessions have been created to inspire you, including Reinvent Yourself 101, Understanding Your Communication Style and Delivering Customer Delight

8. “Fly Me to the Moon” Event on Thursday night offers a fabulous reception at the Moon nightclub for all registered conference attendees. The Moon is a sultry penthouse nightclub with one of the most spectacular architectural features in Las Vegas – a massive retractable roof that opens up to provide a mind-blowing view of the stars above. Located at the top of the Palms Fantasy Tower, Moon’s dramatic, surreal environment is truly out of this world. Come play among the stars!

9. CreditScape is still the only conference of its kind on the west coast, offering credit education to credit managers by credit managers at an affordable price.

10. The venue (The Palms Hotel) is new too.

Learn to navigate the credit landscape…register now ( http://creditscapeconference.com/registration-payment/ )

I hope to meet you in person at the conference!

Western Region Credit Conference Early Bird Registration Ends Friday, Aug. 15

I wanted to remind our readers to make plans to attend the NACM Western Region Credit Conference: CreditScape by this Friday, August 15, as NACM members will save $100 on conference registration by that date.

This three-day conference, October 15-17, 2014 at The Palms, Las Vegas, Nevada, offers in-depth education sessions, top-notch keynote presentations by industry experts and networking opportunities with the best and brightest minds in credit and collections.

Changing laws, technologies, and markets continuously alter the credit landscape and make this a must-attend event.

Register now.

Here are FIVE CAN’T-MISS SESSIONS at this year’s event:
• How to Analyze Customer Liquidity
• How to Secure Transactions in Mexico and Latin America
• New Rules, Developments and Trends in Credit Laws
• What the Recent Data Security Breaches of Major Retailers Means to Vendors
• How Exporting Can Increase Your Sales

With 18 breakout sessions geared towards every level of credit professional and risk manager, the CreditScape Conference focuses on the credit horizon and shows you how to navigate the shifting credit landscape.

There’s no other program that offers this level of credit education at this price.

Need to convince your boss about the conference benefits?

We realize that every penny counts and sometimes it’s difficult to convince upper management to invest in your future. That’s why we’ve created a letter for you to download and use to explain to your boss why you must attend this conference.

Download the letter here.

At CMA, we believe that the content of this conference cannot be missed in order to keep up with the changing credit landscape. The question isn’t will you attend, but how can you afford not to attend?