If your Industry Credit Group is anything like some of our other groups, your participation has never been more vital to your company.
We are seeing the super stores (Costco, Home Depot, Walmart, etc.) taking a very substantial market share from the small- to medium-sized businesses. Amazon and other internet-based sites are making it easy for anyone to order any product regardless of where they are located. The days of neighborhood stores and reliable customer service are being replaced by free shipping and easy return policies.
The best way to stay ahead of this trend to protect your company is by participating daily in your industry credit group.
By posting alerts, you not only send out a warning, but it might trigger another member to look at their aging and see the same customer slowing and now a pattern develops. This is exactly the scenario that saved members of the Underwater Sports group from large losses when two major sporting goods companies filed BK in 2016. Post your alert at the first sign of slowness.
By requesting and responding to RFIs, you get a complete picture of the customer you are dealing with. Can the customer handle the total outstanding balance on the report? How is he paying his other suppliers?
The third advantage you have is the monthly meeting/ conference call. There is no other profession where companies share trade and Best Practices with their competitors for their mutual well-being. The meeting is about 90 minutes including lunch, the calls are usually half that time. There is no task that can be performed in that time span that could have a greater financial effect on your company.
There are some extraordinary people in CMA’s groups that know that if they pick up one piece of information at a meeting, on the call or through an alert/RFI, it is time well spent.
The date or call in number is located on your group home page on www.anscers.com. Plan on participating at your next meeting and throughout the year.