Albert Einstein once said: “The measure of intelligence is the ability to change.” As global credit professionals, we need to change and adapt if we are to succeed in a global world environment. But change does not mean to empty ourselves of our values and real nature—our core and substance—to adapt.
The 21st Century has introduced many challenges that credit professionals need to face and work with in order to succeed. One of the key challenges is the speed of change and the transformation of the digital and tech environment. This environment is forcing companies to seek efficiency to stay relevant. In the process, some have lost their humanity and human touch by depending on robots and machines.… Read the rest
Republished from the CFDD National Newsletter
Having served on both my local NACM Affiliate Board and CFDD Chapter’s Board, you might think I would have a unique perspective on both organizations, but actually, there are quite a few CFDD Portland Chapter members, past and current, that have served on both boards. We have a uniquely wonderful relationship here in the Pacific Northwest between CFDD Portland Chapter and our local NACM Affiliate – NACM Commercial Services. We support each other. Our local affiliate handles the Portland Chapter’s billing and sends out our monthly newsletter. Five of their staff are members of CFDD and we have an NACM liaison at all our monthly education meetings. When we hold a credit retreat, we work with NACM on scheduling, so that they do not offer a class on the same day as our retreat.… Read the rest
Once a thriving toy retailer, Toys R Us is no more. Debt struggles repeatedly struck the popular chain store in 2016 and led the company to hire a law firm for corporate restructuring the following year. In September 2017, the century-old New Jersey-based company filed for Chapter 11 bankruptcy, only to decide to liquidate in March 2018.
Despite the impending downfall, suppliers stayed supportive of Toys R Us by extending hundreds of millions of dollars in trade credit and lengthening invoice payment periods, hoping the retailer would turn around—an objective Toys R Us vocally expressed to its suppliers. Instead, Toys R Us left suppliers high and dry after announcing plans to liquidate its assets, close hundreds of stores across the U.S, and effectively leave suppliers unpaid.… Read the rest
Today, the Office of Economic Analysis presented its sixth of eight economic and revenue forecasts of the 2017-2019. This forecast is somewhat critical in that it is used to develop the Governor’s Recommended Budget for the 2019-2021 biennium which will be released in early December.
For the current biennium, revenues continue to beat predictions and as a result, the tax kicker in 2019 has been increased for the 2nd time from the previous forecasts. As you will recall, the kicker is provided in the form of an income tax rebate. One of the primary drivers for the kicker was the Federal Tax Cut that was enacted earlier this year. However, this return of money will also cause some strain on budget writers who are predicted to face nearly a $1 billion structural shortfall in meeting current service levels. … Read the rest
Congratulations to the following people who just passed their designation exams!
Travis Worthen, CBA – Hajoca Corporation
Timothy Reilly, CBA – Canfor Wood Products Marketing Ltd
Melissa Garcia, CBA – Bridgewell Resources LLC
Julie Gieber, CBA – OrePac Building Products
Alaina Worden, CBA – OrePac Building Products… Read the rest
Thank you to everyone who attended and sent their congratulations to Rod. We know there were many people who wanted to attend but could not make it. We wanted to share the slideshow we showed at the party and also a slideshow of the party.
… Read the rest