Written By: Keith Prather, Armada Corporate Intelligence
Analysts have been disjointed on the direction of the economy and whether a recession will hit, when it will hit, and how deep or shallow it might ultimately be. Even today, with Q4 coming in hotter than expected, debates rage over whether Q1 will usher in the start of a mild recession or whether the country will push it until later in 2023, or whether it will come at all.
For the credit management industry, the important factor to watch is the Federal Reserve and the actions it continues to take on interest rates to tame inflation.… Read the rest
Kendall Payton, editorial associate, NACM National
The countdown for NACM’s 127th Credit Congress and Expo has begun! Join us from June 11-14 at the Gaylord Texan in Grapevine, Texas for the largest convention of business credit and financial management professionals in the nation. All attendees will have the opportunity to network, speak to exhibitors one-on-one, and learn from expert instructors.
Credit professionals can personalize their education experience at Credit Congress to fit their needs and interests. New additions in 2023 include the Strategic Leadership education track and the Exhibitor Solutions Hub. The leadership track is designed to help credit executives transition from operational to strategic positions, with sessions aimed at professional development. Learn how to work with the C-Suite of players from Chris DeVany, founder and president of Pinnacle Performance Improvement Worldwide.… Read the rest
When a credit grantor is selling a sole proprietor, partnership, small corporate entity, or has obtained a personal guarantee, you should consider obtaining a consumer report on the owner(s) of that business. Although, the Fair Credit Reporting (FCRA) permits the use of a “consumer credit report” with a permissible purpose, it is recommended that you include the authority to obtain an individual report within the body of the application or as a separate document. If the personal guarantee is part of your credit application there should be a clear delineation from where the credit application ends and the personal guaranty begins. The signature line for the personal guaranty should be separately signed without a designation of title.… Read the rest
2023 is here, and there is still time to make New Year’s Resolutions, consider making workplace productivity a priority. 2022 was riddled with stories of workplace burnout and fatigue. Luckily, we’ve found a few tips to turn that around and get you moving in the right direction.
Learn To Say “No” Start saying “no” to habits that waste precious time—whether that’s scrolling through social media or doing favors for others, prioritize your time to get your work done. If you don’t have time to answer someone right away, send over a voice note or the FAQs page or “simply respond slower so they have the chance to find the answer for themselves,” reads a Forbes article.
Since its inception, the CMI has been a startlingly accurate economic predictor, proving its worth most notably during the recession.
The CMI is created from a monthly survey of U.S. credit and collections professionals. The survey asks participants to rate whether factors in their monthly business cycle—such as sales, new credit applications, accounts placed for collections, dollar amount beyond terms—are higher than, lower than, or same as the previous month. The results reflect the entire cycle of commercial business transactions, providing an accurate, predictive benchmarking tool.
CMI reports are released to the media the last business day of each month. View the latest report. If your business extends credit to other commercial businesses and you are located in the 50 US states and US territories, we encourage you to participate in the survey.… Read the rest