Posted by & filed under Business Credit Journal, Coronavirus, Credit.

Mar 19, 2020

Dear NACM CS Members,

We’re experiencing an extraordinary moment in our country and around the world – an instance where day-to-day activities and routines, both within our personal and professional lives, have been shuttered and extremely altered. What has become strikingly apparent, is the current situation with COVID-19 is fluid and information is changing by the hour or even the moment. It’s challenging to make any personal or business decisions that aren’t in question with the next hour’s developments. Rightfully, we share a collective apprehension of what was once a normal or routine business day. And, like you, we’re entirely focused on the safety and well-being of our staff, member companies, and anyone in our communities.

NACM CS is thankful we are staffed out of three separate offices and already have capabilities of some remote workers. To combat any risks associated with COVID-19, we’ve provided our employees, both in our offices and at remote locations, with guidance and advanced protocols for maintaining health and safety. We continue to be committed to member needs and are assisting with any credit inquiries on a daily basis. All industry group meetings for the remainder of March have been moved to an online platform and we are anticipating the same for April. Membership Appreciation Meetings and Annual Meetings have been canceled for April. The NACM CS Board of Directors will be meeting via an online platform. Our Foundation is considering alternative options for scholarship fundraising events we look forward to each year. We continue to monitor developments as we assess meetings, programs, or any scheduled events beyond April.

Credit professionals could face a very challenging career in the next several weeks, months and even years stemming from the COVID-19 pandemic. Member companies have inventory orders ready to ship that have been canceled and they are already dealing with requests to extend credit terms from their customers. Others are having to change their production rapidly based on heightened needs from the rampant stocking up by consumers. The probability of these issues increasing is extremely high. Without the knowledge of how long the pandemic will last, a crystal ball could be the best gift for your organizations, and specifically your credit departments. NACM has always strongly suggested you understand and have a good gauge on monitoring your organization’s existing portfolio. These extraordinary times will certainly be examples of the necessity to understand early warning signals and potential credit risks. There are plenty of automation tools to assist your credit department; now is the time to get these in place and ready to be working for your company. Don’t miss out on NACM’s educational opportunities on COVID-19 relating to supply chain risks along with the economic look from Keith Prather, Managing Director of Armada Corporate Intelligence, in this publication.

These are truly uncharted times and we’re learning right alongside you as we navigate COVID-19 together. We are proud of the resources NACM brings to the credit community, and we will always do what’s best for our members and partners. Call us – we’re here for you!

Jennifer L. Walsh, CCE
CEO
NACM Commercial Services

One Response to “President’s Message – Covid-19”

  1. Connie Barratt, CCE

    Couldn’t be said better! Even thought I’m not in the credit arena anymore, I certainly appreciate all you and your staff are doing to guide the members through these uncharted waters and scary times. Hope all is well with your family.

    Reply

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