Nov 18, 2020
It’s near December already! While most of us are wishing away 2020 as a year we want to forget (but can’t!), Credit professionals should be looking to clean up your company’s accounts receivable in preparation for year-end. This would include identifying accounts not paying timely, contacts who are not responding, and receivables growing more delinquent by the month. NACM is your partner in debt recovery and this is one of our busiest times of the year assisting member companies in collection efforts prior to year-end. I would encourage you to send NACMCS accounts you are struggling with rather than just writing them off. Or, perhaps you intend to write them off assessing your time is more valuable than the dollars owed. NACM can still attempt recovery on your behalf while you focus on other pertinent responsibilities.
How long has it been since you really looked at the language on your organization’s credit application? As you prepare for next year’s business, this is a perfect time to review terms and conditions on your application that protect your business while extending credit. NACM is a great resource for samples of legal language to help you review protections. Contact our customer service or your account executive for assistance. Also, are you taking advantage of an industry credit group? The credit department has climbed the ladder of importance for most companies during Covid-19, and your position needs to be resourceful to obtain the best information on your portfolio of customers. Industry groups have been really populated and your best resource to find the most up-to-date information from other companies also selling to the same customers. All meetings are virtual right now, so a perfect time to re-engage with an industry group or try one for the first time. Lastly, planning to invest in your personal career and your professional goals is timely right now. NACM’s professional designation classes begin in January as a live virtual class offering. Gain additional leverage in your profession by obtaining a designation to add behind your name!
This year’s holidays are going to be unique as families make decisions to keep things simple in light of Covid-19 restrictions. NACMCS will be hosting its holiday parties in a different form, as social gatherings aren’t an option right now. Be watching for an announcement on upcoming plans, as we will miss seeing so many members in person this year. I hear there are some nice prizes to be won and a little fun involved! I encourage each of you to find the silver lining for yourself and your families, even in our current conditions. The holidays are a perfect time for reflection and taking time for yourself. NACMCS is here for you as your #1 resource for all things business credit. Wishing everyone joyous holidays ~
Jennifer L. Walsh, CCE
NACM Commercial Services