by Nancy Seiverd | May 2, 2023 | Feature Article
It’s coming up to Mother’s Day again and for all those who still have their sweet and tender mothers (this also includes wives, grandmothers, mothers-in-law, and anyone who might fall into the “mother” category), trying to find that special gift can be a...
by Nancy Seiverd | May 2, 2023 | Uncategorized
Are credit and collection positions immune to the difficulties that a bad economy can often bring with it? In strong economies, when business is booming and customers have more than the usual amount of cash to pay their debt obligations on a timely...
by Nancy Seiverd | May 2, 2023 | Dear Crabby
Dear Crabby, I’m the collection person at our company and I’ve been employed here for decades. About two years ago I had an illness that kind of wiped me out and I was off work for several months. Although I made a complete recovery, there were some physical changes...
by Nancy Seiverd | May 2, 2023 | Poll
Take the Poll - You have overlooked a customer that you now realize is 75 days past due. Do you:Call immediatelyStop all shipmentsSend out a demand letterFind out why this account was overlookedSome of the aboveAll the aboveChoose I was talking with a client recently...
by Nancy Seiverd | Apr 4, 2023 | Feature Article
It’s April and as I walk around the neighborhood, I’m enjoying seeing all the flowers coming up. First there are the daffodils, followed closely behind by the tulips. There is one house that always has a magnificent display of flowers throughout the spring, summer,...
by Nancy Seiverd | Apr 4, 2023 | Uncategorized
We recently received a claim for quite a large amount at about six months passed the due date from a regular client we have supported for many years. During our long relationship, I’ve become good friends with the credit manager who has worked at her...
by Nancy Seiverd | Apr 4, 2023 | Hector the Collector
Hi Everyone, It’s Hector here! Not sure what’s happening by you but in my neck of the woods, there have been a lot of April showers. The streets have become a little flooded, there are puddles everywhere, and the weather continues to be gray, drizzly, and cold....
by Nancy Seiverd | Apr 4, 2023 | Poll
Take the Poll - As a credit professional, have you ever asked your customer to provide a certificate of business insurance?No, and it’s not on my radar.No, but should I do so?I have thought of it when I’ve seen large assets.Yes, on occasion I have requested...
by Nancy Seiverd | Mar 7, 2023 | Feature Article
During the past forty-seven years, CMI has had the honor of having several team members contribute to our success for three or more decades. Over this period, getting to know each of them professionally and personally has been extremely rewarding. Each one is highly...
by Nancy Seiverd | Mar 7, 2023 | Uncategorized
As credit professionals, there is a tendency to look at only the most familiar current assets and liabilities on the balance sheet of a prospective company. If the current or quick ratio turns out to be acceptable, we quickly move on to the next credit request. But as...
by Nancy Seiverd | Mar 7, 2023 | Dear Crabby
Dear Crabby, I have been the credit manager at my company, a confectionary goods distributor, for the past 35 years and our customers are retail shops across the nation. Although I’m in my sixties, I still have a lot of energy and motivation to do my job....
by Nancy Seiverd | Mar 7, 2023 | Poll
Take the Poll – How Would You Rate Your Company’s Customer Service?I’d rather not sayWe’re really trying but…Depending on the day, not too badThe feedback is that it’s getting betterOverall, we’re pretty goodChoose An associate of mine was telling me about the...
by Nancy Seiverd | Feb 8, 2023 | Feature Article
Like hundreds of millions of people around the globe, February 14th is your day to either receive a special gift, give some special flowers, or both. In the US and the UK, Valentine’s Day means heart-shaped cards and heart-shaped boxes of chocolates. But...
by Nancy Seiverd | Feb 8, 2023 | Uncategorized
I had a fascinating discussion recently with a colleague of mine who was interviewing several candidates for their credit and collection manager position, and one of them was particularly intriguing. When the subject of compensation came up and the...
by Nancy Seiverd | Feb 8, 2023 | Hector the Collector
Hi Everyone, It’s Hector here and as always, I greatly enjoy reading your emails. One email that really caught my eye was from a collector who works at a national office supply goods chain detailing the problem he is experiencing with the office set up and...
by Nancy Seiverd | Feb 8, 2023 | Uncategorized
Take the Poll - From a credit perspective, how do you consider Goodwill on a customer’s financial statement?What is Goodwill?Don’t even look at it.I consider it based on its materiality.It can be very telling, and I consider its importance.Choose Like many of you, I...
by Nancy Seiverd | Jan 10, 2023 | Feature Article
First things first, let me wish everyone a very Happy New Year! Whatever holiday you celebrated, I hope you had a wonderful time with friends and family, and that you have lots of health and happiness in this New Year. As we enter the new year, I’m finding the...
by Nancy Seiverd | Jan 10, 2023 | Uncategorized
A few years back I wrote an article, Avoiding the Pitfalls of an Outdated Credit Application, and one of the things I mentioned was the importance of maintaining updated information on your customer’s credit application. The impetus behind that article had to do with...
by Nancy Seiverd | Jan 10, 2023 | Dear Crabby
Dear Crabby, As collectors, we always strive to get all of the invoices paid in full. But, in the manufacturing business where you send pallets or shipments out on a daily basis, you are bound to have discrepancies. These discrepancies include shortages,...
by Nancy Seiverd | Jan 10, 2023 | Poll
Take the Poll - What was your biggest credit risk management regret in 2022?Letting myself get persuaded by Sales to grant credit against my better judgment. Didn’t follow up quickly on some past due accounts.Watched DSO get longer and longer.Never got around to...
by Nancy Seiverd | Dec 12, 2022 | Uncategorized
...
by Nancy Seiverd | Nov 2, 2022 | Feature Article
Did you know that there are roughly 20 million American veterans in this country? Of this number, there are 6.4 million Vietnam War veterans over the age of 70. Many are not in such good condition, both mentally as well as physically. Sadly, there are many veterans...
by Nancy Seiverd | Nov 2, 2022 | Uncategorized
The other day when I was talking with some friends about our current economic situation, one of them mentioned that although they lost their job and their financial situation is stressed, for the time being they have several months of savings in their “emergency fund”...
by Nancy Seiverd | Nov 2, 2022 | Dear Crabby
Dear Crabby, I’m the collection manager at an elevator maintenance, repair, and installation company. We’re a small organization but have been around for decades in a major metropolitan area. We’ve developed a reputation for servicing those small businesses that...
by Nancy Seiverd | Nov 2, 2022 | Poll
Take the Poll - Should you send a long-term customer, who Is unfortunately now past due, a holiday gift?No, it would send the wrong messageNo, if we haven’t done so regularly in the past.Yes, it might keep our relationship on the positive side.Yes, especially if we...
by Nancy Seiverd | Oct 4, 2022 | Feature Article
As the summer comes to a close and everyone returns to their normal working routines, hiring managers are ready again to post jobs, schedule interviews, and shore up employment needs before the end of the year. There are a few factors that drive employment...
by Nancy Seiverd | Oct 4, 2022 | Uncategorized
It was a long and hot summer in my neck of the woods, which fortunately was periodically interrupted by the occasional downpour and cloudy day. But now that it’s October, it won’t be long before we’re donning our winter coats, and for my generation, our galoshes....
by Nancy Seiverd | Oct 4, 2022 | Hector the Collector
Hi Everyone! It’s Hector and I’m always pleased to receive your emails inquiring about collection ideas and issues. Over the past few months, I’ve been hearing from some of you regarding the use of automated pre-recorded collection voice messages to past due...
by Nancy Seiverd | Oct 4, 2022 | Poll
As a credit professional, when was the last time you accompanied your sales professional on a client visit?Can’t rememberWithin the last yearWithin the last six monthsJust recentlyOnly when necessaryChoose There’s no rule that a credit and/or collection team member...
by Nancy Seiverd | Sep 8, 2022 | Feature Article
Hope everyone had a real nice Labor Day holiday this year. It’s always a pleasure to meet with family and friends for an easy day of relaxation and enjoyable conversation. Among the many topics discussed is the fact that it’s not uncommon for us baby boomers...
by Nancy Seiverd | Sep 8, 2022 | Uncategorized
From time to time our agency is requested to be the “back-up servicer” on asset-based loans that have become past due. The term, “back-up servicer,” is a nice way of saying “third party collection platform.” We are also at times the collection platform for...
by Nancy Seiverd | Sep 8, 2022 | Dear Crabby
Dear Crabby, I am the credit manager at a small digital design graphic arts company (where we all were several hats) and have been in this position for about 10 years. It’s a great field to work in as it’s constantly evolving with many interesting technological...
by Nancy Seiverd | Sep 8, 2022 | Poll
Your customer just declared Chapter 11 bankruptcy but still needs your product ASAP to keep their line going. Do you:ship out the product on creditship out the product paid in advancecease shipment until the bankruptcy details become clearevaluate what to do based...
by Nancy Seiverd | Aug 9, 2022 | Feature Article
Last month CMI conducted a poll asking followers of its LinkedIn Company page to respond to how they keep distractions at a minimum at work. Somewhat surprisingly, 38% of respondents indicated that listening to music was their preferred concentration support method....
by Nancy Seiverd | Aug 9, 2022 | Uncategorized
With the global economy experiencing some very unusual developments, I would like to put on my basic economics hat and convey to you what I think is happening in the global economy and how to use simple foreign exchange risk strategies. But first, let me mention a...
by Nancy Seiverd | Aug 9, 2022 | Hector the Collector
Hi Everyone! It’s Hector and as always, I’m delighted to hear from many of you regarding your credit and collection issues. One idea I would like to talk about is the correlation between the size of a company and the role of the credit professional. In most...
by Nancy Seiverd | Aug 9, 2022 | Uncategorized
Do you let work dominate your life?Very littleSomewhatOftenGreatlyChoose Letting work dominate your life means having less time and energy for the people who matter to you. Whether it’s your partner, children, family or friends, they will be getting less time (and...
by Nancy Seiverd | Jul 12, 2022 | Feature Article
Staycations are the new way to vacation! But what exactly is a staycation, and how is it different from a vacation? Simply put, a staycation is a vacation where you stay at or close to home. For some people, that means staying in and enjoying their local vicinity...
by Nancy Seiverd | Jul 12, 2022 | Uncategorized
Hardly a day passes where we don’t receive a claim against a company with a very confusing network of subsidiaries, sister companies, or affiliates. Although the claim might be against a sister company, sometimes trying to figure which entity will ultimately be...
by Nancy Seiverd | Jul 12, 2022 | Dear Crabby
Dear Crabby, I am the credit manager at a small tools manufacturing company and recently, I’ve got the whole company angry at me, especially sales. Let me explain what’s going on. About six months ago, out of the blue, one of our best customers declared...
by Nancy Seiverd | Jul 12, 2022 | Uncategorized
What do you do to keep yourself from getting distracted at work?Listen to musicTurn off all musicLet calls go to voice mailMake a daily to-do listChoose Whether the distractions you experience at work occur because of someone else in the office or because you could...
by Nancy Seiverd | Jun 6, 2022 | Uncategorized
Father’s Day is coming up on the 19th and for many families, it’s a time to appreciate one’s father. Throughout the centuries, I suppose we could boil down a father’s role in the family as the protector and to “bring home the bacon.” Chances are pretty...
by Nancy Seiverd | Jun 6, 2022 | Hector the Collector
Hi Everyone, It’s Hector here and I hope all is well. Always a pleasure when I hear from many of you with your thoughts, ideas, and even complaints about life in the credit and collection lane. We credit professionals often end up trying to please everyone, but...
by Nancy Seiverd | Jun 6, 2022 | Uncategorized
Over the many years I’ve been in business, a regular reading and studying of the basic economic indicators has helped to me see the rhythm of how our economy works. As a credit professional, allow me to share with you my general understanding of the top three indices...
by Nancy Seiverd | Jun 6, 2022 | Uncategorized
Have rising gas prices directly affected your business?not at allslightlyconsiderablyvery much soChoose Small businesses have struggled over the past two years of the pandemic, facing shutdowns and closures, dealing with supply chain issues and a shortage in labor....
by Nancy Seiverd | May 3, 2022 | Feature Article
Mother’s Day in the US had several starts and contributors, but it is Anna Maria Jarvis (May 1, 1864 – November 24, 1948) who is credited as the founder of our national Mother’s Day holiday. Anna Jarvis’ campaign for a special day to...
by Nancy Seiverd | May 3, 2022 | Dear Crabby
Dear Crabby, I have been the controller at a US subsidiary for the past 11 years which has its headquarters in Germany. Like every year, in March our organization was audited. Normally when the auditors are here, they spend a great deal of time verifying...
by Nancy Seiverd | May 3, 2022 | Uncategorized
Every day there seems to be another revelation regarding the global economy. Although the Covid pandemic seems to have come under a reasonable level of control in the US and Europe, China has continued to implement severe anti-virus spread restrictions in some of its...
by Nancy Seiverd | May 3, 2022 | Uncategorized
Take the Poll - The invoice is now two months past due and your customer tells you for the first time that there was a problem with the product which is holding up payment. Do you consider this answer to behonestevasiveaggressive deceptiveChoose In the above scenario,...
by Nancy Seiverd | Apr 11, 2022 | Feature Article
Between the middle of March and the middle April, I get a little strange feeling in my stomach. Not only does it have to do with turning our clocks ahead one hour, but that corporate and personal taxes are coming due very soon. My thoughts swing back and forth...
