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A few years back I wrote an article, Avoiding the Pitfalls of an Outdated Credit Application, and one of the things I mentioned was the importance of maintaining updated information on your customer’s credit application.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...
by Nancy Seiverd | Apr 11, 2022 | Hector the Collector
Hi Everyone!It’s Hector and hope Spring has arrived in your area. As always, I appreciate hearing from you regarding your credit and collection issues and challenges, from which we can all benefit. I heard from one senior credit manager who has a full-time...
by Nancy Seiverd | Apr 11, 2022 | Uncategorized
In these unpredictable times, regretfully there are going to be instances where the scruples of some customers, for whatever reasons, may begin to fall short. Consequently, we need to be vigilant about the validity of financial statements submitted to support...
by Nancy Seiverd | Apr 11, 2022 | Uncategorized
Take the poll — How often have you had to pursue a personal guarantee to pay an outstanding commercial A/R? Don’t recall ever needing to do this. Once or twice.A few times.Several times.Choose Personal guarantees will often make the difference in collecting a...
by Nancy Seiverd | Mar 8, 2022 | Feature Article
If you didn’t know, it’s alright — I didn’t know either. But here we are with a wonderful event to keep our personal and professional spaces clean and tidy. National Cleaning Week begins each year on the fourth Sunday in March. It is a week-long lineup of...
by Nancy Seiverd | Mar 8, 2022 | Dear Crabby
Dear Crabby, I’ve been working as the credit and collection manager at a large heating & cooling equipment installation and maintenance company for the past 20 years, and about two months ago a new CFO came on board. From the start this person has been...
by Nancy Seiverd | Mar 8, 2022 | Uncategorized
Every business in every industry is ultimately susceptible to a disruption, stagnation, and becoming obsolete. As technology progresses or sudden events occur, many new opportunities will arise, while leaving many people behind who cannot change with the times. For...
by Nancy Seiverd | Mar 8, 2022 | Uncategorized
Do you deposit post-dated checks earlier than the check date?No, we wait until the date. On occasion with permissionSometimes if we think the customer/debtor might be in serious trouble.Yes, we do it as a matter of our normal operation. Choose Sometimes creditors will...
by Nancy Seiverd | Feb 7, 2022 | Feature Article
Who doesn’t love getting a gorgeous bouquet of flowers on Valentine’s Day? They are not only beautiful to look at, but they remind us of how special we are to someone. Along with a lot of chocolates and other delicious sweets, they make us feel like a million bucks. ...
by Nancy Seiverd | Feb 7, 2022 | Hector the Collector
Hi Everyone! It’s Hector and as always, I greatly appreciate hearing from you. Recently, as Valentine’s Day is coming up, readers have been letting me know about how company romances in the collection department are having an impact on collection performance. Before I...
by Nancy Seiverd | Feb 7, 2022 | Uncategorized
We often hear and read about ways to improve a company’s culture, but we often don’t realize the things that may be going on which are negatively impacting a company’s culture. Following below is my list (not totally comprehensive) of what I believe can nibble at...
by Nancy Seiverd | Feb 7, 2022 | Uncategorized
Has the Great Resignation Affected Your Workplace?Not at all.A few employees have resigned but it’s not noticeable.Several employees are gone and we’re hiring some replacements.We are definitely very shorthanded and need as many new staff members as possible.Choose...
by Nancy Seiverd | Jan 7, 2022 | Feature Article
I have to tell you an interesting story that occurred over the holidays. I bought a personal computer last year and to be on the safe side, I decided to sign up for one those 24-hour tech support services. Since I’m a very active nighttime computer user, being able to...
by Nancy Seiverd | Jan 4, 2022 | Dear Crabby
Dear Crabby,I wish I could tell you that I had a nice holiday and new year, but something was gnawing at me dampening my holiday spirit. Let me explain. I have been the credit and collection manager at a mid-size industrial electronics part distributor for the...
by Nancy Seiverd | Jan 4, 2022 | Feature Article
You can probably forecast winning at Monopoly if you are able to buy Park Place and Boardwalk early in the game. If you have the cash and can build hotels, before long, the other players who land on your expensive properties will be paying you big bucks. I wish...
by Nancy Seiverd | Jan 4, 2022 | Uncategorized
What’s your credit and collection goal for 2022?Collect more dollars with less resources.Improve on existing credit controls or implement new ones.Keep customers and sales reps happy. Minimize the risk of selling on creditGoing to just keep things on an...
by Nancy Seiverd | Dec 7, 2021 | Feature Article
...
