Red Flags That Warrant Consideration for Renegotiating Terms
Every day that a B2B payment is late, the value of that receivable to the creditor declines. What’s worse is that if a late payer ends up in bankruptcy, it takes the rosiest-colored glasses to hope for more than pennies on the dollar. Spotting negative warning signs and trends among customers in advance of troubled […]
Winners and Losers: They Call Alabama the Crimson Tide, Call Me Deacon Blues
By: David Conaway, Partner, Bankruptcy Practice Administrator, Shumaker, Loop & Kendrick, LLP In Bankruptcy Code Section 363 sales of assets, there are winners and losers. Chapter 11 is known as a forum for reorganizing or selling a financially distressed business. If a Chapter 11 reorganization is not possible, a sale of assets may create investment opportunities for […]
Important Actions to Maintaining a Healthy Business Credit Score
There are many risks associated with a poor business credit score. The good news is, there are many things you can do to improve your business’s credit score and maintain a high credit score as your company grows. In the following pages, we’ll show you five simple steps you can take to improve your company’s credit […]
The Right Approach to Conflict
There are five primary approaches to dealing with conflict: 1) Authority, 2) Compromise, 3) Avoidance, 4) Accommodation, and 5) Collaboration. Many people are comfortable with a few of these approaches but not with all five. If you misuse, overuse, or under-use any of the five, you take a risk the conflict will become worse. Review […]
Eight Reasons to Use a Pro Forma Invoice
A pro forma invoice is an abridged or estimated invoice sent by a seller to a buyer prior to shipment or delivery of goods. It identifies the kind and quantity of goods, their value and other information such as weight and transportation charges. They’re typically used as preliminary invoices with a quotation or for importation. […]
Think of Construction Job Information Sheets as Credit Applications
Obtaining the necessary job information for any construction project means much more to a supplier or subcontractor than simply checking boxes and scribbling a word or two into yet another form that needs filling out. Construction credit managers should view their job information sheets on a par with customers’ credit applications in level of importance. […]
NACM Member Credit Card Acceptance Program
Credit and Sales: Working Together for Profit (Best Practices and Legal Considerations)
By: David Feigenbaum, CCE & Scott Blakeley, Esq. The history of the relationship between sales and credit departments is a long, often painful one with story upon story of unhappy encounters between two parties who appear at first glance to have diametrically opposed objectives. But are their objectives really opposed? If the relationship is truly understood […]
Beware Troublesome Terms and Conditions
Boilerplate terms and conditions attached to the various purchase orders (POs) have become almost typical to find as a credit professional. These stock terms, however, not only don’t always apply to the specific transaction or type of business they’re involved in—terms and conditions are often geared for manufacturers or contractors—they can, if ignored, lead ultimately […]
Effective Negotiations
Being able to negotiate effectively is an important skill because almost everything is negotiable. The ultimate goal is to reach an agreement where both parties feel as if they have won something. Typically people don’t like to negotiate because they have doubts about their skills. Negotiation takes a lot of work and practice. With some […]