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November 1, 2011 BCMA - It’s All About You! Welcome to the latest issue of BCMA News! This month’s topics… 1. What’s Luck Got to Do With It? 2. Sage Advice for Trade Creditors From an Ex-Banker 3. Benchmarking Credit Policies: Reasons Some Credit Execs Do NOT Have a Credit Policy 4. Got a 30-second elevator pitch that would explain what credit does and its impact on the company? 1. What’s Luck Got to Do With It? At a recent Food Industry Credit Bureau's credit meeting in Quebec City, one of the keynote speakers was Alain Samson, author of "Make Your Own Luck." Samson has studied and written about the concept of "luck" and has identified 6 habits that will make you "luckier." The good news is that anyone - with some personal discipline - is able to "make their own luck." Here's how: 1) Choose to go farther in life. In discussing this first "habit," Samson notes that it will involve work. Critical elements in this habit include goal-setting, taking active steps to reach your goals, and having the capacity and willingness to postpone immediate pleasure for longer-term goals. 2) Harness your present opportunities. "By keeping an open mind to what the world has to offer," he notes, "by grasping every moment and reaping its benefits, you are increasing your luck. There is no magic involved. Lucky people simply view the world in a different way. They discover their needs with greater ease. This, too, is within your reach." How can you better harness your present opportunities? He cites two keys: First, relax. Second, remember that you're surrounded by great people and information. 3) Anticipate the future optimistically. "Lucky people," Samson notes, "anticipate that their lives will go well." In sports, the concept of "visualization" (i.e., visualizing a winning tennis match or individual shot, let's say) has been proven to work time and again, and Samson echoes that habit for those seeking to improve their "luck." On business projects, the lucky ones, he says, "are able to visualize completing the work on their path to whatever they hope to achieve. Unlucky people are more inclined to envision the obstacles present on their path to success." 4) Nourish your current social network. There are several things at play here. First, you can't "do it alone." Second, it's simple mathematics. "On average," says Samson, "a human being knows approximately 250 people. Therefore, when you shake my hand, you run the chance (if you are sympathetic and know to ask me for help) of meeting my approximately 250 contacts. "Assuming that these 250 people each know another 250 people, with two handshakes you have now opened yourself up to a potential network of 62,500 people." He identified four keys to nurturing and building your social network: a. Go out! b. Stop ignoring the people that you meet each day. c. Keep your contacts happy. d. Learn to interact with people solely for the pleasure of their company. 5) Contextualize the foreseeable. In large part, believes Samson, "what distinguishes the lucky from the unlucky is their reaction when facing the obstacles that appear between them and their dreams." A key to this is the ability to let go when an unfortunate event comes up in your life. "Lucky people can. Unlucky ones, on the other hand, tend to fixate on the event and allow it much more importance than necessary," says Samson. 6) Execute actions without procrastinating. Both inertia and rationalization keep most of us from moving forward. And certainly, overcoming those two powerful forces is easier said than done. His advice? a. First, stop trying to manage the stage. b. Always give your best performance. c. Start with what you know. d. If a project seems too large and unmanageable, break it down into smaller bits. e. Don't aim for perfection! f. Be passionate! You probably didn't notice, but the first letter of all of the above steps to increase your luck spell out the word "CHANCE." Of course, the real message is that your luck is anything but chance!
2. Sage Advice for Trade Creditors From an Ex-Banker
1.3. Benchmarking Credit Policies: Reasons Some Credit Execs Do NOT Have a Credit Policy
Synopsis: Although only 18 percent of survey participants reported that they did not have written credit policies, most clearly feel having written policies is valuable. In fact, creating a written policy and procedures manual is an agenda item for most, though until now, other priorities or circumstances have gotten in the way. Here's what they had to say on this issue. "Currently I'm establishing a policy, as I joined my current company recently." - Mohamed Affan, Group Credit Controller (no company listed) "It's all in my head and I've got the project on a back burner somewhere. Lame, I know." - O.B. Obrien, Credit Manager, Provvista Specialty Foods, Inc. "The size of our staff and the priorities of the department have put the written credit policy on the 'back burner' for the near future." - Jerry Irwin, Credit Manager, FETCO "We are a small company (growing all the time). We are just beginning to formulate an 'official policy.' Currently, it's all word of mouth and it's up to me to monitor compliance." - Patricia Dolceamore, Credit Manager, Visual Sound, Inc. "We have a set of policies and procedures covering our key internal control points for SOX compliance, but we do not have a comprehensive written credit policy." - Frank Parker III, CICP, Credit Manager, Evergreen Packaging Inc.
4. Got a 30-second elevator pitch that would explain what credit does and its impact on the company? Our Credit Today Listserv members responded to the following question: “I wanted to get the group’s input on a 30-second elevator pitch that explains what credit does and its impact on the company.” - William J. Kesman, Credit Manager, Americas, Marine & Protective Coatings “My belief has always been that Credit is an extension of Sales. We have to make a sale twice, not just once like sales. First, by getting the customer to agree to pay for what they've already received, and then second, by making them satisfied enough that they come back and buy again. "We're paid to manage the company's risk (not necessarily eliminate it or even in some cases not to minimize it but to understand and make sure management is aware of the risks) with the benefit of the sale. I believe it is our responsibility to always find a way to make a sale. It might be cash in advance, but we have to find some terms to offer to be able to make every sale. We're not paid to say NO. We're paid to say YES, under these terms. "We manage our company's second- or third-largest asset (AR) in most cases and has a big impact on the company's cash flow." - Chris Finch, Credit Manager, Sumitomo Electric Lightwave Corp “We strive to ensure as best as possible that raw materials (revenues) will become finished goods (cash receipts).” - Vic Woodring, Universal Electric Corp., Finance | Risk Management “Here is our Mission Statement, or elevator pitch. "We will support JDA's sales objectives while minimizing financial risk in order to deliver professional customer service and lowest possible DSO, by focusing on excellence in Accountability, Teamwork, Quality and Timeliness" - F. Javier Vela | Senior Credit Manager, Global Credit Services, JDA Software “Here is our mission statement: "Gather, analyze and interpret customer credit information in order to make timely credit decisions in an effort to maximize sales and minimize risk. Coordinate this effort with consistent collection practices to ensure proper cash flow for the company." - Bruce B. Galletly, CICP, Director of Credit, Teknor Financial Corporation “My 30 second pitch would be our mission Statement for the Department: To maximize sales and minimize risk, while being of service to our internal and external customers through partnership. "Four Posters hang in our office: 1. The Mission Statement (above) 2. Be of Service 3. Plan and Execute 4. One Company, One Voice” - Jim Lewis, Corporate Credit and Collection Manager, Heilind Electronics Inc and DB Roberts Inc “A global credit & collections team focused on collection effectiveness, quality receivables, limited bad-debt write-offs, while encouraging sales growth and responsiveness to customer expectations.” - Jerry A. Drake, CCE, Director, Credit & Collections, Apogee Services, Inc. T o learn more about subscribing to Credit Today, check out our web site at http://www.credittoday.com/Credit Today Benchmarking Survey- 2011 Improvement Initiatives -- Many Different Things Going On Credit Today 2011 Outlook Survey Reveals a Changing Risk Scenario Benchmarking Survey on Meetings Looks at the Worst Meeting Experiences - Learn What to Avoid! |
