Business Practices Archive

Late payments can be a headache for even the most successful businesses in any industry—putting cash flow, customer relationships and business costs at risk. While most companies use late fees or other penalties to encourage their customers to timely pay, early payment discounts can also be a successful strategy to ensure timely (or early) payments.

In a landmark 5-4 decision in Harrington v. Purdue Pharma that will significantly reshape corporate bankruptcy practice, the U.S. Supreme Court resolved a circuit split regarding the authority of a bankruptcy court to approve releases in favor of non-debtor entities without the consent of impacted third parties. Reversing the decision of the Second Circuit, the Supreme Court’s narrow majority held that such non-consensual releases—other than in the context of asbestos-related claims—are not authorized under the Bankruptcy Code. 

In today’s fast-paced business world, multitasking has become a key skill for professionals across industries. Multitasking is the ability to perform multiple tasks at the same time. It can sometimes look like juggling meetings or handling various projects both big and small.

Supply chain compliance is vital for businesses to maintain ethical standards, mitigate risks and uphold reputation contributing to long-term success and resilience in a globalized economy. Why it matters: To avoid security, financial or other risks from vendors, credit professionals must adopt best practices in supply chain compliance.

Since Colorado first legalized medical cannabis in 1996, more than half of the U.S. has legalized marijuana for recreational use today. But possession and distribution or sale remains illegal under federal law—meaning any money that can be traced back to state cannabis operations could expose banks to significant regulatory risk. Why it matters: Understanding the implications of liability is key for everyone in states where marijuana is legalized and for those conducting business with companies in these states. For credit professionals, there are many questions regarding how or if you sh…

De-escalating customer conflicts is a routine part of the job for trade credit managers. Why it matters: Understanding and effectively managing customer conflict is vital because it directly influences a business’s financial well-being, reputation, and overall trajectory. To address this challenge, we have compiled a list of proven strategies that credit professionals employ to effectively manage and de-escalate even the most difficult customer scenarios. #1 Say less, listen more By listening to your customer, you promote expression and understanding, speeding up the journey to …

Outsourcing is a common business practice among companies that use external providers to complete business processes and tasks. Outsourcing became a recognized business strategy in the 1990s as companies shifted the responsibility of some in-house processes to outside firms. Some companies use a shared services model, staffed by their employees, where like business functions are consolidated into a single unit that operates as its own entity to deliver services to the entire organization.

Job satisfaction is the key driver of positive results. If an employee likes their job and all it has to offer them, they will stay loyal to the company. But job satisfaction can be broken down into many layers—and what one employee puts at the top of their list could be completely opposite of their colleague. Why it matters: This remains true for B2B credit professionals. Several factors can go into what promotes job satisfaction, both personally and professionally. By the numbers: A recent NACM eNews poll revealed 30% of credit professionals say work-life balance is the highest comp…