Tag: Credit Management

Conflict is unavoidable. It can arise at any moment in your personal life and professional settings, whether between peers or even within yourself. But what do you do when conflict crosses over the line of leadership?

Total bankruptcy filings increased 18% year-over-year in 2023—likely due to high interest rates, maturing business loans and inflation. Chapter 11 bankruptcies increased 72% year-over-year and Subchapter V filings rose 45%, according to a report from Epiq. “While representing a substantial year-over-year increase, total bankruptcy filings remain lower than the pre-pandemic total of 757,816 recorded in CY2019,” the report reads.

All credit management responsibilities stem from one essential skill—the ability to form strong relationships. Business relationships have many layers, all of which credit managers must master. In global trade, credit professionals should try to understand the cultural differences of their customers overseas to ensure a successful relationship.

Housing starts rose to a 1-½-year high at 14.8% in November. According to a mid-December report from the U.S. Department of Commerce, permits for future construction of single-family housing in November increased to the highest level since May 2022.

Leadership is not just a title; it’s a commitment to steering the course of an industry that is ever evolving. The National Association of Credit Management (NACM) proudly introduces its newly appointed chair, a seasoned professional with a proven track record of excellence … JoAnn Malz, CCE, ICCE, director of credit, collections and billing at The Imagine Group LLC (Shakopee, MN). As a dedicated credit professional and NACM member, Malz has big plans and a strategic vision for the future of the industry and our association.

We all know the saying “cash is king” rings as a true statement in the credit world. It’s critically important to look closely at where and how a business generates its cash, looking no further than the Statement of Cash Flows. This statement provides information on a business’s cash during a specified period, helping credit professionals analyze its financial health. Understanding cash flow is critical for assessing risk and the financial outlook of a company.

As we usher in the new year, we thought we’d examine the shifting currents of the workforce. Let’s unravel the latest labor trends and workforce challenges identified in eNews poll questions. A recent poll indicated that 32% of credit professionals point to an increased workload as a big challenge while navigating layoffs or workforce adjustments within their credit team closely follow. Maintaining team morale amid the fear of potential layoffs is a challenge for 14% of respondents and another 14% have struggled to hire and retain skilled credit managers.