The Right Approach to Conflict

Oct 6, 2016

Posted by & filed under Business Credit Journal, Credit, Leadership.

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.Right approach to conflict, leadership

If you misuse, overuse, or under-use any of the five, you take a risk the conflict will become worse. Review the five situations below and decide which method of conflict resolution you would apply in each context, realizing there may be more than one good answer.

  • You are having an argument with your boss.
  • The other shift leaves a mess for your team to clean up.
  • A customer is harassing your receptionist.
  • You need to settle a dispute fast between two coworkers who report to you.
… Read the rest

Eight Reasons to Use a Pro Forma Invoice

Sep 30, 2016

Posted by & filed under Business Credit Journal, Credit.

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. Unlike a normal invoice, they aren’t a request for payment. They are often used before the sale is complete so that there are no misunderstandings.

Pro forma invoices are primarily used in international trade for the following reasons:

  1. They spell out details the seller deems important for the transaction.
  2. It is a universal instrument: All parties recognize an invoice regardless of language or custom.
… Read the rest

Think of Construction Job Information Sheets as Credit Applications

Sep 30, 2016

Posted by & filed under Business Credit Journal, Credit.

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. Without sufficient and accurate job information, the company’s ability to secure payment through a mechanic’s lien or bond for their projects may be in jeopardy.

In gathering this crucial information, one of the biggest day-to-day struggles for many companies is not having enough boots on the ground—either a credit professional accompanying sales representatives on customer calls or sales reps relaying the information to the credit team.… Read the rest