Every Friday, we select a few articles from the week that we think are worth your time as a construction financial manager (CFM). We look for compelling articles not only about financial topics, but about business, technology, and life, that challenges you to think about your role as a CFM in different ways. We’d love to hear from you about how we’re doing, and to have you join our community by subscribing to receive this weekly post by email. Follow #CFMReview.
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To Get Paid, Talk It Out
2,707 people filed complaints against debt collectors with the Consumer Financial Protection Bureau (CFPB) in November, 2014. The number one reason (43% of responses) for complaints was repeated attempts to collect debt not owed, and the second (19%) was “communication tactics.”
The Folks at TrueAccord point out that this issue often takes hold at the beginning of the process, with the original creditor. Outdated systems, confusing terms, and unorganized processes can lead to confusion and misreporting about what is owed.
I like TrueAccord’s optimistic tone. They understand that debt issues are often a matter of miscommunication, rather than aggression or dishonesty (though that certainly is responsible some of the time). TrueAccord—collections experts and one of our favorite bloggers—paints a clear message: Good communication and organization will smooth your process of collecting payment and better relationships with customers.
Have a read: These two common mistakes put creditors in hot legal water
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The Short List of Lists
1. From Construction Executive, a list of hot products “designed to help contractors work more efficiently, more productively and more profitably.” Don’t write off products that can’t be implemented in an office. Though not everything on this list is immediately relevant to a credit manager’s day-to-day, most of these technologies have one thing in common: they’ll help your construction company get paid.
2. Even CFMs need to get around. This week’s Free App Friday in Fast Company presents 5 tools for improving your commute. I suggest checking back with them every Friday (right after you’ve read my post!).
3. As sad as I am about my Saints not making the playoffs, I’ll still be watching football this weekend. In honor of the conference championships, have a look at the 10 Types of NFL Quarterbacks, from Nate Silver’s FiveThirtyEight blog. (If you’ve got any math nerd in you, you’ll love this one.)
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