CMA Daily News

Now accepting applications and nominations for Board of Directors

The CMA Nominating Committee is now accepting nominations and applications for service on the 2008-2009 Board of Directors. If you are interested in applying for a Director position, or you would like to nominate a candidate for service, please complete a Candidate Application or Nomination form and return it to CMA by January 14, 2008. Click here to download the forms. 

Board of Directors Qualifications and Responsibilities

As provided by the Bylaws of CMA, the Board of Directors oversees the general operation and sets policy for the Association. It is, therefore, essential that members of the Board understand their responsibilities and be willing to commit the time and effort necessary to do justice to this great organization.

The responsibilities and qualifications of a member of the Board are as follows:

1.      Read and be familiar with the Bylaws of the Corporation.

2.      A Board member is required to be the authorized representative of his/her company to CMA.

3.      Attend the Annual Meeting and Installation of Officers and Directors (or a similar – Chapter Annual Meeting)

4.      Attend Board meetings, five times per year, typically held on the fourth Tuesday of the month.

5.      Attend the Annual Board Retreat (2 days usually in May or June).

6.      Review and accept financial and operating statements of the Association.

7.      Review and approve reports of committees, project teams and boards of governors.

8.      Serve on various committees of the Association as assigned by the Chairman of the Board.

9.      Show support for the Association and its programs by participating in CMA’s member services and by attending educational and social functions, and promote CMA’s services to other members and prospective members at every opportunity.

10.  When possible, attend the annual NACM Credit Congress held each May or June, and/or the Western Region Credit Conference in September or October, sponsored by the NACM affiliated associations of the Western Region.

Visa, MasterCard and...Bill Me Later?

As online holiday shoppers rush toward the finish line, more of them may be choosing alternative ways to pay for goods than with credit cards.

Rising credit card rates, consumers facing maxed-out cards and security and convenience are some of the reasons for the shift.

“There are an increasing number of payment alternatives,” said Kurt Peters, editor of InternetRetailer.com, citing services such as eBillme, PaidByCash and Bill Me Later.

Click through to the full story on MSNBC.com

One-year Delay on 404 in the Works

SEC Chairman Christopher Cox is asking his fellow commissioners for another one-year reprieve for smaller businesses.

Click here for the full story on CFO.com

More Clicks Than Conversations

Shift to E-mail in Business Makes Crafting Meaningful Messages More Important

As professionals with overflowing inboxes may attest, people are doing more typing than talking when communicating on the job. Results from a recent OfficeTeam survey bear this out: Nearly two-thirds (65 percent) of executives prefer to receive e-mail over other forms of communication, up from 34 percent a decade ago. Conversely, the preference for face-to-face meetings, paper memos and voice mail has dropped.

Diane Domeyer, executive director of OfficeTeam, a leading staffing service specializing in the placement of highly skilled administrative professionals, noted that while e-mail offers convenience, this ease comes at a price. “Many professionals receive an overwhelming amount of e-mail, which makes it easier for messages to get lost in the shuffle,” she said.

The survey was developed by OfficeTeam and conducted by an independent research firm, and includes interviews with 150 senior executives at the nation’s 1,000 largest companies.

Executives were asked, “Which form of business communication do you generally prefer to receive?” Their responses:

		2007		1997
E-mail		65%		34%
Face-to-face meeting		31%		44%
Paper memo		3%		12%
Voice mail		1%		7%
Don’t know		0%		3%
		100%		100%

“Two benefits of electronic communication are the immediacy and historical context it provides, including the ability to maintain a record of conversations and obtain project updates from coworkers and business colleagues,” Domeyer said. “But there can be too much of a good thing when inboxes reach capacity.”

To avoid e-mail overload and ensure your messages are well-received, OfficeTeam offers these five tips:

• Make it clear. State the purpose for the message upfront, followed by back-up details, so the important points will show up in the recipient’s e-mail viewing pane.
• Avoid copying everyone. Only forward messages to those who are directly involved with the topic you’re addressing. Likewise, don’t “reply all” if others on the string don’t need your response.
• Keep it brief. Don’t expect others to read a long message or e-mail chain. If it’s important for someone to have the background information, forward it, but provide a brief summary first rather than saying “see below.”
• Don’t cry wolf. Only mark a message “urgent” when it is truly critical for the recipient to read it immediately.
• Provide context. Describe the e-mail contents in the subject line so the recipient can prioritize messages and search for your note in the future. When appropriate, include the required action and deadline; for example, “For your approval 12/27: XYZ budget.”

Domeyer noted that, although e-mail is fast, it isn’t the most appropriate medium for all communications. “Often, tasks can be accomplished more quickly and clearly with a phone call or face to face,” she said. “When people find themselves spending a lot of time searching for precisely the right words, it’s often a sign that the topic warrants an in-person discussion.”

Recession Fears Mount as Holiday Shopping Season Hits Full Stride

Nearly One-Third of Americans Plan to Spend Less This Holiday Season; Americans Show Signs of Financial Discipline in the New Year
Volatile economic conditions and fear of a looming recession are weighing on the minds of Americans as they descend on shopping malls and online shopping sites this holiday season. The majority of American workers (71%) and retirees (72%) said they believe that the economy has fallen into a recession or fear that it is headed in that direction, according to the latest Principal Financial Well-Being Index^SM. More than one-third of workers (37%) expressed concern about their own job security, up significantly from second quarter this year, when only 22% of workers expressed concern.

According to the survey, if an economic slowdown forced workers and retirees to reduce their spending, more than three-fourths of workers (76%) and 49% of retirees say they would eat out less often. Both groups said they would cut back on buying clothing and consumer goods (69% of workers and 49% of retirees). Almost two-thirds of workers (63%) and more than one-third of retirees (39%) say they would cut back on entertainment to reduce spending, such as going to movies and concerts. Americans even indicated they would go as far as reducing their coffee intake—more than one-fourth of workers (27%) said they would purchase coffee less often. Finally, 11% of workers indicated they would lower their retirement plan contribution rate.

"Uncertainty about the direction of the economy clearly is top of mind as Americans navigate the holiday shopping season, which has turned into a gift giving extravaganza," said Dan Houston, executive vice president of Retirement and Investor Services, The Principal. "Americans are underestimating their real spending. To get on solid financial footing, I recommend that every person set a budget, prioritize gift purchases and use a high degree of fiscal discipline."

Spending for the Holidays
Americans are planning to tighten their financial belts when it comes to spending during the holidays. When asked about their intentions for spending this holiday season, 29% of workers and retirees indicated they plan to spend less money than last year. More than half of workers (59%) and nearly two-thirds of retirees (64%) plan to spend the same amount as last year while 12% of workers and 7% of retirees plan to spend more money. According to the survey, nearly half of workers and retirees (49% and 46%, respectively) are planning to spend between $101 and $500 throughout the holiday season. Just more than one-fourth of workers (27%) and less than one-fourth of retirees (22%) plan to spend between $501 and $1,000 this holiday season.

Stepping Into the New Year—Financial Resolutions
Americans were given a list of potential financial resolutions they intend to make as New Year's resolutions in 2008. The top two resolutions selected by workers were paying off credit card debt (40%), followed by putting a set amount of money into savings each month (39%). Compared with fourth quarter 2006, significantly more workers are making resolutions to save more each month (39%, up 6 percentage points from 2006) and to stop using their credit cards (22%, up 4 percentage points from 2006). Less than one-fourth of workers (23%) indicated they do not intend to make a resolution, and nearly half of retirees (49%) have no such plans.

"There still may be a financial hangover from last year's holiday season," Houston said. "American workers need to put retirement savings before buying the next plasma TV or cashmere sweater."

Too Much Plastic?
The index also reveals that more than one-third of workers (39%) report having credit card debt between $1 and $5,000 compared to just 21% of retirees. While retirees have significantly more credit cards in their name for personal use than do workers, significantly more retirees than workers report having no credit card debt (66% versus 33%). More than one-third (34%) of retirees and 29% of workers reported they have five or more cards. However, when asked how many of these cards they use on a regular basis, only 5% of retirees and 2% of workers reported using five or more cards regularly. On average, retirees report having 4.4 credit cards in their name for personal use compared with workers (3.7).

Know Your Credit Score?
At least six out of 10 workers (66%) and retirees (62%) have ordered a credit report in the past. However, more than half of workers (51%) and six out of 10 retirees (61%) do not know their credit score, despite the fact that Americans can request a free annual credit report.
Source: The Principal Financial Group®

2008 marks our 125th year in business

CMA Business Credit Services has grown quite a bit since 1883. What started as Credit Mens Association (no kidding ladies) has evolved into the premiere organization for those in Credit Management.

How long have you been a member of CMA? You can respond on CMA Daily News by clicking Comments at the bottom of this post.

FREE Recorded Webinar for CMA Members

Our Thanks To All CMA Members!

Your membership is important to us. To show our appreciation we are offering all CMA Members one FREE Recorded Webinar (a $79 value).

Recorded Webinars offer on-demand education for you and your staff. You can choose from 16 available Recorded Webinars on important credit & collection topics.

This offer will expire on January 31, 2008, so view your FREE Recorded Webinar as soon as you can.

Download free_recorded_webinar.pdf

CMA New Member - Elco Lighting

From their website: Founded in 1991 by its president, Steve Cohen, ELCO Lighting develops and markets lighting products for commercial and residential applications. Our philosophy has always been that a high-quality product can be produced and sold for a reasonable price. For this reason ELCO lighting employs a staff of engineers who work closely with UL and who listen carefully to the feedback of electrical wholesalers, contractors, engineers and architects. The feedback we receive contributes to design innovations that bring ever more elegant, useful products into the market.

Our product includes track and recessed lighting fixtures, exit and emergency lights, undercabinet lighting, wall packs, step lights and more. We have the broadest selection of recessed products in the industry and we're sure to have the answer to your lighting needs.

Elco was referred to CMA by Frank Lalezarian from Unilight.

CMA New Member - Conceptus

From their website:  Founded in 1992, Conceptus (CPTS) is engaged in the design, development and marketing of innovative medical products for use in the field of women's health.

Conceptus is currently focused on marketing its Essure® permanent birth control system worldwide. With the Essure product, Conceptus believes it has the technology to transform the field of permanent birth control, and is in the process of marketing the Essure procedure globally.

In 2002, the U.S. Food and Drug Administration granted approval in November, 2002 to market Essure in the United States, a market where 700,000 tubal ligations and 400,000 vasectomies are performed annually.

The Essure procedure is the first and only non-incisional alternative to tubal ligation, which is the leading form of birth control worldwide.

Tubal ligation involves abdominal incisions, general anesthesia, four to six days of recovery time and the risks associated with an incisional procedure.

The Essure procedure does not require incisions or general anesthesia. Essure can be performed in an outpatient setting, and women who have the procedure usually resume regular activities within 24-48 hours after the day of the procedure.

The Essure procedure is approved for sale in many countries, including the United States, Europe, Australia, Canada, Mexico, Central and South America, and New Zealand. Conceptus is working to make the Essure procedure available world-wide upon receipt of appropriate regulatory and/or governmental clearances.

Headquartered in the United States, Conceptus has twice been awarded "Fastest Growing Business in Silicon Valley (California).

CMA New Member CLP Resources, Inc.

From their website: CLP Resources, Inc. is a construction staffing company that provides quality skilled tradespeople to a broad range of building contractors, and rewarding employment opportunities to a qualified workforce. We recruit and hire the best and brightest tradespeople around, then match them to each contractor's specific job requirements.