Masonry Magazine December 1964 Page. 14
Credit Corner
By
William E. Locke
Innumerable small businesses, mason contractors among them, need more capital from time to time. This conclusion is oftimes pointed out by accountants, consultants, bankers and even suppliers. The businessman asks, "Where can I get extra capital?"
Robert F. Sturdevant, President of the International Consumers Credit Association reminds us, "Aristotle once said that education is an ornament in times of prosperity and a refuge in adversity." He was probably talking in terms of what we consider today as general education, which is designed to produce a whole man. Mr. Sturdevant adds, "It seems to me that this is true of professional education which aims primarily at producing competency in particular types of vocations."
General contractors, mason contractors, plumbing contractors, electrical contractors to name a few- are professional men. They are experts in their fields and builders. However, I have met many men in these industries that I consider mighty poor businessmen. For example, in one California town I assisted a material dealer selling hot-mix, concrete mix, sand, gravel and rock. I found many mason contractors on their books and reflecting accounts seriously delinquent. I'll admit they were smaller mason contractors, but it is obvious they were not only under-capitalized but unable to collect from prime contractors and from consumer accounts. Certainly, a small businessman must conceive a profit, and it's his sole responsibility to become as good an administrator as a technician. Perhaps, his office staff is untrained. Perhaps he needs help.
As for creating extra capital, The Small Business Reporter, published by the Bank of America Small Business Advisory Service points out a few alternatives:
1. The small businessman may obtain materials, merchandise and equipment on credit from suppliers. Trade credit is probably the big-
Bill is known nationally as a Credit Management expert, and has taught hundreds of firms, contractors among them, how to increase sales, and how to improve credit granting and collection methods by on the job training. No collection agency is involved. For details write him direct. He will also answer your credit department questions, and questions of management related to credit, in this column and direct. Wm. E. Locke, 3401 Balboa St., San Francisco, Calif. 94121.
Also, Bill is a professional writer and will send you a copy of his "Credit Managers Notebook" on a 10-day free trial. Copy of this widely used credit department procedure only $12.50.
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