Masonry Magazine September 1964 Page. 18
Credit Corner
By William E. Locke
Business analysts have always been quick to recognize "Failure Potential" in any place of business where management has failed in its many responsibilities. It is impossible to spot where leadership, in its broadest sense, is not lost to apathy. "Success Potential" is easy to see because aggressiveness takes precedence over poor judgment, and a plan of management is obvious and has been developed to the satisfaction of all concerned. When success is obvious so is leadership.
I have met many businessmen with "Success Potential," and it was so obvious it met me at the door. However, in many of these firms it was easy for me to find one important departmental failure that kept bank deposits for sales down to a minimum-lack of credit selling and collection controls. Some of these firms had "taken their lumps" when charge off time rolled around, had improved most of their credit department function, but failed to recognize failure on their part to rectify management problems related to credit selling.
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.
There is no magic formula for success in any business. One controller employed by a large general contracting firm told me during a review of his delinquent receivables, "We know all of our accouts, we know that many of the contractors we sub for are under capitalized, but they're as good as gold and will pay." I reminded him that we have been off the gold-standard since 1932, and about 140,000 voluntary bankruptcies are going through our federal courts each year. He then told me his firm had grossed nearly $400,000.00 in sales the previous month. I told him his firm had not collected this 400 grand, and until he collected it it was not completed business.
Let's sum up like this. I have received investment contained in contract and open book receivables with many owners and managers, and consistantly find among them some outstandings that were so uncollectable the firms money would have paid better odds on the crap table at Las Vegas.
New York City Launches Promotional Campaign
Brick, one of the oldest and most universally used building materials, will go to the public in a campaign to be launched about Sept. 1. Its message will stress economy, low maintenance, low construction cost, versatility of design, fire safety and its highly efficient local work force.
The Metropolitan Brick Masonry Council, an organization made up of contractors, Associated Brick Mason Contractors of Greater New York, and two unions, the New York executive committee of the Brick Masons & Plasterers International Union and the Mason Tenders District Council of Greater New York, has launched a campaign which will hit all New York subway lines, the major bus lines in four boroughs and with daily one-minute radio messages over WOR. Chaite Allied Associates, Inc., is handling art, production and printing for the campaign which is being supervised by the council's public relations consultant, Michael McAuliffe & Associates.
The campaign will cost approximately $30,000 and will run for (continued on page 22)
Save Time & Money
If you are an employer, you will save time and money for yourself and your government by observing a few simple rules:
1. On the day you hire an employee, look at his social security card. Record the account number and name exactly as shown on the card. BE SURE IT'S COPIED RIGHT. Also get his home address.
2. If an employee cannot show you his social security card on the day he is hired, ask him to fill out a Form SS-5 (Application for Social Security Account Number) for your records. You may obtain these forms from your nearest social security office. If he says he lost his card or never received one tell him to file another SS-5 with the nearest social security office.
3. Keep the SS-5 for your records until he shows you his card; then return the SS-5 to him. If you do not have his account number when you report his wages, make a copy of the SS-5 for your records; then attach his SS-5 to the tax form on which you report his wages.
4. If an employee uses a name different from that on his card or changes his name, tell him to file a Form OAAN-7003 (Request for Change in Your Social Security Records) with the nearest social security office.
New Publication
The Canadian Prestressed Concrete Institute has anounced the publication of the new Canadian Prestressed Concrete Handbook. This book, approximately 500 pages, is said to prove an invaluable tool to all engineers and architects responsible for the design of pre-cast-prestressed concrete. Further information can be secured from C.P.C.I., Box 278, Station K. Toronto, Ontario, Canada.
Winter Travel Hints
Does putting extra weight in the trunk and letting some air out of the tires give your car safer and better traction on ice and snow?
The answer is "no," according to a new booklet "Winter Blunderland" published by the National Safety Council.
These two common myths are dispelled, and dozens of authoritative safety tips to make winter driving easier and more economical are found in the booklet, which is based on tests conducted since 1939 by the Council's Committee on Winter Driving Hazards.
What the experts have learned is of solid value to any driver, whether he's in his own car or a fleet-operated vehicle.