Article Abstract:
The mission, vision and values of a company are crucial to its continued success. Briefly defined, the mission is the purpose, business, scope and the customers of the company while the vision describes what the company will ideally look like in the future. Values, on the other hand, are the belief system on which decisions are based. Each company must create its own own mission, vision and value system. Moreover, it must align its leadership, people development policies, planning, organization and controls to these variables to ensure that the systems and structures are in line with the beliefs contained in the mission, vision and values. This way, a company can behave as if it were a growing company and avoid the fate of aging companies, that is to become inflexible and bureaucratic.
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Article Abstract:
Credit grantors should be aware of pending federal and state legislation that affects the credit and financial services industries, much of which will be detrimental to their business. Members of the credit industry need to express their opinions on this legislation, and should reflect on their past business practices to see what they have done to create some of this legislation. The areas that the legislation cover includes reverification, how credit bureaus use consumer credit information for list marketing purposes, and the requesting credit bureau reports. The procedural changes credit bureaus are investigating include standardizing request forms, including social security numbers on tapes, and standardizing formats for requesting reverifications electronically.
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Article Abstract:
Credit managers can make the credit approval process more effective by following any one of a number of methods, including the Time 1/Time 2 study, and store correlation. A Time 1/Time 2 study involves selecting applications near the cut-off score, dividing them into two groups, determining how much the groups are buying at a store, approving one group and rejecting the other, and conducting the same test after three months. This method can demonstrate the existence of incremental sales on credit accounts. Another method is store correlation, which involves gathering historical data and studying stores with high sales. This method can demonstrate why some stores in a chain have better results with opening credit accounts and increasing sales than others.
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