wPat Burns, president, Primary Funding Corporation, San Diego, CA These are times when seasoned factoring houses can excel. We have not had the opportunity in decades to expose employees to minefields we are navigating today. I suggest we take advantage of these challenges to train the next generation of factoring execu- tives. This is a fabulous opportunity to
recruit, especially when unemployment
is hovering near or above ten percent.
My greatest challenge has been
processing the vast number of inquires and applications. In the past six
months I have dissected more business contracts and been exposed to a
greater number of industries than ever
in the past. It is clearly a time that we
must take advantage of. Take your seasoned employees and empower them
to mentor the next generation.
I find that recent college graduates
become bored by the monotonous pace
in the office. This clearly does not have
to be the case today. Yes, we must be
careful. We have to pay careful attention to what our clients’ request of us.
I suggest that we engage the office
or various groups within the office to
partake in decisions. We need to meet
frequently or, at the very least, talk
openly with our account executives.
Younger people may believe that
computers’ artificial intelligence
can calculate and minimize risk and
it can. However, I don’t believe that
artificial intelligence can ever replace
human intelligence. The stock market
has delayed many senior employees’
retirement. Take advantage of this
and reengage and empower these
I have been fortunate to have great
employees that have been with me
a very long time. Although there is a
higher level of frustration, I honestly
believe we are taking more pride in
hat are some of the human
you face as a small
Toby Dahm, senior vice president, Hennessey Capital, Huntington Woods, MI
Adversity challenges us to stretch,
which accelerates our rate of personal
growth. One of our clients suffered a
sharp decline in revenue, which caused
it to suffer devastating losses. The situation became grim, and the company
had no choice but to make drastic cuts,
including personnel. The staff was
reduced to one-third of its original size,
and those that remained experienced
steep pay cuts.
The results that followed were not
what I expected. Instead of falling
into chaos and paralysis, the opposite
occurred. The team pulled together in
a way I had not seen in my career. The
result was sales growth, perfect delivery
and quality results, and positive cash
flow. There simply was an energy and
camaraderie that had not existed before.
How does this illustration relate to
the challenges that we face? I believe
there are a number of similar challenges
and lessons to be learned when we ask
our people to stretch:
◗ Maintaining positive morale: It is key
for individuals to understand and be
recognized for the contribution they
make. In the example above, each
employee knew that they had a lot of
influence on the fate of the company.
The same holds true for our firm, Hennessey Capital. Our credit analysts
know the importance of confirmation
calls in protecting Hennessey Capital.
If they increase the number of calls
their efforts should be acknowledged
along with the impact it has on reducing our loss exposure.
◗ Improving customer service: One
manufacturing client did this through
hard work by insuring that their
orders were all quality inspected and
that delivery was ahead of schedule.
In our own business, effective use of
technology is indispensable. If we can
use online tools to provide and re-