It’s been nearly a decade since the beginning of the “great recession”. Since that time, economic growth has been slow. There’s never seemed to be a consensus that the economy got back to normal.
What lies ahead in 2017? Is the growth we’ve been waiting for just around the corner?
The following sectors are likely to see change in 2017:
- Healthcare: The Affordable Care Act will be addressed and maybe even repealed. We are likely to see a reset of healthcare policy and even more disruption in the short term. This will impact providers, insurers, employers, and consumers.
- Energy: Through executive orders, we are already seeing regulations ease in the energy sector. This may help the oil industry and the coal industry.
- Construction: In a nod to the construction industry, we are likely to see an economic stimulus package for domestic infrastructure, i.e. roads, bridges, and border security.
- Trade: For trade, the status quo is gone. Right now there is uncertainty as to how the US will deal with imports and tariffs. Our trading partners are nervous about what new policies will be enacted and what impact those policies will have on trade.
- Banking: The banking sector should see an environment of deregulation and a move away from some of the restrictions under Dodd-Frank.
- Big-Box Retailers: With internet sales taking a larger percentage of consumer purchases, the retail landscape is changing quickly. Many well-known national brands are under pressure and shuttering locations.
It seems that one certainty this year will be uncertainty itself. With all the change, there will be great disruption. Some of it will be good and some may be negative. We may not know all of the impact from this change for years to come.
What’s a prudent credit executive to do? You will have to examine and re-examine your business sector and customer base to determine how it will be impacted by the change. Is your industry susceptible to a bubble? Is your industry subject to rapid growth based on new opportunities that didn’t exist a year ago? Are you going to have to deal with the ever-shrinking sales of Big Box stores? No matter what the challenge, it’s going to be a busy year for the credit industry!
We have the expertise to assist with whatever fallout occurs in 2017. Wherever your receivables needs take you, from increased bad debt write offs to servicing new receivables brought on by acquisition, we are prepared to support you every step of the way.
- The General Auditing Bureau gives you pre-collection resources that accelerate your cash flow and help you fully cover your accounts receivable without paying commissions.
- Receivables Control provides worldwide collection coverage. Our seasoned professionals excel at recovering money from tough customers in 3rd party collections.
- Our Asset Recovery Group provides customized receivable solutions. We provide liquidation and on-site recovery plans for companies with high concentrations of past due accounts, we liquidate portfolios for lenders and trustees, and we even customize outsourcing solutions for clients that are in need of 1st party help.
- Our consumer division, Advantage Collection Professionals provides receivable management from “early-outs” to 3rd party collections. From medical to student loans, to bank debt, they cover every facet of the consumer industry.
2017 is shaping up to be an exciting year and we look forward to assisting you, no matter what challenges you face.