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Expense reduction leads to silver-lining results

first_img 17SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Kelly Flynn Kelly has over 15 years of sales and management experience helping financial institutions of all sizes. She leads a team whose charter is to optimize the value of every contract … Web: www.JMFA.com Details By all accounts, the impact of the coronavirus has created more of a shift in business operations, economic certainty and consumer behavior than any other challenges faced by the credit union industry since the turn of the century. Since the beginning of the pandemic, earnings have taken a hit, interest rates have remained low and non-interest income is on the decline. On the other side of the coin, expenses have increased—due in part to the additional costs required to allow employees to work effectively from home and to maintain the proper PPE, cleaning supplies and social distancing materials to keep staff and members safe in facilities that have remained open. And while the outlook for how long an economic recovery will take remains uncertain, you can make a positive impact on your credit union’s immediate and long-term performance by trimming the costs of the services you use every day.Proactive contract review can net significant savings Even during normal circumstances, negotiating service contracts can be time-consuming and intimidating if you don’t have expertise in that area. Now, given the increased demands on your time and added concerns about how to safely provide the services your members desperately need, it can be easy to let contracts auto-renew, thinking that next time one comes due you will have more of an opportunity to deal with it appropriately. But by accepting a vendor’s initial renewal offering, without reviewing the contents and fine print, you could be missing out on substantial savings and improved contract terms. What’s more, possible signing incentives could provide the extra funds you need to help offset the added expenses caused by the pandemic and fund initiatives that will improve your service delivery for years to come.What you should know about your current vendor contract detailsWhile you may have become comfortable with the services or products you have purchased to maintain your operations and service delivery, how certain are you about whether they offer the most value for your credit union? Have you ever wondered how they compare to other providers in the marketplace? A professional review of your service contracts can uncover the smallest details in the vendor agreements and provide you with critical information on things such as:Are you getting the best rates available?Are there additional savings opportunities beyond the vendor’s standard pricing package?Are you paying for services you don’t use or need, or unknowingly duplicating services?How much could you be saving by bundling services?Are your vendors innovating their products to provide consistent service in the future?Do your providers have your institution’s best interests at heart?How much could you save or improve your agreement terms by negotiating the contract instead of simply accepting a vendor’s initial offer?Expert advice adds insight and leverage to your contract negotiationsGoing through your current contracts line item by line item to determine areas where you can negotiate better terms can be overwhelming. And if you aren’t familiar with all of the options that are available, how do you even know what to ask for or how to state your case for renegotiating contract costs or terms?When you partner with a contract negotiations expert, you gain the advantage of having someone on your side who has specialized experience and knowledge about what other institutions are paying for specific services, what types of signing bonuses are currently being offered on contract agreements, as well as which providers will likely meet your specific needs and service expectations—both now and in the future. Just make sure you chose a contract professional who knows what to ask for on your behalf and who has a track record of negotiating five, six and even seven-figure savings for the types of contracts that are being reviewed. This will allow you to take advantage of effective negotiations skills that can significantly reduce your costs without adding to your workload or taking you out of your comfort zone.Now is a great time to renegotiateIf you have contracts that will expire in the next 18-24 months, now is the time to begin the review process. And while it may seem like trying to negotiate contract terms during a pandemic might not be successful, the truth is vendors are especially focused on maintaining business relationships right now. So, it’s really a great time to let your vendors prove their commitment to keeping you as a satisfied customer. If you’re not quite convinced, learn how Greenwood Credit Union was able to uncover its silver lining with significant savings from essential service contracts—that will benefit current and future improvements—as the pandemic impacted business operations across the country.last_img read more

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Teen Pleads Guilty To Robbery In Hershman Case

first_imgA teen associated with the murder of Milan resident Nancy Hershman pleaded guilty Tuesday.A 16-year-old boy pleaded guilty and was sentenced Tuesday for his role in the murder of Milan resident Nancy Hershman.Sean David Nichols, of Colerain Township, Ohio, admitted to Burglary of a Dwelling Resulting in Serious Bodily Injury, a class A felony. Other charges against the teen were dropped as part of the plea agreement.Although Nichols was 15 years of age when the crime occurred, he was waived to adult court last March.On Tuesday, Nichols was sentenced to 50 years in prison with 20 years suspended, by Ripley County Judge Carl Taul. With good behavior while incarcerated, Nichols could be eligible for parole in fifteen years.As part of his plea deal, the teen will have to testify against two other defendants that have alleged involvement in the case.Authorities arrested Nichols, 23-year-old Allison Moore, and 17-year-old Daniel Hodge last January for the death of Hershman. The Milan woman was gunned down in an apparent robbery in late December 2012.According to testimony, Nichols indicated that Moore shot Hershman.The two defendants are currently in custody and are awaiting their trials, which Moore’s is scheduled for March 31 and Hodge is set to appear in court on July 7.The death of Hershman sent shockwaves through the community and beyond. The 68-year-old had been a school bus driver, worked with special needs students, served as an emergency medical technician and was active in church.last_img read more

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Alakwe Back to Form, Aims for Continental Glory with FC IfeanyiUbah

first_imgNPFL…NPFL…NPFL…FC Ifeanyiubah returned to winning ways in the Nigeria Professional Football League (NPFL) on Sunday with returnee striker, Chijioke Alakwe, playing a prominent role in their assured display against Katsina United.After a 2-0 win over ABS in Nnewi on Match Day 23, the Anambra Warriors suffered a momentary dip-in-form as they secured only one point from their subsequent three league games, a disappointing draw at home to Wikki Tourists.Not only did the Anambra Warriors find victory elusive in those games, they also found goalscoring hard to come by as they only recorded a penalty goal – Prince Aggreh’s at Rivers United – to show for in those three games.With their minimum target of a continental finish gradually slipping off as a consequence, Coach Yaw Preko turned to the hitherto unwanted Alakwe on Sunday and the effervescent striker repaid his faith with a stellar performance, having a hand in both of his team’s goals – a goal and a winning a penalty -.“It’s a very good feeling. Coming back again and scoring in my first start, feels so great,” the Imo-born striker told www.npfl.ng after Sunday’s win.Alakwe had fallen down the pecking order in the first half of the season, failing to make an appearance for the team. More established stars such as last season’s league top scorer Godwin Obaje, Pascal Seka and Ifeanyi Onuigbo have been favoured over him.Alakwe who scored twice in nine appearances for the club last term has however made four appearances in this second stanza, including Sunday’s start much to a special kind of admiration from the home fans.“Yea, it’s always like that when i played last season (the love from fans.”“I was their favourite and they were so happy to have me back because it’s been long they saw me play and were asking questions why I was not playing,” he said.Now that he is back to reckoning, he hopes to take his opportunity well.“I’m 100 per cent up for the competition for places. I have waited for so long and now that I’m back and I’m gonna take every approach to see I stay in it.”Sunday’s win lifted FC Ifeanyiubah to just one spot into 6th but Alakwe is optimistic that with his side facing a trip to relegation-haunted Remo Stars this weekend, they can surge higher.“We are working hard right now and we are going for a win at Sagamu. It is a winnable game and we want to move higher on the league table so we can achieve our season’s aim,” he concluded. Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

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