The NAFCU Journal March - April 2018 - 46

INSIDE NAFCU SERVICES

10 Ways to Boost Your Top Line
By Patrick Goodwin, President, Strategic Resource Management

A

study conducted by the
International Association for
Contract and Commercial
Management (IACCM) found
that poor vendor contract processes cost
companies as much as 9 percent of total
revenues. This is why more credit unions
are managing these contracts more efficiently to return more value to members.

The IACCM has published a set of
guidelines to help organizations
decrease the impact of poor vendor
contract management.
These guidelines are broken into 10
best-of-breed practices to avoid the

46

pitfalls of current contracting and
commercial practice. Illustrated below
are the beneficial results of following
each practice, ultimately generating up
to 9.2 percent in financial gain for your
credit union.
In addition to these guidelines, there are
two common errors related to vendor
contract negotiations to avoid. First, a
credit union should not wait too long
to engage in renewal. This can limit the
leverage for negotiating the contract.
Second, a credit union should understand the market impacting the part
of the industry the vendor represents.

Market dynamics evolve so quickly
that a well-negotiated contract may
end up outside market parameters by
the middle of its multiyear term, or
even earlier.
Imagine what your members might say
if you told them you found a way to add
almost 10 percent of revenue to their
credit union. Use these guidelines and
avoid these errors to find out!
Patrick Goodwin is president of Strategic
Resource Management (SRM), the
NAFCU Services Preferred Partner for
vendor cost benchmarking and contract
negotiation services.

THE NAFCU JOURNAL  MARCH-APRIL 2018



Table of Contents for the Digital Edition of The NAFCU Journal March - April 2018

Conferences
From the Chair
Your Washington Watchdog
Advocacy Snapshot
Washington and Industry Briefs
Growth Strategies
Understanding Risk and Managing It
The Board of Directors
Best-of-Class Strategies for Retaining Top Talent
Executive Spotlight
Management Insight
Compliance Central
Inside NAFCU Services
From the President’s Desk
The NAFCU Journal March - April 2018 - Cover1
The NAFCU Journal March - April 2018 - Cover2
The NAFCU Journal March - April 2018 - 1
The NAFCU Journal March - April 2018 - 2
The NAFCU Journal March - April 2018 - Conferences
The NAFCU Journal March - April 2018 - From the Chair
The NAFCU Journal March - April 2018 - 5
The NAFCU Journal March - April 2018 - Advocacy Snapshot
The NAFCU Journal March - April 2018 - 7
The NAFCU Journal March - April 2018 - Washington and Industry Briefs
The NAFCU Journal March - April 2018 - 9
The NAFCU Journal March - April 2018 - 10
The NAFCU Journal March - April 2018 - 11
The NAFCU Journal March - April 2018 - 12
The NAFCU Journal March - April 2018 - 13
The NAFCU Journal March - April 2018 - 14
The NAFCU Journal March - April 2018 - 15
The NAFCU Journal March - April 2018 - 16
The NAFCU Journal March - April 2018 - 17
The NAFCU Journal March - April 2018 - 18
The NAFCU Journal March - April 2018 - 19
The NAFCU Journal March - April 2018 - Growth Strategies
The NAFCU Journal March - April 2018 - 21
The NAFCU Journal March - April 2018 - Understanding Risk and Managing It
The NAFCU Journal March - April 2018 - 23
The NAFCU Journal March - April 2018 - 24
The NAFCU Journal March - April 2018 - 25
The NAFCU Journal March - April 2018 - The Board of Directors
The NAFCU Journal March - April 2018 - 27
The NAFCU Journal March - April 2018 - 28
The NAFCU Journal March - April 2018 - 29
The NAFCU Journal March - April 2018 - 30
The NAFCU Journal March - April 2018 - 31
The NAFCU Journal March - April 2018 - 32
The NAFCU Journal March - April 2018 - 33
The NAFCU Journal March - April 2018 - Best-of-Class Strategies for Retaining Top Talent
The NAFCU Journal March - April 2018 - 35
The NAFCU Journal March - April 2018 - 36
The NAFCU Journal March - April 2018 - 37
The NAFCU Journal March - April 2018 - 38
The NAFCU Journal March - April 2018 - 39
The NAFCU Journal March - April 2018 - Executive Spotlight
The NAFCU Journal March - April 2018 - 41
The NAFCU Journal March - April 2018 - Management Insight
The NAFCU Journal March - April 2018 - 43
The NAFCU Journal March - April 2018 - Compliance Central
The NAFCU Journal March - April 2018 - 45
The NAFCU Journal March - April 2018 - Inside NAFCU Services
The NAFCU Journal March - April 2018 - 47
The NAFCU Journal March - April 2018 - From the President’s Desk
The NAFCU Journal March - April 2018 - Cover3
The NAFCU Journal March - April 2018 - Cover4
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