Networking is an essential means of building the relationships and strategic partnerships that lead to long-term business success. Whether it’s through in-person meetings or via social media, networking is the tool most often cited by business owners for developing invaluable connections with individuals in allied services and industries.
Like all successful business endeavors, networking requires a sound plan and proper execution to achieve the best results. Whether you are new to networking or a seasoned pro, a key strategy for building mutually beneficial relationships is to target professional organizations and groups that are relevant to your business-building objectives.
At Summit Financial Resources, we are actively involved in a number of commercial finance industry groups. Whether we’re attending national and regional conferences, getting involved with local chapters, or gaining knowledge through industry-specific educational opportunities, we consider the following associations and organizations to be important business-building resources.
Turnaround Management Association
The Turnaround Management Association (TMA) is the premier professional community dedicated to turnaround management and corporate renewal. TMA’s vision is to be recognized by the global business community as the pre-eminent organization in which turnaround and corporate renewal professionals from all disciplines choose to associate, market their services, and develop their professional skills.
TMA’s strength comes from its diverse membership of professionals committed to a common goal: to stabilize and revitalize corporate value. TMA and its local chapters provide members with the opportunity to network and attend educational sessions to hone their corporate renewal skills and expand their contacts. Members also have access to on-demand education via the TMA Certification Program and TMA Institute.
Risk Management Association
The Risk Management Association (RMA) is a not-for-profit, member-driven professional association dedicated to advancing the use of sound risk management principles in the financial services industry. RMA promotes an enterprise approach to risk management that focuses on credit risk, market risk, operational risk, securities lending, and regulatory issues.
Founded in 1914, RMA was originally called the Robert Morris Associates, named after the principal financier of the Revolutionary War who helped establish the country’s banking system. Today, RMA has approximately 2,500 institutional members and 18,000 RMA Associates that represent these institutions, including relationship managers, credit officers, risk managers, and other financial services professionals.
International Factoring Association
Founded in 1999, the International Factoring Association (IFA) provides information, training, purchasing power, and a resource for the Factoring community. By working together, Commercial Factors have the opportunity to discuss a variety of issues and concerns in the industry and disseminate information with a single voice in the marketplace. Association members also have group buying power in negotiating for goods and services.
Membership is open to all banks and finance companies that perform factoring through the purchase of invoices or other types of accounts receivable financing. All members must adhere to the IFA’s Code of Ethics.
Commercial Finance Association
The Commercial Finance Association (CFA) is the international trade association dedicated to connecting, educating, and informing the asset-based lending and factoring industries. Founded in 1944, the CFA has nearly 300 member companies and 20 chapters located throughout the United States, Mexico, and Canada.
CFA members include a diverse collection of lending institutions ranging from the asset-based lending arms of domestic and foreign commercial banks, small and large independent finance companies, and factoring organizations to financing subsidiaries of major industrial corporations. CFA conducts conventions, meetings, and educational workshops throughout the year including the Annual Convention, Asset-Based Capital Conference, International Lending Conference, Factoring & Trade Finance World, and Independent Finance & Factoring Roundtable.
The Association For Corporate Growth
Founded in 1954, the Association for Corporate Growth’s (ACG) mission is to drive middle-market growth. ACG has 59 chapters and 14,500 members worldwide and serves 90,000 investors, executives, lenders, and advisers to growing middle-market companies.
Private equity professionals, investment bankers, attorneys, auditors and accountants, lenders, corporate development officers, company leaders, and others focused on the middle market make ACG a resource for opportunities, capital, and services. Member benefits include access to over 1,200 annual ACG events worldwide, including chapter meetings, conferences, and workshops to facilitate networking and business development. The ACG online member directory provides members’ exclusive access to a fully searchable database of professionals.
As a small business, Summit Financial Resources understands the value of developing long-term relationships that are mutually beneficial. Seeking opportunities to connect with other industry professionals through organizations like these is a vital strategy for expanding our network, improving our knowledge, and growing our business.
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Summit Financial Resources specializes in working capital financing for small to medium-sized businesses that need increased cash flow. We provide working capital financing through invoice factoring, asset-based lending, inventory lending, and equipment financing.