CREDIT MANAGEMENT
You Need To Be Prepared As Credit Professionals
By Wasilwa Miriongi
With so many things competing for your attention , it can be difficult to set achievable goals and stay on track .
It is hard to believe but the second quarter of the year has already began . It is not too late a time to begin planning your department ’ s priorities and changes needed to meet 2023 challenges .
As a Credit Manager , you are likely very busy with heavy workloads and competing challenges . It may seem unrealistic to start planning .
But planning is worth your time . As Alan Lakein , an expert in time management once wrote ; “ Failing to Plan , is planning to fail .” Or as T . Boone Pickens once bluntly stated , “ A fool with a plan is better than a genius without one .”
As you are aware , we live in a fast-paced and continuously changing and evolving business environment . Sometimes it may seem overwhelming just to keep up with it all . That makes it all the more important to understand credit management best practices , your customers , and how the current uncertain economic times may affect the collectability of open balances .
Remember we are just in post-covid era , Changing market conditions require creative credit options to maximize profitable revenue opportunities . You have to go beyond the walls of your department to understand the possibilities and be professionally prepared .
From improving your skills to building stronger capabilities , these goals are sure to help you reach the heights of your career and prepare you and your department to meet these challenges in line with your senior management ’ s expectations .
Training
Some call it taking a course to sharpen your skills , it ’ s a challenge as from the time some professionals completed their professional exams they have never gone for a refresher credit training nor read credit management books .
Quoting an article in this very journal which posed the question “ Should certificates have an expiry date ?” my advice is never rest on your knowledge laurels .
Start with a personal and staff skill evaluation . Identify any skills needing
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Creating professional development goals is an effective way to organize your learning efforts and increase your efficiency . It is also a good way to reflect upon your progress over time and identify any areas that need improvement . further development . Seek out opportunities for you and your staff to learn . You have to take full advantage of networking opportunities , professional events , skill training , and formal education .
When offered , take full advantage of your company ’ s tuition sponsorship programs . This will increase your department ’ s value to your company and help with career development objectives .
Don ’ t be hesitant to state this value proposition to your management . The potential payback justifies the funds needed for you and your staff to improve your professional knowledge . That is why taking a course is a great way to stay ahead of the curve and keep your career on track
Research
I once asked my class of practicing credit professionals if they know how call centers are used in debt collection none had any idea . Note that major companies have call centers but they only use them for customer service . The question is why not for debt collection ? It is because the credit professionals within the company have no idea of their usage .
The professional world is constantly changing , which means it ’ s important to stay up-to-date on the latest strategies and trends . In order to do this , it is important to research other departments within your work area . Develop and exercise your research skills . Expand your understanding of credit-related and legal terms , concepts , approaches , and recent updates .
There are obvious examples of just how important this is . Think of how your
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