The value of a strong professional network in times of change

In a field as vast and dynamic as business credit, building a strong professional network is critical to staying afloat in an ever-changing industry. Career changes, whether it be a promotion to a new position or a new company, may present new challenges for credit professionals, but having a network of peers in the field to lean on can help them rise to new challenges.   

Why it matters: Regardless of where you are in your credit career, a professional network is a valuable asset that can improve every facet of your work. Receiving mentorship and mentoring can strengthen bonds within the credit community while refining key skills. 

“Having a strong professional network allows a credit manager to share thoughts and ideas with peers, ask questions about areas of credit not known or unsure about, and even ask for career advice,” said Edwin Bell, CBA, ICCE. “It was a very important part of my 49-year career. It is impossible for any single credit manager to know all aspects of credit. Having a good professional network allowed me to miss some of the pitfalls I may have otherwise not avoided.”  

When faced with a new challenge, whether that is a tricky customer or a complicated piece of new technology, it can help immensely to refer to peers in the field who have overcome similar challenges. Though the issue may be entirely new to you, another credit manager may have already found a strong way to address it that they are eager to share. By building one another up and sharing what works best, credit professionals can build and refine best practices even for the more niche challenges.  

While the benefits of a professional network are clear, building one may be difficult, especially when working in a smaller credit department. “Depending on the size of the company you work for, there may not be many credit professionals to choose from, or they may be too limited in their scope of credit,” Bell said. “Building relationships with credit professionals outside of your company allows you to broaden your scope and learn about areas of credit you may not work in or not be familiar with. It also allows you to know what options for career advancement may be available outside of your company.” 

Participating in credit education opportunities, either as a student or a teacher, can help foster mentor and mentee relationships. “In order to grow professionally and contribute to your field, building mentor and mentee relationships is the most important path to put into place that holds both short- and long-term career successes,” said George Schnupp, CCE. “Mentorship has provided professional growth, operational leverage and information flow that directly has impacted both my risk management skill sets and organizational successes.” 

A network that spans outside of your immediate company will also help you spot trends in the industry, perhaps even before your company starts to feel them. Joining credit groups in your industry and area can help find professionals facing similar credit dilemmas to lean on. “Networking with other credit professionals allows us to gain insight on industry benchmarking, provides access to real-world credit experiences, peer insights and trusted contacts,” Schnupp said. 

Maintaining relationships with credit professionals who work at your level or have previously is important, and getting promoted to the head of your credit team means you may have to look outside your company for those connections. “The period of adjusting to a new role is probably the most important time in a credit manager’s career to have a strong professional network to bounce ideas, questions and concerns off of,” Bell said. “Adjusting to these new roles and promotions can be a bigger challenge if the credit manager does not have that network to rely on.” 

The bottom line: With a strong professional network, credit professionals can easily mentor and receive mentorship, building and refining a strong, well-rounded understanding of best practices in a field always in flux. Having a network that extends outside your company and spans experience levels helps credit professionals continuously improve themselves professionally whilst giving back to the business credit field.