Business Practices Archive

In-person customer visits have existed since the birth of credit management as a method of gathering information, collecting payment and building customer relationships. But with the advances in technology and a global pandemic, in-person customer visits may become a thing of the past.

A company’s success is measured by its sustainability. With several environmental, economic and social challenges today, companies have to consider what steps to take now in order to prepare for the future—which is where ESG standards fit in.

Rebuilding a credit department or becoming credit manager at a new company is no easy task. Where do you start in addressing issues and improving efficiency? Do you hire internally or externally? How do you improve department culture? Start with these seven steps to get your credit department on the right track.

As one of the most popular forms of communication in the work world, email provides an instant way to get your message across and conduct business. Several advantages come with email communication and almost all workplaces use the tool to communicate internally and externally. In fact, 75% of credit professionals said they use email as their primary form of contact with customers, according to an eNews poll—followed by phone call (21%) and text message or postal service (3%).

Cash flow is the backbone of every business. Supply chain financing is just one tool available to companies to get paid faster in a volatile economy.

The need for talented collectors has never been greater as economic challenges weigh on the cashflow of businesses. In order for your collections team to get the best results, they need to be assigned workload in a way that makes the most sense for your company. That way one collector does not become overwhelmed and unable to complete their daily tasks.

Over the past year, development has finally gotten the attention it deserves. As it turns out, development is both a driver of attrition and incentive for recruitment. So, whether they’re coming or going, employees prioritize opportunities for growth—and leaders committed to cultivating robust and stable staffs must prioritize it too.