Business Practices Archive

When it comes to mitigating risk and protecting a business from potential losses, the success of any credit department hinges on the credit investigation. That first look into a customer to assess creditworthiness, and determine the appropriate terms of sale, is a crucial stage in your relationship with that customer.

The B2B credit industry is constantly evolving, driven by new policies, technology and vendor offerings. However, the sheer volume of information and change can be overwhelming, even for the most seasoned credit professionals.

One of the biggest challenges in business credit is ensuring customers adhere to contractual terms and agreements. Often, this requires negotiating terms and going the extra mile to protect your rights and ensure obligations are met.

Time management can be tricky when your day-to-day work feels unpredictable. Credit managers know how easy it is to get so wrapped up in a single task that their entire to-do list slips their mind. Whether you carefully schedule out every second of your workday or keep a tentative list of tasks that need completion, it can be hard to organize your time as a credit manager because there is so much to do.

From negotiating bedtimes with children to negotiating the price of a new car, negotiation—a strategic discussion aimed at reaching a mutually beneficial agreement—plays a key role in many aspects of life.

Credit professionals across industries have a lot in common, from their deftness with numbers to their careful evaluations of risk factors. One shared frustration among credit managers is an unresponsive customer, whether it’s a customer who has suddenly gone radio silent or one you’ve spent weeks trying to get in touch with, only to be met with a voicemail.

Most credit tasks, from reviewing accounts to managing collections to handling disputes, are inherently time-consuming due to their complexity. These tasks require a keen eye for detail, often involving manual processes, multiple data points and regular follow-ups, all of which can drain resources and slow down overall efficiency. 

It’s no secret that B2B credit management is a forward-thinking career. From building customer relationships and mitigating risk to forecasting business and economic trends, credit managers are focused on shaping the future. By setting goals and creating a plan to achieve them, credit professionals can secure their department’s long-term success.