Tag: Best Practices

Late payments can be a headache for even the most successful businesses in any industry—putting cash flow, customer relationships and business costs at risk. While most companies use late fees or other penalties to encourage their customers to timely pay, early payment discounts can also be a successful strategy to ensure timely (or early) payments.

🎙️ On today’s episode of NACM’s Extra Credit podcast … As a new credit manager, understanding antitrust laws is key for safeguarding your company’s interests and ensuring compliance. These laws are designed to promote fair competition and prevent practices that can harm other businesses.

Imposter syndrome is a psychological phenomenon that causes high-achieving individuals to doubt their own skills, ability, intellect or accomplishments. Though it may seem arbitrary for career-oriented, high-performing professionals to question their own abilities, self-doubt doesn’t discriminate.

The credit management industry is facing a critical juncture as an aging workforce approaches retirement, threatening to leave major knowledge gaps.

In today’s fast-paced business world, multitasking has become a key skill for professionals across industries. Multitasking is the ability to perform multiple tasks at the same time. It can sometimes look like juggling meetings or handling various projects both big and small.

Supply chain compliance is vital for businesses to maintain ethical standards, mitigate risks and uphold reputation contributing to long-term success and resilience in a globalized economy. Why it matters: To avoid security, financial or other risks from vendors, credit professionals must adopt best practices in supply chain compliance.

Outstanding leaders provide guidance, motivation and direction, acting as the bedrock of organizational advancement and expansion. NACM strives to find emerging credit leaders capable of reshaping and advancing their organizations and the credit industry as a whole.

De-escalating customer conflicts is a routine part of the job for trade credit managers. Why it matters: Understanding and effectively managing customer conflict is vital because it directly influences a business’s financial well-being, reputation, and overall trajectory.

Spearheading daily challenges and taking on the unexpected is expected. But let’s face it—no leader can do everything by themselves.