Tag: Best Practices

In a year marked by innovation, resilience and dynamic shifts in the B2B credit profession, the National Association of Credit Management (NACM) has been at the forefront, delivering a wealth of insightful content and expertise. As we bid farewell to 2023, it’s time to reflect on the profound impact of NACM’s contributions—articles, webinars, podcasts, white papers and more—that have guided credit managers through challenges, uncovered opportunities and set the pace for success. Join us on a journey through the pivotal moments and top-notch insights from 2023.

New Year’s resolutions often symbolize a fresh start and a commitment to improvement—a chance to become the best version of yourself in both your personal and professional lives. As we approach the New Year, credit managers are presented with limitless opportunities for growth and success.

Credit management is a risky business. Every credit decision is directly influenced by ever-changing micro- and macro-economic factors. To better mitigate risk, credit professionals must be proactive in their credit limit assessments for new and existing customers. According to a recent eNews poll, most credit professionals review existing customer credit limits on an annual basis (64%), while some reassess credit limits as frequently as every six months (23%). Others reassess credit limits less often, such as 18 months (4%) or 24 months (10%) at a time. The frequency of reviewing credit li…

Due to supply chain challenges, more companies are seeking alternative suppliers, resulting in an increase in new customer credit applications. But even a well-established business that has been buying from other suppliers needs the same degree of risk assessment as a new company. How they abide by terms and pay other suppliers could be an indication of how well they will pay your company.

As the credit world continues to evolve alongside automation and technological advancements, there are many benefits: easier ways to receive payments, communication with customers and all around efficiency. However, with innovation comes vulnerability. Technological advancements in the past decade have made fraud a much easier crime to commit in the credit industry, especially through email phishing, forged digital documents, identity theft and more. And fraudsters are continuing to find creative ways to get away with their scams.

Public speaking—the ability to articulate ideas and topics to public audiences—is a skill that every professional should master. But the fear of public speaking is more common than you’d think. Even the most seasoned business professionals still get clammy hands or nervous sweats when presenting a speech. In fact, 75% of the population has a fear of public speaking; but, why?

As the next generation of credit professionals accepts jobs in the industry, they are using a different strategy to build customer relationships by leveraging new communication styles. However, the goals remain the same—create a strong sense of trust, improve customer service and mitigate risk.

In the dynamic and ever-changing world of finance, it is imperative to stay ahead of the curve and ensure agility is built into your business operation. More and more businesses have integrated global business services (GBS), an evolution of the shared services model that controls the delivery of business support functions to the core business through multiple service delivery models on a global basis.

Filing a mechanic’s lien can be a challenging process. It’s a way to try to secure your rights and receivables, and allows flexibility to extend credit you might not typically extend. Several benefits come out of filing a mechanic’s lien. Firstly, it helps with legal protection and ensures payment from the customer. Mechanic’s liens also benefit subcontractors, customers, suppliers and all parties involved in the project—and can be a great way to maintain your customer relationships.