Tag: Best Practices

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.

Charity Wyatt, CBA, credit specialist at Steel Dynamics, Inc., Roanoke Bar Division (Roanoke, VA), said that earning the Credit Business Associate (CBA) certification was a crucial first step toward her goal of achieving the Certified Credit Executive (CCE) designation. “The CBA certification will not only enhance my resume but also provide a solid foundation in credit principles, which is particularly valuable as I am relatively new to the credit field,” Wyatt said. 

By focusing on and refining soft skills, credit professionals can enhance performance, relationships and communication in credit management.

Credit professionals often require advanced payment from customers or countries they may consider high risk. However, it is important to review the documents closely to determine if there are requirements and conditions that could delay or void payment if not met.

While discussing her next career move with her boss, Kristen Gibson, CBA, learned about the Credit Business Associate (CBA) designation through NACM and FCIB’s Professional Certification Program. “He recommended the CBA course to me and together we made a plan to move forward,” she said.  

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.

The credit management profession is often described as both an art and a science. It requires a combination of hard, technical skills—such as financial analysis and business credit law—as well as soft skills, like relationship-building and effective communication.

🎙️ On today’s episode of Extra Credit … In B2B credit management, negotiation is key for securing payments, reducing credit risk and nurturing long-term business relationships.