Tag: Credit Management

All credit management responsibilities stem from one essential skill—the ability to form strong relationships. Business relationships have many layers, all of which credit managers must master. In global trade, credit professionals should try to understand the cultural differences of their customers overseas to ensure a successful relationship.

Housing starts rose to a 1-½-year high at 14.8% in November. According to a mid-December report from the U.S. Department of Commerce, permits for future construction of single-family housing in November increased to the highest level since May 2022.

Leadership is not just a title; it’s a commitment to steering the course of an industry that is ever evolving. The National Association of Credit Management (NACM) proudly introduces its newly appointed chair, a seasoned professional with a proven track record of excellence … JoAnn Malz, CCE, ICCE, director of credit, collections and billing at The Imagine Group LLC (Shakopee, MN). As a dedicated credit professional and NACM member, Malz has big plans and a strategic vision for the future of the industry and our association.

We all know the saying “cash is king” rings as a true statement in the credit world. It’s critically important to look closely at where and how a business generates its cash, looking no further than the Statement of Cash Flows. This statement provides information on a business’s cash during a specified period, helping credit professionals analyze its financial health. Understanding cash flow is critical for assessing risk and the financial outlook of a company.

As we usher in the new year, we thought we’d examine the shifting currents of the workforce. Let’s unravel the latest labor trends and workforce challenges identified in eNews poll questions. A recent poll indicated that 32% of credit professionals point to an increased workload as a big challenge while navigating layoffs or workforce adjustments within their credit team closely follow. Maintaining team morale amid the fear of potential layoffs is a challenge for 14% of respondents and another 14% have struggled to hire and retain skilled credit managers.

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…

Learning a new language requires patience and practice to fully grasp its nuances. It is a form of communication with words, abbreviations and symbols to relay meaning. Even simpler abbreviations such as EOD (end of day) or WFH (work from home), acronyms simplify communication and present a sense of belonging when using the terms correctly—especially in your workplace. Credit professionals across all industries have their own abbreviations or terms to use relative to their department and customers, but some terms are universal—and every credit professional should have an idea of what they m…