Tag: Credit Management

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…

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 businesses navigate through dynamic economic landscapes, the significance of credit managers as strategic leaders cannot be overstated. Their role extends far beyond managing credit; they are the guardians of financial stability, charting courses through uncertainties and steering organizations toward sustainable growth.

In B2B transactions, trade credit allows customers to purchase what they need and pay at a later date. It’s an effective way to make and collect on sales for businesses. Though it allows flexibility, the reality of extending a line of credit exposes any business to potential risk when lending to new customers. Determining creditworthiness of a customer is one of the basic, yet essential principles in credit—and reflects how likely a customer will pay back a line of credit. It’s an important assessment to make in the process of dealing with any customer, current or new. So, here’s how to ass…

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?