This year, I put my New Year’s resolutions in writing so that I could verify that I achieved them next December. Unfortunately, the major one was broken by 9AM on January 1st when my wife asked if I wanted eggs or the leftover cheesecake for breakfast.
Though I was weak, it doesn’t mean that you cannot use this method to fully document your company’s position on industry credit groups and your role.
I contend that though the amount of information picked up at each meeting may be less than what is detailed on the monthly reports, alerts and RFIs, the quality of that information is greater. Previous businesses, the owner’s new cell number, other bank accounts, and the new a/p person’s name are just a few valuable pieces of non-trade data that do not show up on reports including D&B and Experian. This is only learned by attending group meetings/calls.
Therefore, to avoid confusion, last minute requests, and to ensure that you get all the information, ask your management to include the following in your job description:
“Credit Manager is required to attend and participate fully in all facets of the industry credit group. Only senior management can override this and in that case, an alternate chosen and trained by the credit manager will attend.”
This past year, a company lost over $200,000 because the credit manager was asked to handle the phones, missed the meeting and the news that a major customer was not renewed by a big box retailer. Their anticipated big re-order never came through.
Don’t let it happen to you.
ATTEND. CONTRIBUTE. SAVE.
Happy New Year!