During the holidays, CMA staff called and emailed most of our members to help us determine their goals and objectives for 2017, and what they thought their biggest obstacles would be. Thanks to all of our members who took the time to speak with CMA staff to share those goals, as we learned a great deal from the process, to help us shape what we’re doing to help our members. Many of you told us that (not surprisingly) that you want to reduce DSO, keep your A/R balances current, reduce late payments and bad debt write-offs, and keep customers paying on terms. Obstacles cited were customers requesting extended payment terms, reduced staffs, and bankruptcies. We also heard throughout that many of you need to overcome these obstacles and achieve your goals more efficiently and for less cost.
The upcoming CreditScape Spring Summit, which takes place in April, speaks to your concerns, as it will feature presentations and discussions that focus on helping you streamline operations and create efficiencies that will reduce the cost of doing business.
Kicking off the Summit is Dan Goldes’ presentation, “The Influence Edge: How to Get What You Want.” Why are influence skills important for credit managers? Credit roles are by their nature cross-functional – internally, you work for a senior finance executive, but you work with sales, order entry, billing, customer service, legal, shipping, and maybe even procurement. Goldes says that, “with the horizontal structure of today’s progressive organizations, it is increasingly important to ask for and receive the support you need to accomplish your goals. The most effective way to do this is through the strategic use of influence skills.”
Creating efficiencies that will reduce costs will require change, and change requires buy in. You will likely have to get approval from senior management to implement those changes (and the costs associated with them), and you will have to convince staff to adopt those changes. Both tasks require influence skills – without them, process improvements may not be successful, and indeed may not happen at all. When you attend CreditScape and learn about process improvements and tools that can create efficiencies and cost savings, we want you to feel empowered to take that knowledge back to your office and get things done. Dan says, “By using influence skills strategically, others will be more willing to help move organizational processes along without resistance.”
Additional programming at CreditScape will include a panel discussion from real-world credit practitioners explaining areas in their businesses where they’ve achieved process improvement, CMA’s version of “Speed Networking,” and other interactive events geared towards helping members create efficiencies and reduce costs in their credit operations.
At CMA, we are dedicated to helping develop educational programs that speak directly to your real-world credit needs and concerns. I encourage you to reach out to my team at CMA (or respond to this blog) if there are other topics that you think could help your business. I really hope to see you at CreditScape in April.