Recently, CMA hosted an Industry Credit Group meeting where there were only a handful of accounts listed in the past-due report, but the members who attended that meeting told us afterwards that it was one of the best meetings they’d attended. I suppose you’re probably asking yourself why, when the account discussion only lasted 15 minutes, would they say that? Quite easily. Everyone in the meeting brought something to the table.
Here’s a quick synopsis of the meeting. The Group read the antitrust statements and the handful of accounts from the report were discussed. A couple of members chimed in with payment experience about some of those accounts. Then the Group had a round-robin discussion about other accounts they either were having trouble with, or were so new that they didn’t yet enter them into anscers. During that part of the discussion, most accounts that were brought up were common accounts with someone in attendance, and everyone who attended was able to bring valuable information back to their department.
Arguably the most valuable part of the discussion followed, with the discussion topic of the month which segued into a 30-minute best-practices discussion on credit card acceptance in that industry. Everyone in the meeting discussed their company’s experience in accepting credit cards, from beginner to expert, and it was easy to see the value of attending this meeting, judging by the “a-ha!” moments I could see on attendees faces when key discussion points were brought up.
I know that every credit professional is very busy, and in rare occasions you may not have any accounts to bring up for the month’s meeting. Remember, a great Industry Credit Group meeting is more than just an accounts discussion; it’s the opportunity to speak firsthand with those in the same industry as you to see what processes they’re using, to understand their credit policies and procedures and walk away with processes that you can implement in your own business. In this particular example (and I’ve heard countless others like it), this type of information is not available anywhere else except for the Group meeting.
I remind you that even if you don’t have accounts to bring up this month, bring a best-practices question to the meeting or a solution that the others may not have thought of that’s helped your credit department. Your attendance at the meetings is valuable in that you could learn something from your competitor, or present something that could spark another important half-hour discussion.
What will you bring to the table at your next meeting?