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Looking Ahead
Help gain information on your customers. As a member, their information could help build the database on your customers. It's not just a one-way street. more Info
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The Five C's of Credit for Today's Economy
by Shane Inglesby, CCE, Geneva Rock Products
Any credit professional who has prepared to take a designation exam will tell you the importance of understanding the Five C's of Credit. The fundamentals associated with these principles are so important to the world of effective credit management that a test without reference to them would be sorely incomplete. As a result, anyone who has assisted in leading review discussions for those preparing to sit for the exam will emphasize the importance of knowing the five C's forwards and backwards.
Even having sat through several review courses and having taught a few myself, remembering all five with rapid-fire response of one waiting to be tested can be a challenge. Yet, honestly, as credit professionals, we incorporate the principles contained therein on a daily basis. We just do not necessarily sit back and state that our work focuses upon them.
However, a formal review of the five C's is something that should be encouraged on a frequent basis to ensure you and/or your department are not overlooking key concepts that will help ensure your success as a credit manager and thus, in turn, the success of your company.
The Five C's of Credit include: character, capacity, capital, collateral, conditions. View full article
It May Be Daunting At First, Just DO IT!
by Heidi Krum, Johnstone Supply
My Experience With Certification Classes
DO IT! It may be daunting at first (especially if you've been away from the "student scene" for a decade or two), so start with something easy! I'd recommend Principles of Business Credit. This is perhaps the most relevant of the six classes for certification. You'll find the knowledge directly applicable to "everyday" clients. With the material in this class you'll be able to articulate to others (management, sales, etc.) the reasons for what you do on a daily basis.
I didn't understand the credit-sales relationship until it came up in that class. Previously, all I'd figured was that since salesman are commission-based, they're just out there grabbing as much business as they can, ignorant of the "declining business" red flags such as low inventory, staff layoffs, etc. Once I learned why BOTH our positions were important, I decided to start asking them about certain customers and getting them involved in credit. I started some basic sales training. Although things aren't perfect, in building these relationships, we've been able to approach issues as a team rather than a, "who will win-sales or credit?" or a "fight to the death" scenario. View full article
Top 5 Reasons You Haven't Tried Business Credit Education
by Georgette Bevan, CCE, NACM Business Credit Services
5. You don't know where to start.
4. You are too old.
3. You don't have the money.
2. You don't have time.
1. You don't need money and job security in this economy.
Overcome those objections
5. Contact Georgette at NACM and simply ask! 801-433-6116
4. You are never, NEVER too old to learn. Keep that gray matter working.
3. Many employers have an education policy and will help employees get education. If they don't contribute, or pay a partial percentage, NACM has a scholarship program for members.
2. Evening classes are generally one-and-a-half to three hours, once a week. You have six other days. It's 16 weeks, or a three month commitment.
1. Business Credit Education increases your efficiency and effectiveness, which means bottom line increase for your company and in turn you. Increasing your knowledge and skill builds your value to your company and for your future. View fall class schedule
Caution! Business Credit Education can be addictive. Those who try it, love it!
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