Extra Credit

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No two people are the same. This mere fact is what makes life so interesting. These differences alone can actually lead to more beautiful and meaningful outcomes so long as people are willing to work together. 

But finding togetherness can be challenging, especially when an individual can’t get along with someone different from them. Nowhere is this more apparent than in today’s workplace, where colleagues of varying ages and backgrounds are expected to collaborate toward the same goals every day.

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Tell us what you love about Extra Credit and what topics you want covered!

There is an art to communication in credit management. With a wide, diverse customer base, credit professionals cater to unique, distinctive needs with each account they serve.

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There’s no denying that credit professionals encounter their fair share of stressful situations. When their customer files for bankruptcy, for example, they’re navigating shifts in communication, payment expectations and business practices all while seeking sound legal advice. 

During challenging times, people look for strong leadership to guide and motivate them. By using an admirable set of character traits, credit managers can provide direction even when the road ahead is uncertain. 

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Salespeople tend to focus on generating as many sales as possible for the company, while the credit team works to protect the company from risk. Despite the differences in the two responsibilities, there is a lot that can be gained through increased collaboration between the two departments. 

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Financial statement analysis is not just about good or bad ratios; it’s about discerning the underlying causes and implications for a company’s financial stability. Delving deeper into financial statements can reveal hidden risks, even when initial figures seem promising.

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Workplace wellness drives performance and keeps teams motivated. When it’s missing, even the most capable associates can start to withdraw, burn out or lose satisfaction in their roles. To prevent that from happening, we’re sharing practical strategies credit leaders can use to improve well-being for their teams and themselves. 

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For decades, Days Sales Outstanding (DSO) has been the default answer to a simple question: how well is a company collecting what it’s owed? It’s easy to calculate, explain and compare across periods, which is exactly why it became the metric many credit professionals reach for first. 

But a company can post a stable or improving DSO while still carrying rising bad debt, an aging portfolio of high-risk accounts or a shrinking cash conversion cycle that’s straining working capital. The number checks out. The reality underneath it doesn’t. 

To form a more complete view of receivables health, credit teams are tracking key performance indicators (KPIs) alongside DSO. 

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Credit managers like to know what’s coming next. Mitigating risk means following industry trends and economic cycles to see where the future might take your business, but what about the unpredictable?

As hundreds of wildfires rage through Canada and blanket parts of the United States in smoke, more credit managers are finding themselves grappling with the unpredictable. 

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Collecting on overdue accounts can be time-consuming and stressful for credit teams, especially when they’re dealing with customers who are financially stretched. Uncomfortable as it is, the process is essential for maintaining sustainable cash flow and preserving customer relationships. 

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Know your customer (KYC) is not exclusively a credit assignment. The task of learning your customers’ patterns and operations is shared between the credit and sales teams. As both departments interact with the customer in different ways and interact with distinct parts of their business, each has a unique understanding of the customer. 

For a full view of who you’re working with, there must be an open line of communication between sales and credit.

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