Extra Credit

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For many credit professionals, burnout does not happen all of a sudden—it creeps in slowly, like a phantom in the shadows. The pressure of the job, from managing high-risk accounts to chasing down mounting receivables, can begin to haunt even the most experienced professionals.  

If left unchecked, burnout can lead to reduced productivity, job dissatisfaction and loss of personal happiness. Recognizing the signs early and taking proactive steps to address them are the keys to escaping burnout’s grip and reclaiming control, because even when the phantom looms, it does not have to win. 

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Credit managers can sometimes take on too much responsibility—from handling customer disputes to managing collections. A balanced workload significantly improves team performance and efficiency. 

By delegating tasks, credit managers can ease their own workload while empowering team members to think independently, develop skills and take initiative—ultimately allowing them to solve problems before they escalate out of control. 

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Lien and bond rights are essential tools for protecting payments in the construction industry. Whether you’re a general contractor (GC), subcontractor or material supplier, these legal rights provide leverage when payments are delayed or withheld. However, these rights and the processes to enforce them vary significantly from state to state.

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In business-to-business (B2B) transactions, when customers aren’t satisfied with a product or service, they request a deduction—typically in the form of a short payment on an invoice or credit taken on a check. 

Customer deductions typically require approval from the credit department, as they directly affect collections and terms outlined in the contractual agreement. By managing deductions proactively, credit professionals can improve the order-to-cash process, prevent future losses and support strong customer relationships. 

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Gathering job information for a construction project is an important part of the work of a credit manager. Having pertinent details on the customer, contractors and the project itself help the credit manager understand what to expect when they embark on a project. 

While this process is closely tied to the credit manager’s role, the task of collecting the information often falls to the sales team. The joint effort between credit and sales could see different aspects of the task doled out between the two departments. 

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With the role of credit managers expanding each day with new responsibilities, outsourcing tasks within the credit department can be a key part of a risk mitigation strategy.  

Collections brings a lot of problems for credit managers, making it one of the first processes many departments decide to outsource. Third-party collections improves cash flow by having dedicated collectors pursuing a debt rather than overwhelming the credit department.  

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When most people think of a credit professional, they picture someone focused on collecting payments and monitoring customer balances or credit scores. In reality, the job extends far beyond credit and collections. 

The multi-faceted nature of the credit professional makes them an asset to the organization, facilitating communication, improving efficiency and mitigating risk. 

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The credit and sales departments both spend their days closely monitoring customers and transactions, albeit from different perspectives, making it easy for each department to recognize the needs of the other. 

As the credit team works to mitigate risk by carefully considering the possible ramifications of each transaction, they rely on the sales team to bring in customers. 

With the sales department often in a better position to advocate for new technology, buy-in from them on much-needed upgrades to the credit department can be immensely beneficial.  

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Join us for this special Industry Insight episode with Shane Norman, CCE, senior account executive with Handle, as he discusses his 20-plus years of credit experience, and shares his perspective, both managing credit risk and now working with hundreds of credit teams nationwide. 

Today we're talking about:

• Lessons learned as a credit manager
• The future of tech in the credit department
• Common habits for great credit teams

Tune in now and reshape your credit strategy! 

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Connect with us on LinkedIn: @Nacm-National @FCIB

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

Join us for this week's episode on the power of proper documentation!

Certain credit practices are grounded in the roots of the profession, unchanging in a dynamic field where change is constant. Documentation is one of these habits, with thorough records of even the simplest day-to-day credit decisions protecting credit departments from risk down the line. 

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