As a credit manager, you are responsible for the entire credit granting process. This not only includes implementing a consistent credit strategy, reviewing the creditworthiness of new companies and other credit-related duties, but it also includes managing your whole department. This means you must be able to wear many hats at the same time. Here are some tips on how to be a better credit manager.
Lead by example
This may be one of the oldest rules of leadership, but it has stuck around for a reason. Take the initiative to demonstrate how you want certain tasks done. When it comes to granting credit, reviewing companies, and dealing with customers, you should hold yourself to a higher standard than anyone else.
Being productive is not simply about working hard. It is about understanding the bigger picture and being able to prioritize certain tasks over others. It is about understanding what work you can delegate and what you must do yourself. You must know your team’s abilities just as well as you know your own. Working smartly can go a long way towards helping you get more done.
Just because something has always been done a certain way does not mean that is the best way. Being a good leader is about knowing what processes work and which ones can be improved. Just because you have always focused a certain amount of employees on one task, doesn’t mean it can’t be done with less by refining your systems. Do not be afraid of change.
Knowledge is Power
As a credit manager, you will often be dealing with companies in many different industries. Knowing as much as you can about each one of these will help you make the best decisions. While it is impossible to know for certain if a company will pay, the more information and data you have on them and the industry the better decisions you will make.
Know your team
Each credit department is different. Each one is made up of a diverse group of individuals with different personalities, strengths, skills, and goals. Being a good credit manager is about understanding the strengths and weaknesses of each team member and being able to think on the fly to best utilize their talents.
What are some qualities you think a good credit manager should have?