Katie Parry, Allred's Inc
Communication, Collaboration, and Cooperation. These three action words play a vital role in today's business. They are especially important in the credit world. Working full time as a credit manager, I found out really fast why it is important to exercise the 3 C's!
Communication is your number one tool to grab from the bag of 3 C's. A credit manager must possess great communication skills. Communicating with the sales team is crucial to help generate sales, improve profit margins, increase market share, provide great customer service and strengthen customer loyalty, meet customer demands, and remain competitive. If the sales department has great communication skills along with good customer relationships, they can often obtain current information from their customers that a credit manager cannot, such as current customer conditions financially and personally, or how they may be handling or not handling their business. With communication, I have learned a great deal about my customers from my sales team. On one occasion, we were informed by sales that a long term and reliable customer had not been handling his financial affairs properly due to a pending divorce. This could have cost us greatly if we had continued to lend out more and more credit. Because of communication we were actually able to help the customer make better sound financial decisions to help him out of the downward spiral.