Nudge Nudge

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Credit Management magazine is hitting doorsteps this week and it’s the usual great read with useful and topical information for credit professionals everywhere. Thanks are due to Sean Feast, Andrew Morris, Alex Simmons and the rest of the team who regularly produce a magazine with such great content and which continues to improve.

This latest issue includes an article from me to coincide with the CICM’s current campaign running across LinkedIn and elsewhere. It’s on page 13 if you want to read it. For any professional, the importance of belonging to their professional body cannot be over-stated, wherever they might be in their career journey, and the value of membership can be expressed in a variety of ways.

We all need to stand out from others at key points in our career if we’re going to be really successful. Getting a qualification sets us apart from those who haven’t done so and provides the knowledge and skills necessary to climb the ladder.

Keeping up-to-date with regulatory and legislative changes is vital. We need to be aware of changes that directly affect our operation and we need to understand the environment in which we work, and beyond, if we’re going to be truly effective.

Being best-in-breed means adopting best practice and continually improving. Networking with those at the top of their game, whether it be face-to-face or though another medium, is the best way to understand what ‘best’ looks like and to learn from it.

Cashflow is the lifeblood of any business and, when it breaks down, insolvency usually follows. There are numerous causes of cashflow problems and one of the most common, though least recognised, is the failure to apply the basic principles of credit management. The fundamental importance of knowing (and choosing) who you supply, agreeing on what terms credit will be provided, invoicing promptly and accurately, and asking for money that is due to you gets overlooked. The best credit professionals apply these principles in a way that achieves the best results and maximises cashflow.

All these are reasons why anybody working in credit should be a member of the Chartered Institute of Credit Management which represents people working across the length and breadth of the credit management lifecycle. Many of you reading this will, I’m delighted to say, already belong to your professional body but I’ll bet you know someone who doesn’t. It’s time to give them a nudge in the right direction please.

Source: The post Nudge nudge – a blog by Philip King FCICM appeared first on Chartered Institute of Credit Management.

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