Recognition and reward requires more than just successful delivery of what is expected.

The concept or thought of Credit Management as a business tool and not simply an adjunct of finance is not new or misplaced but its transition to full mode recognition has been painfully slow. It has worked in some cases but only to a degree and the reason I suspect, is reluctance by those in Credit Management to push the boat out hard and blow their own trumpet. It certainly does not aid matters when corporate business retains divisional silo’s rigid and impregnable and is less than willing to allow freedom of expression.

Salary levels have improved considerably, more so at the top end driven by the Chartered status of the Institute of Credit Management and its leadership of the past 15 years but I still worry that many fall back on tried and tested ways to improve image and value by working on delivery of basics and not real tangible value add.

Delivering 100% of your job specification will not win you the prize

Far too many inappropriately look upon delivering excellence in existing job specification requirements as adding value; it’s not, it’s simply a requirement of what is expected and will certainly not get you noticed or ‘valued’ across all areas of your business, your peers, clients or your industry. You’ll be applauded in many cases, certainly, but you will not be seen as anything special or extraordinary.

•          Improve DSO?
•          Streamline efficiency in order to cash?
•          Mitigate and manage Bad Debt?
•          Train and recruit staff and keep them skilled and happy?
•          Reduce incidence of delinquency and disputed debt?
•          Work with Sales in maximising debt recovery and mitigating risk?
•          Use supporting tools and operating systems?
•          Select business reporting agencies, credit insurers and third party collectors?
•          Manage departmental budgets and costs?
•          Work with clients to maximise receipts?
•          Provide accurate data management flow?
•          Manage a shared service centre?
•          Delegate responsibilities correctly and efficiently?
•          Communicate effectively?

None of the above are value add. They are a matter of requirement irrespective of any extra-curricular activity engaged in while striving to deliver all this to a high degree and consistently.

So, what is it that will get you noticed and valued more than just being appreciated?

Quite simply, it’s using all the tools you have at your disposal coupled with the vast amount of information you work with on a daily basis or have easy access to in order to accelerate business information and performance of the company you work for and not singularly the Credit Management function wherein you sit. 

It’s about getting yourself recognised outside the boundary of Credit or departmental silo, engaging with all areas of your business, more importantly your clients and their activity and the industry in which you work in.

What’s the best way to begin engagement in this? Meet your principal or valued new clients, indeed visit as many as you can and often. You’ll be absolutely astonished at how many doors this opens in terms of achieving real value add and recognition.

I recall as a Credit Manager sitting in on a high level client meeting with our CEO who during the course of negotiation and discussion turned to our client and said ‘What is it about us that you like? Why do you place so much of your business with us’? The client Managing Director and owner looked him straight in the eye (while touching my shoulder) and said ‘Because of this man here, he read us well, understood what we were about and has supported us all the way, through good and difficult times’. I felt ten feet tall and probably looked it too.

When such clients and others call you and share confidential plans to grow through acquisition, ask your opinion, share in confidence names of those considered and ask you to suggest other suitable targets, you know you are providing something on behalf of your company that no other competitor does. Supplier/client relationships only remain strong through continuity, trust, understanding and a willingness to support respective ambitions or plans for growth and the greater the touch points between you, the more solid the relationship becomes.

When events such as this are repeated over and over again your stature and influence grows; it allows you to engage far more widely in business development and your ideas, views and opinions gain considerable traction and acceptance. 

The additional flow of information you provide can all add to this new found freedom of expression. You begin to be approached for advice or opinion on business direction, (often by clients themselves), industry news or projected future plans which all further enhance the tangible value add beyond your job specification. Sure, it requires additional effort and often your own time but the rewards are substantial and what’s more, you guarantee job satisfaction and consistent results delivery.

Imagine working with a mission statement that is along these lines as opposed to traditional and somewhat staid examples:-

“To provide the Company and its Clients a quality Credit Management service designed to create, expand, secure and support business opportunity and profit”

This was our mission statement and there is no doubt in my mind that it greatly influenced Corporate and Credit attitudes in delivering tangible value add. Just doing your job exceptionally well only serves to limit such contribution.

In order to be successful, Credit Management must offer a competitive, selling, commercial and financial advantage. It’s in a terrific position to establish customer needs and help focus activities of the company in providing these at a profit.

Stretch your arms and punch above your weight.