Credit groups: a best practice for credit managers.(NACM Communications Dept.)(service of credit manager)

As their industry becomes increasingly national--even global--credit managers find less opportunities to get together, network and exchange useful information. Fortunately, they can still gather at the industry credit group meetings organized through NACM. The managers meet monthly, bi-monthly or quarterly, in either local or national groups, depending on the structure of each industry and specific businesses involved.

Participants most appreciate the chance for networking at a high level, with a valuable exchange of information. "Having a rapport with other managers in your own or a related area allows you to become familiar with one another," says Jerry Hyman, Credit Manager at ISCO Industries, LLC in Louisville, KY. "You will feel comfortable calling that person afterwards, to get a reference, or for an immediate answer to a credit question."

"It is a fabulous networking tool in your industry, to get to know each other and familiarize yourself with common issues," added Gerry Gilbert, CCE, Corporate Director of Credit for BMC West Corp. of Issaquah, WA.

While they build trust and cement relationships, the managers leverage off each other's knowledge, which may touch on any number of the typical problems they grapple with daily. "In our group discussions, we learn to handle problems, such as non-sufficient fund checks, unauthorized charges on accounts, or tips on what to observe while making customer visits," suggests Melissa Ballou, CCE, Credit Manager and Controller at Ferguson Enterprises in Louisville, KY. Other topics might include loan approvals, purchase orders, incomplete invoices or even data conversions for new collection software implementation. Reena Chow, VP/Division Manager at CIT Group/Commercial, in Charlotte, NC values the contact information she acquires for reaching 'gatekeepers" She points out that a direct route to the right sources "saves legwork" in bypassing ranks of operators and assistants.

Duane Schwartz, CCE, Credit and Collection Manager for The THe Shop, headquartered in Plymouth, MN, pointed out that experiences other trade group members have had with particular customers often provides him with invaluable insight. "What one member experiences with a customer, is quite likely the same experience I would have," Schwartz said; "so you know what you're getting into when you're dealing with a particular customer."

"I feel that we have a better ability to find out about our customers before it becomes public," added Debi Grable, Credit Manager for Coast Crane Company of Seattle, WA. "If a member has received a bad check from a business entity, it alerts us to watch out for checks from those same ...