
At a recent conference, I was invited into a group of other long-term credit professionals to discuss what we felt were some regrets in our long careers. Following below are the major ideas I took away from our discussion.
Overlooking Relationship Building – Many commercial credit managers regret not prioritizing strong relationships with customers and sales teams earlier in their careers. While risk mitigation was their primary responsibility, some realized too late that rigid enforcement of credit policies without considering business relationships can harm long-term profitability. Balancing risk with a customer-focused approach often leads to better outcomes, but some managers only recognized this after experiencing significant lost sales or strained relationships with key clients.
Being too Conservative or Liberal with Credit Decisions – A frequent regret among credit managers is either being too cautious or too lenient when extending credit. Those who were overly conservative may have stifled business growth by denying credit to otherwise viable customers. Conversely, those who were too aggressive in granting credit may have contributed to bad debts and financial losses. Finding the right balance is a skill that many wish they had developed earlier in their careers.
Ignoring Professional Development – Many credit managers regret not investing in continuous learning, professional certifications, or networking opportunities. The commercial credit field evolves with changes in economic conditions, regulations, and technology. Those who failed to stay updated on industry trends or did not seek mentorship often found themselves struggling to adapt to new challenges. Some wished they had pursued certifications such as the Certified Credit Executive (CCE) or taken courses in data analytics to improve their decision-making.
Not Leveraging Technology Effectively – Some credit managers look back and regret not embracing technological advancements sooner. The adoption of credit management software and automation has revolutionized the field. Those who resisted these tools due to a fear of change or a lack of training often found themselves overwhelmed by inefficiencies. Many realize in hindsight that using data analytics and automation could have improved risk assessments and freed up time for strategic decision-making.
Failing to Advocate for Their Role – Another common regret is not advocating for the importance of credit management within their organizations. Some credit managers feel they should have been more proactive in educating senior leadership on the value of credit policies in driving profitability rather than just risk control. Those who remained in reactive roles, merely processing credit applications, sometimes felt they had missed opportunities to shape company strategy and influence key business decisions.
Your thoughts and comments (nseiverd@cmiweb.com) are most welcome!
Nancy Seiverd, President
CMI Credit Mediators, Inc.
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