In a Credit Talk w/ Lori episode, Lori J. Drake, CBA, Community Manager of Handle.com’s BuildingBlocks, spoke with Jerald Collens, CLFP, a seasoned credit and finance professional in construction.
Jerald shared how his versatility and adaptability have been key to his success in the ever-changing world of credit management. As he detailed his experiences, it became clear how these traits are crucial for thriving in this dynamic field.
Navigating a Day in the Life: Embracing Diversity
Jerald Collens describes his daily routine as anything but predictable. “No day is ever like the previous day, and no day will be like the next,” he explains. This variability is a hallmark of the credit management profession. From handling a $115,000 deal to managing multi-million dollar transactions within the same day, the role demands a high level of adaptability.
Each deal involves unique complexities, whether personal or commercial credit.
Essential skills
Quick Assessment: Developing the ability to quickly assess deals improves with experience. Here’s how you can enhance this skill:
- Use Standardized Checklists: Create and update checklists regularly to cover financial metrics, risk factors, and deal specifics. This will ensure consistent evaluations and help you make faster, accurate assessments. Keep the checklist handy and adjust it to stay current with deal criteria.
- Implement Structured Reviews: Introduce regular review sessions with your team where you use these checklists to evaluate new deals and keep everyone aligned. Discussing new insights or changes affecting evaluations speed up the initial assessment process.
Versatile Problem-Solving: To effectively adapt your strategies across different credit scenarios:
- Master Your Credit Policy: Understand which factors are essential and impactful in credit deals. Regularly review and stay updated on your credit policy to know what criteria are crucial. Keep a summary or cheat sheet of key policy points and recent changes for quick reference.
- Communicate Regularly with Sales Teams: Schedule regular discussions with sales teams to understand which factors they find important and how they impact deal outcomes so you can craft solutions that align with both client expectations and lender requirements. Use these conversations to gather insights and refine your problem-solving approach.
The Joys of a Dynamic Career
Collens values the opportunity to meet diverse individuals—customers and colleagues alike—and appreciates the different perspectives they bring. “Every deal is different, and I get to meet so many people,” he notes. This diversity extends beyond personal interactions to the way the industry itself evolves. Technological advancements and political influences continuously reshape credit and finance, demanding that professionals stay agile and informed.
Essential Skills
Industry Awareness: Staying updated is key. Here’s how:
- Subscribe to Newsletters: Read industry newsletters regularly and share critical updates with your team.
- Join Industry Groups: Engage with professional associations for resources and networking.
- Attend Webinars and Forums: Participate in events to learn about trends and connect with peers.
Continuous Learning: Keep your skills fresh:
- Take Relevant Courses: Choose online courses or certifications that align with your career goals. Dedicate time to study and share new knowledge with your team.
- Discuss with Peers: Share insights from courses with colleagues and explore their experiences for new perspectives.
These practices will help you stay informed, enhance your skills, and build valuable industry connections.
Overcoming Challenges: The Power of Adaptability
Jerald Collens highlights how crucial it is to handle rejection effectively in credit management. Whether you’re the one delivering or receiving a “no,” being adaptable is vital. Previously, Collens focused on finding ways to say “yes” to deals despite constraints. Now, he emphasizes the importance of presenting deals in a way that increases their chances of approval.
Essential Skills
- Effective Negotiation:
- Learn from Experience: Review past negotiation outcomes to identify what worked and what didn’t. Take note of successful strategies and apply those lessons to future negotiations.
- Seek Feedback: Regularly ask for feedback from colleagues and clients on your negotiation approach. Use this input to refine your technique and address any areas for improvement.
Advice for Aspiring Credit Professionals
For those considering a career in credit, Collens offers valuable insights. He points out that credit and finance offer numerous opportunities beyond what many might initially perceive. Contrary to the stereotype of credit being “anti-sale,” he highlights the importance of relationships with colleagues and other professionals. Opportunities abound in collections and credit management, with benefits such as flexibility, remote work options, and travel. “There are great opportunities in collections and credit, and there’s good money to be made,” he advises.
For more valuable insights and to connect with others in the field, join the BuildingBlocks community and subscribe to our YouTube channel. Tune in to Credit Talk and our webinars to keep growing in your credit management career and stay ahead in the industry.