In episodes 3 and 4 of “Credit Talk with Lori,” hosted by Handle.com’s Lori J. Drake, CBA, seasoned credit professionals Krystal Daughtery, CCE and Victoria Terrell shared their insights on the delicate balance of time management and relationship building in credit management. These episodes provide a wealth of knowledge from experts who have successfully navigated the complexities of their roles, offering valuable lessons for credit managers aiming to excel in their careers.
Structuring the Day for Maximum Efficiency
Krystal Daughtery, CCE, Order to Cash Manager at Acuren, highlights the importance of structuring her day to maximize efficiency.
She explains, “An average day for me is to check first what my schedule looks like. Is there anything that I have on the books that I need to be prepared for that day? Then I dive in there. For me personally, I’m more focused in the morning. That’s when I spend all my time looking at those credit files.”
By prioritizing her most mentally demanding tasks in the morning, Krystal ensures she is making the best use of her peak focus periods.
This structured approach allows Krystal to dedicate her afternoons to collections and follow-ups.
“In the afternoon, I focus on the collections piece and really try to make sure that I’m doing my necessary follow-ups. It’s also when I tackle my inbox and get caught up there. Because, typically, if I’m proactively reaching out to someone or someone’s reaching out to me, it’s usually because of a collections issue,” she shares. This division of tasks helps her maintain a balanced workload and ensures that each aspect of her job receives the attention it deserves.
The Importance of Relationship Building
Victoria Terrell, VP of Finance and Treasurer at Design Electric Inc., emphasizes the significance of relationship-building in credit management, especially during challenging times.
She recounts, “One of the most valuable assets to have with your suppliers is that personal relationship. I would encourage everyone not to take that for granted or think it’s just some soft skill. For me, when we went through difficult times or the pandemic, having those relationships with those creditors, when I could call a supplier and say, ‘Hey, on this job, can we pay you with a credit card?’ or ‘Hey, on this job, can we work out 60-day terms?’—because of that established relationship, they were willing to work with me on that.”
Victoria’s experience underscores the importance of building and maintaining solid relationships with suppliers and creditors. These relationships can provide flexibility and support when navigating financial challenges, making them invaluable to effective credit management.
Integrating Time Management and Relationship-Building
Effective time management directly contributes to successful relationship-building. By efficiently managing tasks, Krystal Daughtery can allocate specific times for proactive communication with clients and colleagues, ensuring that meaningful relationships are nurtured without compromising her other responsibilities.
Victoria Terrell emphasizes the importance of relationship-building, which is complemented by efficient time management. Maintaining a structured schedule allows her to engage in regular communication with suppliers, thus reinforcing these valuable relationships. Organized and proactive credit managers are better equipped to address issues promptly and effectively, further strengthening their ties with internal and external stakeholders.
Practical Tips for Integrating These Practices
Prioritize Tasks Based on Energy Levels
Understanding when you are most productive can significantly impact your efficiency. Krystal Daughtery’s strategy of tackling credit evaluations in the morning when she is most focused can be applied broadly. Identify your peak productivity periods and schedule your most demanding tasks during these times.
Create a Structured Schedule
Having a structured schedule helps you manage credit and collections tasks effectively. Set specific times for different activities and stick to this routine as much as possible. This approach not only ensures that all aspects of your job are addressed but also helps minimize the stress of constant task switching.
Invest in Relationship-Building
Building solid relationships with suppliers and creditors is not just a “soft skill” but a critical component of successful credit management. Take the time to understand the needs and preferences of your key contacts. Regular communication, transparency, and reliability can go a long way in establishing trust and mutual respect.
Maximize Technology
Utilize technology to streamline your workflow. Task management, communication, and data analysis tools can help you stay organized and efficient. Automating routine tasks can free up time for more strategic activities, such as relationship-building and problem-solving.
Be Proactive
Building relationships proactively is crucial. Reach out to your suppliers and creditors regularly rather than waiting for a crisis. Being proactive in credit evaluations and collections can help prevent issues from getting out of hand. Ensure that you regularly review your credit files and stay on top of follow-ups. Maintaining regular check-ins can strengthen connections and keep you informed about any potential issues.
Seek Continuous Improvement
The field of credit management is constantly evolving, and staying updated with industry trends and best practices is essential. Participate in professional associations, attend workshops, and seek mentorship opportunities. Continuous learning can help you refine your strategies and stay ahead in your career.
Final Thoughts
Balancing time management and relationship-building is not only possible but essential for success in credit management. Krystal Daughtery’s structured approach to her daily tasks and Victoria Terrell’s emphasis on the value of personal relationships provide a blueprint for credit managers aiming to excel in their careers. By prioritizing tasks, creating a structured schedule, investing in relationships, leveraging technology, being proactive, and seeking continuous improvement, credit managers can achieve a harmonious balance that drives both personal and professional success.
Watch more Credit Talk with Lori on the Building Blocks Channel.