- Review all of your customers that have credit lines with your company
- Have your sales teams target those with the most unused credit
- Identify those are not paying as timely as they used to
- Get your credit managers more closely integrated with your sales teams
- Work the phones to start learning more about what might be delaying payments
- Start using Collection Days Index rather than DSO to measure cash flow
- Be sure your sales staff really understands what credit is
Friday, January 16, 2009
Get In Front of 2009's Biggest Challenge
I recently returned from two days of credit management training at the Executive Development Retreat in Vail, CO. Abe "Walking Bear" Sanchez led a spirited discussion about credit and a/r management that provoked a lot of discussion among distributors and left me with these "nuggets" about how distributors should attack a 2009 in which getting paid by customers may be the year's biggest challenge:
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