Surpassing Your Competition Slides
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Surpassing Your Competition Slides
- 1. Surpassing Your Competition Through Your Credit Department (…and a few other things to ponder) You can accomplish great things when you use your strengths and understand your opportunities!
- 3. The Economy Business Employment Consumers 70% - 40%
- 4. Oh my, Toto what do we do?
- 5. Yeah the pie got smaller but we don’t have to settle for less!!!
- 6. How do we survive? No knee jerk reaction Downsize if your sales have but make it make sense. Don’t hold on for emotional reasons Understand “Sustainable Competitive Advantage”
- 7. Sustainable Competitive Advantage Price Product Customer Service
- 8. Is your business up to the task? Businesses have a great opportunity take market share in a down turned economy.
- 9. Credit is Customer Service So we’ve kept our in house credit departments – We’re good, right?
- 10. Credit is Customer Service that adds to your advantage (Psst…Credit is also an art and some science)
- 12. Credit is Customer Service Businesses are really “PEOPLE” in disguise. Why would these “people” choose our “people” over other “people”? Full service Friends Understand this is their life Comfortable Speak the same “language” Counsel Know we need each other Trust Live in their community Familiar Treat people with dignity
- 13. Credit people develop these skill sets through experience, interaction and formal education.
- 14. Credit also protects your three largest assets Cash Accounts Receivable Inventory WHO DO YOU HAVE IN CHARGE??
- 15. Maximizing the use of your credit department to improve your business is not optional if you are have a sustainable competitive advantage…. You must keep your skill sets and knowledge up-to-date to get that advantage.
- 16. Credit departments are no longer the “girls” who had some extra time to call customers for money. Finding the personality fit for your customer and your company is just the beginning.
- 17. An educated credit person will also save you money vs: the attorney you may need later. Credit Approval: Contract do’s and don’ts Credit Assessment Credit Recommendations
- 18. An educated credit person will also save you money vs: the attorney you may need later. Credit Extended: Monitoring Communicating Work-outs Restricting
- 19. An educated credit person will also save you money vs: the attorney you may need later. Credit Withdrawn: Collection, internal and external
- 20. NACM is the national training ground for 20,000 companies. Boot Camp CFDD/ICEL Industry Groups Seminars Scholarships Negotiation Networking Accreditation that includes: Accounting Communication Law Financial Statements Only a fraction of member use them.
- 21. In house credit is your secret tool to win when today’s game has changed.
- 22. I’ve heard there are troubles Of more than one kind. Some come from ahead Some come from behind. But I’ve bought a big bat. I’m all ready you see. Now my troubles Are going to have trouble with me! - Dr. Seuss
- 23. Commit to meet the economy and the competition head on with every tool available because you are in for the fight for your business life. Use your biggest bats and giver all you’ve got! Don’t retreat!
- 24. It doesn’t matter what’s coming at you… Be ready to knock it out of the park!
Editor's Notes
- FAST -roadrunner
- Economy has been driven by consumer demand- sales create revenue, revenue creates jobs. Large scale poor credit decisions inflated sales then took their toll. Fear was added into the mix and wallets closed.
- Insert Dorothy
- Big 3 vs: Subaru and Mini Cooper – has the big 3 changed their ways? Stop wringing your hands and start using what you have!
- Don’t cut sales (especially commissioned), marketing, credit or customer service – do consider combining functions when it makes sense
- Insert handshake clip art
- Need to train and maintain especially when demand is up – wouldn’t send sales out without product knowledge
- Add whisper or secret
- But is considered a cost center and something that can be outsourced to someone who is not vested in your company
- But suprisingly – they may be the ones who eventually wind up in credit.
- Approvals, denials, personal guarantees, Assessment may = Art,
- Approvals, denials, personal guarantees, Assessment may = Art,
- Approvals, denials, personal guarantees, Assessment may = Art,
- What’s good for you is really good for me