Credit and Sales: Developing a Closer Relationship for Better Results
Tuesday, January 29, 2019
The sales department is working hard to bring in more business. The credit department is making decisions aimed at managing risk. Sometimes it may seem like these activities clash, but they don’t have to. Nurturing the relationship between credit and sales can lead to better results for the company, which should be everyone’s goal. Following are a few tips for improving the credit-sales relationship.
- Meet regularly with the sales team to discuss your challenges and learn about theirs. Understanding each other’s roadblocks may lead to mutually beneficial solutions.
- Be honest. As with any relationship, trust makes all the difference. When the credit department and sales department are open and honest with each other, they can succeed together.
- Communicate early and often. If a customer begins demonstrating unusual payment habits, let sales know early so they can act accordingly before the problem grows.
- Meet with customers together. Occasionally joining members of the sales team when they travel to customers’ locations offers insight into how they do their jobs, provides a chance to discuss customers and get to know each other outside of a formal meeting room environment.
- Ask questions and listen. The sales team has a lot of direct interaction with customers and can act as the credit department’s eyes and ears. They may learn about personnel changes, mergers and acquisitions, and other factors important to the credit department first. Regularly checking in to see if they’ve heard any news can help you stay one step ahead of the changes.
Join NACM North central for our Effectively Working with Sales Credit Professionals Roundtable on Feb. 12 in Cottage Grove to learn from other credit professionals how they’re building better relationships and overcoming challenges with the sales.