A word from a different perspective...

In the past year, I have stepped from one world to another. Going from the Automotive Aftermarket industry to the Building Materials/Construction industry was quite a change, but one reason I believe I have been so successful, is because of the industry credit group.

Through our credit group, which I immediately became active in, I quickly began to get familiar with the names in our industry, both customers and suppliers.

Enough emphasis cannot be put on the personal contacts and networking involved. From updating credit files to everyday references, and many things beyond, the credit network makes you part of a larger credit community. My involvement has consistently been repaid and rewarded.

As the "New Kid on the Block", I have often heard many reasons for not belonging or participating in the industry credit groups.

"It costs too much."

While prices may seem prohibitive, especially to smaller businesses, the membership fee is more than repaid in losses that can be avoided through exchange of credit information, as well as time saved due to increased knowledge and contacts.

"I don't have the time."

Exchanging credit information, processing new applications, updating accounts, and learning about new laws, techniques, and ideas are all part of the ongoing credit process. How can one not have the time?

"I already know all of my customers."

Again, as credit management is an ongoing challenge which is constantly changing, so do our customers. To minimize losses, it is incumbent upon credit professionals to keep informed and updated with their customer bases.

"I don't get anything out of the meetings."

Look at what you put into the group. Participation breeds knowledge, input and contacts.

I hope this may inspire more people to become involved in industry credit groups. The rewards, both for you and your company, make it well worthwhile.

Phillip S. Stayman, CCE Credit Manager Blackton, Inc.