Jul 23, 2020
By Shannon Abnal, NACM Commercial Services
What are industry group members talking about these days? You guessed it. Covid-19. The economy. How their firms are coping. How they are coping. What it feels like to be a credit manager in the midst of a pandemic and financial disaster. One member described it as feeling like a hamster on a wheel, running and running without getting anywhere, chasing the elusive dollar. Many members tell me they feel like they are busier than ever – addressing customer demands for extended terms or special accommodations, dealing with issues inside their own company related to the crisis, and coping with incredible personal challenges of working from home or being the one holding down the fort in the office. And if you are in a lucky industry that hasn’t been hard hit, there is a feeling of waiting for the doom to kick in. It’s been a long year. Already.
If you are not familiar with the concept, an industry group is a collection of credit managers from firms in the same industry who meet regularly to share payment habits of customers, network, and discuss credit challenges unique to their industry. Groups help control credit risk for the member firm and promote individual growth in the credit manager through pier to pier learning. They are a great tool for the credit team at any time, but even more important during difficult times. Right now, group members are really relying on each other for timely credit information and sharing strategies that have worked for them in dealing with challenges. Having a network of trusted colleagues to go to during a crisis is invaluable.
NACM Commercial Services has 60 groups, local to national, across many industries. I encourage you to review the list of our groups and see if we have one that might fit your firm. We’d love to share more info about a specific group or answer any questions you might have about groups in general.
https://www.nacmcommercialservices.org/credit-services/industry-groups/
While your industry group cannot stop the wheel from spinning, it can advise you on the best running shoes. It’s good to have a cheering section in any race.