Monitor, monitor, monitor. I hear those words over and over again when it comes to the art and science of credit management. As we’ve experienced over the last few years, things can change pretty quickly and take down what were once stable customers in the process. Industry vets will say it comes down to watching every movement, every trend and every inflection in the voice of that slow payer on the phone if you are going to sniff out a potential problem before it’s too late. Even if you’ve done a great job in vetting your customers through your credit process, today’s new customer could be tomorrow’s deadbeat. It is true that great detective work will go a long way in protecting the financial interests of your company, but that’s impossible to scale given the size of the typical credit department (if you are lucky enough to have one).
Here are 5 tips on how to get the most out of your monitoring efforts:
Have a tip or process for monitoring your customers? Comment below to share them with the community.