What would be the attributes of the ideal credit manager? One veteran professional we know lists these:

• Being analytical and understanding the meaning of the figures that appear on financial statements. He or she should understand the data that created the figures and be able to compare different statements to discern a trend.
• Understanding federal, state and local laws that affect credit in his or her area. Reliance on UCC alone is not enough. It is possible that certain acts by the creditor will create liability in certain jurisdictions.
• Being a good negotiator. He or she should be people-oriented and have a genuine interest in working with people.
• Being an independent thinker, able to reach a sound decision based on facts. The ideal credit manager is not someone who is dependent on the attitudes of others toward a particular customer.
• Being able to work with the hand that is dealt--in other words, he or she must learn to accept situations as they are and work from there. Wishful thinking never changed anything.
• Being aware of environmental issues. If a customer is harming the environment, and you sell the company products, you could be liable for any environmental clean-up that might arise.
• Being a take-charge person. Just like Harry Truman, the credit manager should believe that, as far as credit is concerned, the buck stops here. No group decisions!
• Having integrity. Business ethics have come in for heavy criticism in recent years, and it behooves the credit manager to see that his or her reputation is above reproach.
• Being a deal maker - someone who can take a hodgepodge of seemingly unrelated facts and craft a credit decision that will allow the company to make a doubtful sale, and collect what is due, when it's due.
• Being a good actor - one able to take on whatever character is necessary to impress customers and convince them that he or she is their most reliable source of help in time of need.

Bob Shultz

After reading the above, our old friend and Credit Today Member Bob Shultz, one of the smartest and most thorough credit professionals we've had the pleasure to run into, wrote to us that he agreed with all of the above. But he added "There are some updates missing, relevant to today's world." We agree. We suppose we'll call this "The Perfect Credit Manager of the 2020s..."

Be a process improvement leader.

• Be forward thinking: Always be scanning and advocating the leverage of new technologies and ways to add efficiency and effectiveness to your role.
• Think like your boss: Be aware of the true needs of your company. Understand marketing and product strategies, financial objectives, and the competitive environment.
• Expand your horizons: Have a working understanding of customer financing options, risk mitigation techniques, the treasury function and banking, as it affects your role.
• Be a process improvement leader: Work with other stakeholders cross-functionally for the benefit of the company and customer satisfaction.
• Be an active networker: Benefit from the experience of others. Develop "go to" resources and reciprocate.
• Be interactive with external and internal customers and staff: Routinely visit with your customers, listen. Take proactive actions when needed. Also, continuously communicate with other stakeholders and your staff, listen and support their daily efforts.
• Continue your education: Supplement your experience with formal training, and certifications. This both adds to your credibility, and to the value you bring your company.