The credit control team is often responsible for the most valuable asset of the company – the debtors’ ledger. Right the way through from credit assessment to cash collection if we do not get it right then profits are eroded and businesses may ultimately fail. Therefore, it is important that we make sure we have credit controllers whose skills and knowledge are regularly honed and refreshed. This applies to new and existing staff and creates a win;win situation for both the business and the individual.
For the business, training builds professionalism and expertise, it raises motivation and increases efficiencies and innovation in processes. A motivated team will lead to better customer service and lead to increased customer satisfaction, which are vital components for a successful company. This in turn helps to raise the profile of credit management within the business, increases revenue and profits and certainly improves staff retention rates. It is important to remember that is cheaper to train your current team than it is to replace skilled workers.
At the same time, your staff will enhance their skills and knowledge, they will become more aware of new developments within the business and the industry. This will translate into improved job satisfaction and self-confidence. Knowing their companies have invested in training for them will make the credit controllers to feel more valuable with a perceived higher status among their peers and will improve their ability to communicate in the business environment.
It is always sad to see businesses cut training budgets in time of economic downturn and I am a firm believer that this is a false economy and the short-term saving that may be achieved is often outweighed by the long-term cost of losing skilled staff and accounts falling into arrears as a result.
In summary, when it comes to training, the highest cost is… doing nothing!
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