Finance
Consumer Credit
There were many things in this article that made perfect sense from a salesperson's outlook, and some that I had not thought of before. It is clear that a client with credit problems has a ripple affect throughout an organization, especially if they are a large customer that uses the organization's goods often. I did not think of pending orders and the materials already ordered to produce them as one of the problems, but that makes perfect sense. It also makes sense that a credit manager should work with the salesperson, who may know the customer better than anyone else in the organization. The salesperson probably has trusted relationships with people in the troubled company, which means he or she may be able to gain valuable information about the viability of the company, as well.
Minimizing the company's risk for bad credit situations is one of the most important aspects of any organization, so understanding the nuances of credit is important for just about everyone in the organization. At first glance, it did not seem as if the salesperson would be heavily involved (except in loss of commissions), but after reading this article and seeing its tips for managing bad situations, it is clear the salesperson has a much larger role in credit and credit management.
It was also very interesting to note that many large suppliers may actually step in to help their troubled client. Again, this makes sense, especially if the client is a long-term business partner doing a major amount of business with the company. Saving a company actually makes sound financial sense in these cases, and uniting with a group of company creditors is also a good idea. It seems that for the most part, when a company runs into financial difficulties, if they are a viable and respectable company, there are resources available to help them regain their footing and continue business. This shows how important it is to always have excellent relationships with customers, no matter what business you engage in.
References
Brownstein, Howard and Edward Gavin. "When Bad Things Happen to Good Customers." Business Credit, June 2003, retrieved from ProQuest 27 June 2007.
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