Behind a great company, there are great executives who are guiding and supporting their employees to reach success.
I do not know of any executive in any company or department who does not seek growth. Without regard to industry type, growth is that which most executives must have as a common goal.
Credit and collection managers must provide solutions not only to their collectors but also their clients. This is the reason they should be allowed great responsibility and independence.
When hiring or promoting your managers, look for executives who can identify and implement efficient processes that can be executed in harmony with all other departments, who can hire and train staff in their department, and who can prioritize efficiently.
When it comes down to credit and collections, do not just look for your own clone. It is important you are focused in hiring the right individual by taking into account how important and necessary it is to consider the different styles in a credit and collections department.
Recognize your manager’s strengths and be honest when it comes down to weaknesses. Support your managers by providing a training budget that will allow them to grow in those areas where they are lacking. In the case of credit and collections, it is best to ask your manager directly: “Which areas do you want to improve and how can the company assist?”… you will be surprised a their response. Usually, credit and collection executives tend to be very open and direct. I am sure they will be very happy to know the company wants to support them.
Act with integrity. If you want your managers to succeed, you must look at yourself first. Being congruent with what you say and do is of outmost importance. Your managers, without a doubt, will mimic your style. Here is an example:
You ask them to follow and respect credit and collection policy and procedures with all clients, however, in one instance, you asked them to release service on a hold placed as per policy, only because this is a “friend”; this lack of congruency is most likely to plague your managers and also the rest of their team.
In the cargo transport industry, it is common to hear “it was authorized because the boss said so.” This practice must end. If you hire managers and give them authority and responsibility, and demand results; it is important not to sabotage each manager’s growth. Allow for a true independence by supporting them. You will see, they will take care of the rest.
Next week, we can talk about the different styles in management and how to support each of them.
See you next week!