The goal of any metric, and the intention of every credit department, is to improve: to become the industry leader or even the country leader in their field and to be pro-active rather than reactive. By using the facts of the way things have been and how they've gone, a credit department can more easily plan for the future and focus its efforts on the areas that need the most improvement in order to increase profit and market share. Historical data is vital in this regard. Meetings, in addition to serving a vital historical function, also provide a warning flag for what's ahead in a particular industry, country or region. For some attendees, asking the hard questions could mean simply adding a few questions to an interview or application, but for others it could lead to a change in policy, a change in documents and a change in the way credit is granted to international customers.
The Magic 8-ball Jacob Barron Business Credit; Nov/Dec 2008; 110, 10; Docstoc pg. 56 Reproduced with permission of t
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