Guest blog by Sue Kettle, Director of Membership and Support Services of the ICM - 'Love and Passion? Can this really be credit management?'

As Philip’s guest blogger, I deliberated long and hard on the theme and title of my blog. Would it be appropriate? Will it be taken in the context it’s meant? 

 

It didn’t take me long to feel at ease when I spotted a recent discussion posted on LinkedIn by a fellow colleague entitled ‘I love…’. With a smile and no real surprise I began to read the responses to the post that confirmed my thoughts. “I love the challenge” and “I love making a difference” to quotea couple.

From day one of joining ICM, and for the past 14 years, it has been so apparent from conversations with our members that the passion, commitment and excitement for credit management is boundless.

 

My early career was spent in a variety of industry sectors and I can honestly say the only passion and love I ever saw in those days was from an 11 o’clock diet coke break or an early finish.

 

One story that has always stuck with me, and I won't mention any names, was during my early days in membership when an individual who as applying to become a Member, who was so passionate about his job and his enthusiasm to join the credit community, he felt the need to call me from the bath to tell me he had reduced the companies DSO to 12 days, would this contribute to him achieving recognition as a credit professional?  To this day, he is now a long serving Member, I can't look at him with a straight face!

 

I feel, from my experience, I can honestly say credit professionals love their jobs with a passion and they are a breed that are not precious about their knowledge they have a longing desire to share and help others develop in the same way they have.

 

To all in the credit community let's nurture the professionals of the future to continue this infectious passion.

 

Yes, this really is Credit Management.

 

Sue Kettle

Director of Membership and Support Services

 

Guest blog by Sue Chapple, Head of Revenue Management of EDF Energy Plc - 'No pain no gain?'

For three weeks in July every year, our household becomes totally and utterly obsessed with the Tour de France.  This is a relatively new phenomenon, which has crept up on us over the last five years – but still now, our total immersion with the event, takes even us by surprise.  The ‘phone goes unanswered, ironing builds to a veritable monster, the weeds gang up on us and the dog has to remind us he wants to be fed and walked!

 

So as the 2013 edition draws to a spectacular close and we are left feeling bereft, I wonder what, if anything, I can draw from the experience.

 

I suppose the overriding observation, every year, is the total and unswerving dedication to the cause.  The absolute commitment from every single rider, to every kilometre of the race, regardless of pain, weather, or gradient is remarkable.  Does this type of dedication exist at all, outside of the sporting arena?

 

Is it possible to harness just a tiny bit of this focus and desire and capture it for our own worlds? Or are the participants, by definition, simply a special breed that cannot be ‘recreated’ in any other environment?  Could we look at the Sky Team approach to ‘process improvement’ which, in the words of the great (Sir) Dave Brailsford, is all about marginal gain: if you work, methodically, to remove variances over which you have control and which have a negative impact, and aim to do 100 things one percent better – the impact in any walk of life will at the very least be noticeable and at best, incredible.

 

So far so good, now I wonder how my team will feel about the lycra suits………

 

Next week Philip King’s guest blogger will be Sue Kettle, Director of Membership & Support Services for the ICM.

Guest blog by Debbie Tuckwood, Director of Operational Strategy, Institute of Credit Management – ‘Education that sticks’

In my view many miss opportunities because they overlook people.  It’s easy to focus on process improvement and new technology for dramatic savings.  After all people development takes time and investment - both in short supply.  It’s tempting to run token training though hardly surprising when there’s limited long-term benefits.  Deep down most know that without effective people change is difficult, however is people development really achievable given cut backs in training teams and budgets?

I believe it is, given the right strategy and support.  Look at the Institute’s corporate membership scheme for large teams which involves all.  It’s set up to help secure budgets and regular support from an education specialist (20 – 30% discounts help too).  If you focus then on moving 10% through qualification programmes, whether linked to own training or an external provider, you build skills and the appetite for learning.  After all, isn’t people development more about longer cultural change and ‘education that sticks’?

Weekly Blog by Philip King, CEO of the ICM - 'Standing tall and proud'

When I said in my blog last week that it was time for credit professionals to stand up, to be noticed, and to be proud, I was talking about the value they contribute to their organisations and to the wider economy. I'm glad to say that I'm seeing a trend that exemplifies the pride I'm talking about.

I've noticed an increasing number of ICM members who include their designatory letters - AICM, MICM, MICM(Grad), or FICM - on their business cards, their email signatures, their LinkedIn profiles, and elsewhere. These letters are not just given away when someone becomes an ICM member; they have to be earned by gaining qualifications and/or having their practical experience verified, validated and reviewed.

Some might say the practice is archaic but I believe those who have earned them should be proud of their achievement and are right to use them in this way. If you don't tell people what you've achieved, who else will?

I've also seen a marked increase in the number of ICM members wearing the ICM badges we launched earlier this year. This, too, is a good way of promoting your professionalism and - if you don't have a badge - simply email icmmembership@icm.org.uk and we'll be delighted to send you one.

Don't be a shrinking violet!

Weekly Blog by Philip King, CEO of the ICM - 'Meeting the aspiration of members'

Having attended two of the main party conferences in the last few weeks, they all bring home the importance of grass roots support, and understanding your audience. Much of what I saw and heard resonated with our own position: the need to understand our membership, from those just starting out in a career in credit management, to those who might already be at the top of their profession.

 

As I write, I have just heard David Cameron talk about the need for us to become an ‘aspiration nation’, and yet I witness this aspiration every day in talking to our members. Our members aspire to great things, both personally and in their professional lives, and recognise the role that the ICM plays in helping them achieve their ambitions.

 

There is a clear recognition of the Institute of Credit Management as a serious and professional organisation befitting the role of a professional membership body, and this position has been helped significantly by our ongoing engagement with Government and other like-minded professional bodies, and through our consistent profile in the national press.

 

There is recognition too of the importance of our Qualifications, and having a clear career development pathway for credit professionals to support them throughout their years in practice.

 

We recently asked our members what we are doing well and what else we might be doing to even further enhance the value of membership. We listened, and we are acting but the process is constantly evolving. I would like to thank all of those hundreds of members who have taken part so far, and strongly urge those who are currently sitting by the sidelines and watching to take part in the discussion. There are many challenges ahead, but by facing those challenges together, we can be sure that our Institute – and our members – can equally attain the goals to which we all aspire.

Weekly Blog by Philip King, CEO of the ICM - 'The power of collective action'

I blogged a couple of weeks ago about the impact we can have as individuals and the responsibility that carries with it. Developing that thinking, I've been reminded this week of the collective power of individuals coming together with a collective aim. Winston Churchill is oft quoted as saying: ‘Never doubt that small groups of people can change the world. In fact it’s the only thing that ever has.’

I attended my second board meeting of the Start-up Loans Company this week and James Caan has pulled together a formidable group of people, allocating responsibility for particular aspects of the programme to each director. In four weeks an amazing amount has been achieved both individually and collectively by a group of people who believe in the benefit of what is being delivered and are committed to making it happen. We are at the start of a really exciting journey and I believe the concept and reality of Start-up Loans is going to be a huge success about which I'll no doubt write more in the months ahead.

When I look around the membership of the ICM, I see similar stories every week. A group of people come together as a branch committee, for example, and deliver events for local credit professionals that educate, energise, and motivate them to deliver more as individuals and for their organisations. At ICM HQ, following our restructure in January, I see the team working together with members and other stakeholders to deliver quality events for the wider credit community; in the last couple of weeks alone, I've witnessed this at our Regional Roadshow in Cardiff, the QiCM Best Practice Event at Reading, the Fellows' Lunch and Graduate Reception in London, and the Education Conference in Birmingham.

To close with a further quotation, this time from Aristotle: ‘the whole is more than the sum of its parts’. Working individually and collectively, we can make a real contribution and make a real difference. That's what our credit community is all about.

Weekly Blog by Philip King, CEO of the ICM - 'The real definition of professionalism'

A month ago I started a discussion on the ICM Credit Community Group on LinkedIn asking: "What does professionalism mean to you?" The question generated some great responses that used words and phrases including: fair; knowledgeable; focused; integrity; confidence; experience; seeing the bigger picture; keeping up to date; reputation; experience; considered judgment; ethics; calmness; credibility; and stability.

Yesterday I spent a long day in a London office meeting a series of people who demonstrated professionalism in credit management in the truest sense - they were credible, competent and could obviously apply their knowledge in the real business world. Although not the strict definition, I believe someone displaying professionalism is someone who exudes a sense of confidence in themselves and to those around them. After all, that confidence comes from all the qualities and attributes mentioned above. If I'm going to rely on someone in any walk of life I'm going to want them to be confident in themselves and I'm going to want to sense that confidence when I'm in contact with them.

The ICM in recent times has been particularly encouraging its members to be proud of their professionalism and not to be 'shrinking violets'. Good credit management is vital to the sustainability and success of businesses and we shouldn't be afraid to say so, nor to broadcast the value we add to our organisations. A recent web clipping of a survey by Marks Sattin, a recruitment organisation, shows that pay rises for credit managers averaged 7% last year and were three times greater than those of other accountancy professionals. The accompanying press release talks about the enhanced significance and greater prominence given to credit management and supports the Institute's argument that the contribution of credit professionals is invaluable and indisputable.

Sadly, we all see examples of people showing a real lack of professionalism (including from time to time by their comments and behaviours on LinkedIn discussion forums and elsewhere) but let's make sure that those individuals remain a small minority and that we can genuinely be proud of our profession. If you're an ICM member and want to demonstrate your pride by wearing an ICM Badge, please simply send an email to members@icm.org.uk quoting your correct email address, saying how many people currently work in your credit department, and telling us the single most important thing you value from your ICM membership.

Finally can I remind you that the ICM Member Survey is still open and you can complete it here. We've been overwhelmed by the response to date but the more responses we have, the better informed will be our future planning. Can I also remind you that the latest ICM UK Credit Managers' Index opened this week - so please join the panel and respond here.