Where do we go from here? Once we have gone about as far as we can go in credit management, in what direction should we head in order to continue to grow and continue to be challenged at our work?
This is a great question. My suggestion is that you explore the possibility of taking over some or all of your employer's treasury related functions. These would include: cash forecasting; controlling cash outflows; accelerating cash inflows; short term cash management / investment strategies; foreign exchange fluctuation hedging; secondary offerings of company stock; the issuance of corporate bonds; sale of stock in other companies held for investment purposes; renegotiating debt payment schedules particularly with secured creditors, and arranging bridge financing. You can begin training for these new opportunities by contacting the Treasury Management Association. Not unlike the National Association of Credit Managers, individuals are able to take classes through TMA in addition to skills based testing conducted periodically in order to receive certain types of accreditations relating to their expertise in the treasury function. Good luck!
Regarding your answer to the question in the February 28th edition in which a reader asked: "Where do credit managers go once they have gone as far as they can go in Credit?" You might want to make note that the Treasury Management Association (TMA) changed its name a few years ago to the Association for Financial Professionals (AFP). Here is a link to their web site http://www.afponline.org/
There are also many local and/or regional Treasury Associations that would greatly benefit someone endeavoring to broaden their Treasury responsibilities. In Texas we have five major associations. Here is a link to these associations: http://texastma.org/
Editor's Note: Sorry, this association was TMA for so long we forgot about the name change. Old habits die hard. We appreciate all comments, and all corrections!