SALARY SURVEY – OUTLOOK FOR 2022/23

So, You Want to Be a Credit Manager? Here's What You Need to Know

So, You Want to Be a Credit Manager? Here's What You Need to KnowCredit Management isn’t just about chasing payments — it’s about protecting the lifeblood of a business: cashflow. To help future finance leaders get a real feel for what it’s like to step into a Credit Manager role (and thrive!), we asked current Credit Manager, Philip Holborough to share their honest thoughts in our Voices of Transactional Finance Leaders Series. In this article, Philip talks about everything from the challenges he’s faced along the way, to the skills and attitudes that really make a difference. He also gives a glimpse into how the role is changing, what impact technology like AI might have, and why having a "bulldog attitude" could actually be one of your biggest assets. Whether you're just starting out or aiming for the next step in your career, their advice is packed with real-world lessons you won’t want to miss.What do you think future leaders should prioritise or focus on most in order to successfully make themselves appointable as a Credit Manager?Debtor payment trends. Regardless of industry the key to successful Credit Managers is analysis of payment performance – this is often the biggest tell-tale sign of potential payment issues in the future.What are both the best and the most challenging aspects of being the Credit Manager of a fast-paced business? Blending Credit with Sales. Often the two don’t mix well – but open, frank and honest conversations where clarity of objectives is understood on both sides will help in a very challenging environment.What are your opinions about the relationship between a Credit Manager and the FC/CFO and CEO? What is critically important in building a successful partnership and providing the right support to the FC/CEO/CFO? A good CFO will recognise the importance of a Credit Manager – not always the case with CEO as they are often more strategic and commercial in their approach and less likely to be open to credit conversations over sales performance.What new key skills or attributes do you think the next generation of Credit Managers are going to need to develop? Tenacity. Both internally and externally. “The squeaky wheel gets the oil!” Don’t be afraid to offer opinions based on gut instinct and past experience. You will earn the respect of the business very quickly if you are able to nail your colours to the mast! Are new technologies like Artificial Intelligence having much of an impact on your role as Credit Manager yet? What impact do you think they will have over the next few years? AI frightens me – but I recognise the importance of some labour-saving aspects. A computer will never get someone to pay a bill – only a human voice can do that.Is it possible to maintain a reasonable work life balance at Credit Manager Level or do you have to accept that there will be personal sacrifices in order to progress to that level?Clear boundaries are very important. CM can be a stressful occupation – you must be able to separate these to ensure no burn out!Away from core credit knowledge, what personality traits have been critical to your success as a Credit Manager? Are these natural or have you worked on developing them?The willingness to not let go! Bull dog attitude – obviously with respect to the customer and the wider business. Don’t give up.What is the one single best piece of advice you were given early in your career that still holds true today? “Show me the money!” Cashflow is critical to any business large or small – the Credit manager is the custodian of this process.If there’s one thing Philip’s advice makes clear, it’s that being a great Credit Manager is about a lot more than just ticking boxes. It’s about sharp instincts, real tenacity, clear communication, and a relentless focus on cashflow — all while building strong relationships across the business. The role might change over time, especially as new technologies come into play, but the core principles stay the same: know your numbers, trust your gut, speak up when it matters, and never lose sight of the bigger picture. For anyone thinking about a career in Credit Management (or already on the way), these lessons are pure gold. Take them on board, keep learning, and remember — the best Credit Managers aren’t just protecting the cash, they’re helping to drive the whole business forward. Looking for your next career move in finance or accountancy? At Sharp Consultancy, our expertise lies in matching your potential with the perfect temporary, interim, or permanent position. With a well-established presence in Leeds and Sheffield, our seasoned team of consultants extends their services across Yorkshire and beyond. Don't wait for opportunity to knock, reach out to us TODAY and let's chart your career path together.

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After what for many has been a turbulent couple of years, we are again witnessing a period of immense change for businesses and organisations as they grapple with a return to ‘normal’.

The recruitment market is more competitive now than it has been at any time for a generation; and whilst demand for candidates is at an all-time high, supply has been artificially depressed. As a result of the vast number of injections of flexibility into working practices and increased staff retention efforts, there is a far lower desire amongst employees to make a move than we would normally expect to see.

And for companies, it simply hasn’t been a case of a return to life pre-pandemic; sensible employers will have had to adjust their outlooks and consider hard what the potential impact will be long term of the decisions they are taking now to appease their employees.

Demand for top talent is high and with a scarcity of candidates, many employees may feel that they are in a stronger position to work the situation to their advantage in order to secure, not only the salary and benefits package and career progression routes that they desire but also, the working hours and flexibility that they feel they are entitled to insist upon so that work does not become an ‘inconvenience’ on other areas of their lives.

Expectations are changing; where previously it may have been viewed that leadership roles and accompanying salaries came with certain ‘sacrifices’, there is a huge pendulum shift as the drivers for flexibility move beyond adjustments for say, childcare or caring responsibilities, into lifestyle and personal interest choices which, pre-pandemic, would have been fitted in and around the demands of the job.

Employers need to balance the fine line between the consequences of any decisions that they make to accommodate employee demands and ensure staff retention alongside the impact that these may have upon other team members and business productivity.

Businesses that have been afforded with good retention records in recent years and have not had to go out into the market on a regular basis, may find that in the current market - where salary levels are moving rapidly and are extremely fluid - their own salary and benefits packages are a little out of line. They must weigh up the impact of a couple of resignations and – assuming that your top talent is likely to be approached – decide if pre-emptive measures are needed to address any shortfalls.

Reviews will need to be conducted more frequently – half yearly or in some cases quarterly – and whilst benefits themselves haven’t seen much change, employers should be mindful of the current market situation and consider, in scenarios where bonus levels could be increasing, introducing a claw back option into contracts.

The fluidity of the market makes it imperative to seek out specialist advice and assess situations from both employer and employee perspectives – if as a business you are hearing there is a lot of demand for candidates, you can be sure that the same advice is also being given to your employees if they are on the look out for a new opportunity.

Will we see much change? With a swirl of events both home and abroad possibly having a significant impact on consumer spending and potentially slowing down predicted growth, the coming 12 months look to be anything but predictable.

Lee Sweeney is Executive Director at Sharp Consultancy and advises major accounting practices, venture capitalists and banks in the North of England on the appointment of senior finance professionals; contact Lee on 0113 236 6300 or lee@sharpconsultancy.com