Limiting and Monitoring Risk Without Decreasing Sales in Economic Downturns
Business Credit › Vol. 111 Nbr. 2, February 2009
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Summary
Since September 2008, there have been numerous articles and points of view regarding how the current US financial meltdown occurred, why it occurred and what can be done in the future to prevent another crisis of this magnitude. Ideas on what credit professionals can do to assist with business decisions during this downturn is presented. First it's very important to do lots of research. Once it is determined which accounts are higher risk, seek assistance from senior management on long-term goals. When approving new accounts for credit, review all possible options. The credit professionals must know and understand which entity is responsible for the debt. The last item to take into consideration is working with your staff. Provide excellent training for them and do not cut back on educational opportunities.
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Limiting and Monitoring Risk Without Decreasing Sales in Economic Downturns
Since September 2008, there have been numerous articles and points of view regarding how the current U.S. financial meltdown occurred, why it occurred and what can be done in the future to prevent another crisis of this magnitude. Just over a year ago, in October 2007, the Dow hit a high of 14,000. Now it's a good day if it doesn't fall below 8,000.
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