In 2009 the economy gave us all many lessons, some of which we are still dealing with and will be for years to come. It is my opinion that in 2010 and the coming years we will see the credit and collections management profession growing like never before and more and more businesses hiring credit personel to handle checking credit and references for new customers, dealing with customers who get past due, and implementing and enforcing credit policies like never before.
When I owned my collection agency approximately 75-80% of my clients did not have credit policies, signed credit applications or signed contracts or agreements and I see that changing as we move forward. Businesses can no longer survive without limiting their credit risk. Many of my clients who did get credit applications filled out did not take it that step further and check credit references, therefore extending credit blindly and sometimes putting them in a position of trying to collect from a customer that was not credit worthy to begin with.
I am hoping that in 2010 to be able to provide tools such as more e-courses, books articles and blog posts to help business owners make better credit decisions and limit their credit risk.
Happy new year!
Tags: 2009, Credit Crisis, credit risk, new year, predictions