Right now - TODAY, in fact, as new events unfold rapidly in front of us - we're entering a period in which credit will surely be earning its keep! We say this because -- just like that, in the blink of an eye, we've suddenly got risk and lots of it. When looking in the rear-view mirror, maybe just a week or two ago, we had seemingly been without it for quite some time (though of course, that's not true; people -- even very smart people simply weren't seeing it.)
So what do you do now?
Well, first, it'll be critical to use all the skills and instincts you've built up over time. Skills in financial analysis. Skills of self-preservation. Skills of BS-detecting. Skills in the collection. You name it. Now you're on stage.
Second, make sure you use the best resources you have to keep on top of the specifics of your customer base and the economy in general. Each market has its own unique characteristics. But safe to say, risk has suddenly risen everywhere.
As to the best resources, certainly, your credit group, if you have one (or better, more than one) is a fantastic source of intelligence, maybe your best. In addition to the raw customer data generated, your contacts there will be an important way to stay grounded and see reality (that sounds strange, I know, but even with clearly dire situations emerging, there's much hyperbole, misinformation, and exaggeration out there now. Having trusted peers to bounce your concerns off can be invaluable).
Third, maintain a sense of urgency and professionalism at all times. Be a leader.
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