Credit Policy for businesses and how to extend credit and manage credit risk

Attorney General, Albert Gonzales announced his resignation saying he would “conclude my government services as Attorney General of the United States effective September 17, 2007.  Albert Gonzales and President Bush were old friends, and the President accepted the resignation reluctantly. 

We have all heard the comments; don’t hire your family or friends.  Well, that depends on you and the family or friends.  Some people work extremely well together and others have problems.  I personally have hired friends to work for me and did not have any problems.  Mostly because I was up front BEFORE they started working for me, and I was honest and to the point about everything, so there would be no misunderstandings. Calling people to ask them to send you money, whether it is past due or not is a tough job. You have to over prepare people for the collection phone calls. You also need to prepare them for anything and everything within your office.

As a business owner you want to have employees that feel comfortable being honest to the point of being able to disagree with you.  The way to do this is to be that way yourself. You set the precedence by explaining how you work, how you want them to work thus giving the information they need to decide if this is the job for them.

Obviously President Bush and Albert Gonzales had an honest relationship to be able to work together for so long and remain friends.  So, what do you do when this employee decides to resign?

Most times it is disappointing when a good employee resigns, but this gives you a chance to recruit people who can help you grow your business.  It gives you the opportunity to take a good look at what is and isn’t working and decide if you want to make any changes and we all know that change is good.

I wonder what changes are coming our way.