Home > Uncategorized > I change my mind. What do you do?

I change my mind. What do you do?

Economist John Maynard Keynes

Or more accurately..

When the Facts Change, I Change My Mind. What Do You Do, Sir?

One of the many wonderful quotations from the great John Maynard Keynes. Most probably he was refering to a relatively high brow economic discussion but this timeless response could apply to so many areas of life

This came to mind when proposing a particular account to a number of lenders yesterday. Without going into details, the “facts” developed as the conversations continued. This can of course go either way and in this case there was increased negativity surrounding the prospect. But what would have occured if the case for the lending became stronger? This is where human nature comes into play. The decisions are finally made by the underwriters but often also by development managers. Once a decision has been made, inflexibility can set in. Personally I think this is wrong

As a commercial credit manager, I know the instinct. You may have it in your mind that such and such an account is not valid for credit but the true skill is keeping options reasonably open where there is scope for developing the overall picture. The problem for many is that the belief that this is “backing down” and that there is a consequent loss of face.

For brokers such as myself, we have to make our own assessments of clients and our skill is to present the facts with clarity. Where we genuinely believe in a prospect, presentation can be key.

 

 

 

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