Q Why would my small business need a Credit Control System, when my business turnover is not very big, Isn’t this kind of professional approach only for much bigger businesses?
A A properly defined , developed and implemented Credit Control System in any business, regardless of the size of the business turnover, would actually help your business grow faster. Read the rest of this entry »
“It takes two to write a letter as much as it takes two to make a quarrel”. – Elizabeth Drew
Continuation of “How to Write a Perfect Debt Collecting Letter or Email?” (Part 2)
Putting the writing style on the side, debt collecting letters and emails have to be written in accordance to the debt collecting guidelines prescribed by the government. In Australia the debt collectors are limited in what they can do and say by the Fair Debt Collection Practices Act. Make sure you know them and have a solid grasp of the basic guidelines. Make sure you follow them in all your correspondence or conversations with your customers. Read the rest of this entry »
“The secret of many a man’s success in the world resides in his insight into the moods of men and his tact in dealing with them.” - JG Holland
If you have ever received a debt collecting reminder letter or email, I am sure you have absolutely hated it and couldn’t even finish reading it in its entirety. They are annoying, frustrating and a reminder that we have not done the right thing. Not many people would have a desire to look at it again or remember it.
On another hand, if you have ever attempted to write a debt collecting letter to send it to your customers, you would have had another kind of challenge and would have asked yourself many of these questions: Read the rest of this entry »
“Forget about the sales you hope to make and concentrate on the service you want to render”. - Harry Bullis
Customer Service in Debt Collecting
Here are 13 simple but powerful rules to follow in order to properly connect to a customer when debt collecting. Remember an extra little guideline: always give people a great customer service and more than what they expect to get!
- RESPECT customer’s need for face saving – you do not have to be blunt in your fist approach and spell out that you are collecting bad debt.
- NEVER embarrass them in public – if you have to leave a message, make sure it does not have details of the matter and do not use words like bad debt or debt collection reminder. Read the rest of this entry »
“Discipline is not the cage, discipline is the key.” – Denver M Lane
Debt Collecting Techniques
Have you ever heard of the 20/80 rule?
It is basically a rule that shows that eighty percent of the output comes from twenty percent of the input. This is the Pareto Principle, or as it is more commonly known, the 80/20 Rule.
It has been proven over and over that the rule DOES work. Read the rest of this entry »
“Debt - An ingenious substitute for the chain and whip of the slavedriver.” – Ambrose Bierce
This is our first post in the series of the most frequently asked questions and answers regarding debt collecting.
Q How quickly can we collect money from a debtor?
A There is no one specific answer to this question. The outcome will depend on many variables: What are the Standard Payment Terms for the debt? How long had the debt been outstanding for (the longer outstanding the less chance of collecting)? Has the debt been chased previously and is there a record of the collection attempts? What kind of debtor are we dealing with? Is it a commercial debt or consumer debt? Read the rest of this entry »
“The secret of many a man’s success in the world resides in his insight into the moods of men and his tact in dealing with them.” - JG Holland
Continuation of “Essential Debt Collecting Skills – Negotiating” (Part 3)
Negotiating is a necessary life skill we all have to some degree. It enables us to achieve the best results for both ourselves and the other person. Unfortunately in lots of businesses negotiation is an area that is often neglected, but that can improve a firm’s profitability as well as its standing in the eyes of its clients. This continuation of negotiating tips has been written to provide guidance in negotiation skills to debt collectors, but it is also a general guidance in everyday life negotiating. So, what are some other principles worth using in negotiating? Read the rest of this entry »
How do you deal with unhappy customers?
If you’re a business owner or an entrepreneur, chances are you’ve had to deal with an unhappy customer every so often. This video below by Alex Mandossian will help you understand how to effectively learn from unhappy customers, which will ultimately help boost your productivity and business. There are only few simple steps to remember, so take some time to watch the entire video now:
“Quality in a service or product is not what you put into it. It is what the client or customer gets out of it.” - Peter Drucker
Continuation of “Essential Debt Collecting Skills – Negotiating” (Part 2)
‘Since negotiation is the process we use from infancy until just before we die, the issue is not a matter of recognizing that negotiation is a fundamental life skill. The real goal should be to understand how to negotiate effectively to reach wise solutions to all kinds of issues. Read the rest of this entry »
Courtesy of Praxis Now
“The subconscious mind is more powerful than we think, and it can either limit or empower financial success.”
So the question is, what are you focusing on most of the time? What is your chief aim, your magnificent obsession? What financial or business vision is so powerful and inspiring in your life that it continually attracts your heart-felt, invigorating, purposeful attention toward it for most of the day, every single day? If you have no such energizing vision that consistently governs your focus, attention and thoughts, you will be at the mercy of your habitual thoughts and limiting belief patterns.
To change your financial programming, you must: Read the rest of this entry »
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