Essential Debt Collecting Skills – Negotiating (Part 3)

“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. Continue reading

Essential Debt Collecting Skills – Negotiating (Part 2)

“I’d like to add that negotiating is not something to be avoided or feared – it’s an everyday part of life.” – Leigh Steinberg

Continuation of “Essential Debt Collecting Skills – Negotiating” (Part 1) 

Negotiation is a rather complex interaction. Capturing and controlling all its complexity is a very difficult task that requires knowledge, understanding and lots of practice.  Below are some of the essentials of negotiating:

  • Know what you are trying to achieve

Having a clearly defined goal before you start the process of negotiation is a must.  At first, it really helps if you write it down and keep it somehow visible for yourself.  Later, when you get more practice and experience this would come naturally as the first step. Continue reading

Essential Debt Collecting Skills – Negotiating

Observing a Master Negotiator at work … is an ‘Art Form’.   But, did you realise YOU could EASILY become one yourself? 

NEGOTIATION is an essential skill in our everyday interactions. We daily use it in all areas of our life without even realising it.  Some people are naturally better negotiators than most.  But negotiation is a skill that all of us can learn to master if we put an effort into it.

Becoming a master negotiator will help everyone generally in life, but especially in business.

The role of effective negotiation cannot be underestimated in the debt collection. Debt collecting requires you to become a master negotiator and master the skill of finding a win-win situation that would make your client happy to pay you, and to pay you as soon as possible. Continue reading

Debt Collections – How To Get Customers To Pay up (Part 2)

“Customer service is not a department, it’s an attitude!” – Unknown

This is the 2nd part of the article, read our first blog post as an introduction…

A good debt collector knows that the “Carrot and Stick” approach also works with customers.  So, how does this technique work in debt collecting?

The previous post was about the “Carrot”.

Now, the “Stick”: Continue reading

Debt Collection – How to Get Customers to Pay Up (Part 1)

“Being on par in terms of price and quality only gets you into the game.  Service wins the game.’ – Tony  Alessandra 

If you want to make things happen the ability to motivate yourself and others is a crucial skill. Smart businesses use motivation to get results in their debt collecting. Motivation requires a delicate balance of communication, policy and incentives.

At the same time, if you want your customers to pay up consistently and on time, you have to have the ability and techniques to make them want to avoid the negative consequences if they do not pay debt on time. Continue reading

Debt Management: Debt Settlement a SCAM?

Have a look at this interesting video about how to get out of debt.  In this case it is Credit Card Debt, but the same kind of dilemma is involved in any other kind of financial debt out there.

httpv://www.youtube.com/watch?v=jS43XFa3KGU

Suze Orman is a well known and highly respected financial advisor.  She knows MONEY.

In this video she is talking about getting you a financial first aid!  When you get yourself in a situation of financial exhaustion, the first step is to get some oxygen (some breathing time given by debt specialists / agencies).

Getting debt agencies or other 3rd party financial specialists to help you is your first aid ONLY ! Continue reading

Small Business Bad Debt is Easily Avoidable

Seven Steps for Effective Cash Management for Your Business

Did you know that 85% of new small businesses close down in the first year of operation!

According to a report conducted in an issue of USA Today, the statistical failure rate of small businesses in America is staggering.

  • In First year of business 85% of small businesses close
  • Second year statistic is 70%.
  • Third year in business shows a small improvement in staying power; 62% of businesses will stop working by now Continue reading

Don’t Fear the Customer

Don’t Fear the Customer

Posted on April 4, 2011 by Michelle Dunn

“Some business owners have had their business for months or even years and when I give talks about credit policies, credit limits, and credit applications, they say, “I never did any of that and I have so many customers that owe me money and are past due.”  Many think it is too late to do anything about it, or they are afraid to ask a customer for the money or ask them to fill out a credit application.  They think they will make the customer mad and lose the business.  If the customer is past due or not paying you, why do you worry about alienating them?  This is a customer you do not need.  If someone is not paying you, they are not helping you.  Wouldn’t you rather have a customer that pays you? Stop working for free.

If you have customers that owe you money right now, today, you can and should do something about it.  Add up how much money is past due or is not being paid, the dollar amount will shock you.  Now is the time to take action!” Continue reading