“Consult not your fears but your hopes and your dreams. Think not about your frustrations, but about your unfulfilled potential. Concern yourself not with what you tried and failed in, but with what it is still possible for you to do.” – Pope John XXIII
How does fear from rejection stops your business cash flow grows? What haven’t you achieved in your business dealings because you didn’t have the tools and strategies to break through fear? Where would your cash flow be if fear of asking for money was no longer a barrier? What if it only took you acknowledging and understanding your fears to change this?
When debt collecting and asking for payments the most common fears that small business owners experience are: Continue reading →
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. Continue reading →
“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: Continue reading →
“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 →
“Don’t use words too big for the subject. Don’t say “infinitely” when you mean “very”; otherwise you’ll have no word left when you want to talk about something really infinite.’ – CS Lewis
Many professional debt collectors know that most people they deal with do not want to default on their debt. Most of them do intend to pay their bills, and keeping a respectful relationship with them is extremely important.
Here is a reversed example of “real life” debt collecting call and How Not To Make a Debt Collection Call. It is really funny! Continue reading →
We would like to share this You Tube recording of a real conversation of someone being contacted by a Debt Collection Agency to pay an outstanding debt.
This video post is fun to listen to, but it is not fun for any of the speakers involved.
Debt is NO fun! It is not fun for a debt collector who is just doing his job, and it certainly is not fun for a debtor who has been chased to pay. There are no winners and losers when it comes to dealing with debt.
Any money dealings could get emotional and out of hand. There is another angle in this scenario: The privacy of information. To find out more about other issues related to debt, go to http://getoutofdebtfree.org
Do you have your own personal story with debt? Did you encounter any extreme experiences dealing with debt?
We would love to share your experiences, concerns and questions.
Please feel free to make comments and submit them to us to share.
We would love to share a little known fact about debt collecting.
Have a good look at this amazing graph that describes the outcomes of using different payment terms.
By introducing optimal payment terms of 21 days and being polite can increase chances of being paid (backed up by research). A simple “Please pay your invoice by” or “Thank you for your business” can increase the percentage of invoices that are paid by more than 5 per cent!
Please comment on our blog. We would love to hear your questions and opinions.