“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? Continue reading →
“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 →
“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 →
When a bad debt could not be collected after trying all possible collection methods, than a record adjustment must be made to reflect the uncollected payment. This is known as a Bad Debt Write Off. A general journal entry must be made to reflect the uncollected sale.
The basic for the accounting procedure is the same; the actual procedure depends on the accounting system you are using. Here is a helpful video courtesy of Doris Cahill on how to write off bad debt using MYOB accounting system.
Dealing with customers on the phone is arguably more difficult than dealing with customers in “face to face” situations. This short training telephone skill video will provide practical tips and techniques to support your staff in dealing with some of the demanding and awkward situations they must face in dealing with angry customers.
“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 →