Some Interesting Facts in Debt Collecting
“The best way to learn facts is by failing” – unknown If you are doing your own business debt collecting, you might be surprised to learn the following facts from the inside debt collecting industry. 20% of your clients/customers make 80% of your debt collections – this is a well known Pareto Principle. As a…
Debt Collecting – Frequently Asked Questions & Answers (Part 2)
“To always develop and grow, I’m always asking questions.” 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,…
Using Psychology in Debt Collection Letters
“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…
How to Write a Perfect Debt Collecting Letter or Email?
“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…
How to Connect with a Customer when Debt Collecting?
“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…
20/80 Rule In Debt Collecting – Pay Attention
“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…
Debt Collecting – Frequently Asked Questions and Answers (Part 1)
“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. …
Essential Debt Collecting Skills – Negotiating (Part 4)
“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…
Boost Productivity with Unhappy Customers
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…
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…