“The brave man is not he who does not feel afraid, but he who conquers that fear.” ~Nelson Mandela
There appears to be a universal fear business professionals have of jeopardizing customer relationships when it comes to recovering monies. Yes it’s true, without a customer, there is no cash flow to manage, but without payment for goods and/or services there isn’t any cash flow to manage either.
To realize an increase in your cash flow, the life-blood of any successful business, it is vital to become more effective in recovering monies in-house and to know when to assign delinquent accounts to a third party. The quicker you can recover your receivables, the faster you can cultivate them in the pursuit of additional profits.
Dynamic Legal Recovery believes that it is not someone owing you money that closes a door. It is doing nothing about it.
Your current goal may be to simply collect an outstanding debt. We challenge you to aim higher, perhaps to sell more to your customer, after the account is paid in full.
How do you accomplish this? It would take an entire book to detail every facet and strategy, but here are a few suggestions:
- Create a clear payment policy so that everyone knows the rules and can work together.
- Keep the sales department from interfering with credit and recovery by having them work together for the business.
- Learn to listen to what your customers are REALLY saying or not saying.
- Ask for money effectively and confidently.
- Take control of your recovery calls.
- Know your options if your customer isn’t as motivated as they should be.
- Handle any kind of resistance to customers being financially responsible.
Just remember…you will not see the effect of any long-term improvement in your organization without a consistently applied process. People are much more satisfied if they get quality service, reliability, courtesy, dignity and integrity and know in advance all about the rules for doing business with you.
In other words, overcome your fears. Create a cash flow solution and get PAID.
Please visit Dynamic Legal Recovery’s website or call us at 877-777-7564 for your complimentary evaluation.