The Power of an Assumptive Attitude

People often get what they expect. For instance, if you’re expecting to fail, you’re more likely to fail. If you think positively, you’re more likely to succeed. Attitude is everything—especially in collections.

Years ago we hired an employee for a collection position who did not have any collection experience. After she had completed a week of training, the collection manager told her to pick up a stack of delin­quent accounts and start calling. (This was in the year B.C. – “before computers” – when all accounts were col­lected on ledger cards.)  Continue reading

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How Your Company Can Avoid Bad Debts: Take This Survey

Company SurveyCollection departments are not the sole cause of bad debts – bad management causes bad debt. For this reason, it’s a good idea to conduct a company survey to determine where your business went wrong.

To conduct a company survey, you must examine each area of your business: Continue reading

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Who Do You Blame for Your Bad Debts?

Your collection or credit department doesn’t operate in a vacuum, and your bad debts are not an isolated part of your business. If you blame your credit and collection department for all of your past due accounts, you aren’t looking at the entire picture. Everyone in your organization must understand how their roles affect the collection of accounts receivables and act accordingly.

So, who do you blame for your bad debts?  Continue reading

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Why You Should Always ASK for Your Money

Always ASK for Your MoneyMany business people and professionals are simply afraid to ask for their money. They fear that their customer, client or patient will be offended and run to the competition.  But think about it. Your customers know when they choose your product or service that they are expected to pay. It is you and your employees who are usually responsible for creating slow or no payers, or bad debt. At our seminars, we always pose the question: Who likes to ask for money?  Continue reading

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Collections are Critical to Your Business’s Survival

financial cash flow green button on keyboard, business concept

Wouldn’t it be nice if all you had to do to increase your business’s cash flow was insert your debit card into an ATM and push a button? Unfortunately, we all know that increasing cash flow is not that simple. There is no single button to push.

Every year thou­sands of businesses file for protection under the bank­ruptcy laws. Businesses just like yours. It just doesn’t seem fair. You have a great product or service. You have a de­tailed business plan. Sales are exceeding expectations. There’s only one problem: You are running out of cash. You cannot pay your bills with profit. You must have cash to pay your bills, and you can’t do that if your cash is tied up in your accounts receivable. And to make matters worse, some of your biggest and best customers are your slowest payers. Continue reading

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