Every business is different, some are just starting out and some are well established, but one thing that every business has in common is credit control and one question that all businesses ask is “how can I keep my customers happy, but get them to pay on time?”
In an ideal situation, your customer will receive your invoice and pay on time without any reminders, in reality the debt recovery process requires a lot of chasing via emails, letters and phone calls, this can be tiresome and sometimes fruitless, taking its toll on your collections team.
The best way to encourage your customers to pay is by keeping them engaged with your business. Keep in touch with them regularly and take the time to build a genuine relationship with them. If your customers will be dealing with a collections team then involve them from the beginning so that they can build a relationship with the client.
It is crucial that your collections team remain motivated; debt recovery is a challenging job and can wear people down. A happy team will be more productive so here are some tips to keep your collections team engaged.
Keep them involved – Your collections team are that ones that will be dealing with debt collection on a daily basis. Take them with you to your next sales meeting so they can meet the customer in person and any payment issues can be resolved face-to-face.
Get their opinion – Your collections team have a great knowledge of your clients’ payment history. They know if it would be risky to take on a new order or extend credit terms to a client, so ask your team before making a decision.
Respect them – Your collections tame play one of the most important roles in your business, collecting cash. Without cash your business will fail. Respect your collections team and make them feel valued, in turn they will be more productive.
Commercial Domestic Investigations understands the difficulties that face your business when it comes to debt recovery. We offer a range of services to assist your collections team from trace authority and credit reporting to invoice collection. If you would like to discuss your credit control requirements contact our friendly team on 08444 159200 or email firstname.lastname@example.org.