Do

"80% of success is just showing up."
-- Woody Allen

In the business of collecting money systematic follow-up is about consistently showing up.

After the initial contact is made is important that additional contacts are made according to a set schedule. For example, if your customer tells you she will mail you a check in two days you note that, right? At least I hope you do. And if you home refinance bad credit not receive the check when you think you should, you are immediately following up. If you do not do that way, you will damage your credibility with the customer. You also damage your professionalism.

Who is your competition in collecting money on past-due accounts? Your competition is other creditors; anybody else trying to collect money from your debtors.

I can prove that to you by asking you a question. Do your debtors have money? If you are not sure about that you need to know now. By definition, it is impossible to collect money from debtors who do not have it. So do not waste any more of your valuable time on debtors who do not have money.

But the good news is that there is at least a 99% chance that your debtors have money. Here is how you know. If their phone rings and someone or something answers it rest assured some bills are getting paid. So we know that they pick and choose who they are going to pay. They prioritize who they will pay.

They all do it. Consumer accounts do it. Commercial accounts do it. In orthoevra the biggest commercial account you have does it. They prioritize who they are going to pay. It is our main goal to move ourselves up in the order of priority of who our customers choose to pay.

Actually, all effective collection techniques are designed to achieve that one goal. How can we, as quote on car insurance move ourselves up in the order priority that our customers choose to pay?

I have some more good news for you. For the most part, your competition is weak. The reason I know that is I have worked with a lot of accounts receivable professionals within many organizations in trying to help them improve their collection techniques. And I can tell you it is pretty weak out there.

And usually where it is weakest is systematic follow-up. It is done inconsistently. It is done without a very good plan or a very good system. It is generally not done very well. So I will make you one promise. Even if you do not do anything else right, if you will at least commit to doing systematic follow-up right you will be way ahead of most of your competition. That is a promise.

I recommend that you spend some time up front developing a good follow-up system. So you know exactly remortgage house you will do with every delinquent account, every step of the way.

Remember that in the business of collecting money 80% of success is just showing up. And systematic follow-up is about consistently showing up.

In future articles, I will go over what a good follow-up system looks like.

Larry Holmes invites you to visit larrydholmeslarrydholmes. You will learn about the culture of money: making it, investing it, managing it and collecting it.