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What is your collection plan, if any? Are you prepared or preparing for the rough road ahead? I believe that the next few years are going to be challenging for debt collections. It is important to have a plan so you don't get behind and overwhelmed. How good are your collection agents? Are they prepared to take on the challenges that lie ahead? Do they have the right “know how” to get the job done? Are they equipped with the right
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“tools of the trade?” As a business owner, executive, or manager, you should be asking yourself these very questions. You should also be preparing questions for your collection agents or perspective agents. Make sure that
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they are specific to your needs. Not all collections are the same. Not all collection agencies are the same. Prepare a collection plan and procedures now. If you don't know how, hire a collections consultant to do it for you. Remember, if you are prepared you may be the first one to get paid. If you are not prepared, you may have to spend extra time and money to force the debtor to pay, if you still can.
Article by
Brett Duncan-Creger
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