Collections and Receivables Management Articles
Vilis Ozols has had a longtime presence in the collections and receivables management industry as a speaker and consultant. Here are several articles written specifically for that industry.
1) A Guaranteed Formula For Getting New Collections Clients
Many business owners wish that there was a simple formula for getting new sales. As a person with an MBA in Marketing, I have a tendency to oversimplify the process of bringing new business in the door because there really is a very straightforward formula for the process. If you follow this formula you will very easily get more clients.
2) How Do You Keep Your Employees? Reducing Your Agency's Turnover Rate
“The only person who really makes money for a collection agency…is the collector!” But what happens if your agency is constantly losing collectors? What can you do about high employee turnover?
3) The Fear Factor: Fear Makes Cowards Of Us All!
If you think about it, fear has its own special place as a motivator or de-motivator in today’s collections environment.
4) The Best Individual Skills for Increasing Collections
If someone were to ask you, “What is the most important skill for a collector to increase the effectiveness of their collections efforts?” what would you answer? Some might say assertiveness; others, negotiation skills; while yet others might say closing skills. The actual answer might surprise you:
5) The Ultimate Qualities of High Performance Collections Teams
From sales, to customer service, to skip tracing, to supervisors, to IT staff, to management/ownership and down to the team (work group) of collectors – all have been involved at some point in the process of collecting from that debtor.
6) Smart Hiring and Interviewing Means Increased Collections
One of your strongest tools in increasing your collections is to improve your hiring and interviewing. The reality is that with better hiring you have better employees and are less likely to have to deal with turnover and attrition and more likely to have someone who will become a better and better collector the longer they are with you.
7) The Power of Relationships in Collections
When you think about how to maximize the effectiveness of your collections business, it is likely that the most common areas you focus on are business related (for example, decreasing costs, increasing contact efficiency, and increasing sales, to name a few). However, one of the softest skills in the book is the one most likely to give you the largest return on investment, and there is a very likely chance that it isn’t even a part of your stated repertoire or your strategic business plan: relationship building.
8) 70 (Give or Take) Motivators, Incentives and Recognitions for Higher Collections Results!
Getting collectors to want to put forth their maximum effort is a constant goal of any collections call center. The really good call centers are constantly running promotions, incentives and contests for their collectors to make the goals, goal-setting and goal accomplishing fun and effective.