Money - 2015 Archive

The "heart" of your collections system should be to actively communicate and partner with customers that have gone beyond the agreed payment terms. Here are a few items to consider for your collections system:

Quote: "A little thought and a little kindness are often worth more than a great deal of money." - John Ruskin

Question: How might a little thought and a little kindness help you to develop a collections system that is based on building the customer experience, not damaging it?

Last week we began a series on collections, a vital part of your customer service. This is often a overlooked process for keeping and building customer relationships.

You may be thinking: "What?! Collections are vital to keeping and building customer relationships? Are you crazy? The reason I have to "collect" from them is because they have not paid me when they were supposed to --- why would I want to keep and build that relationship?!" Simply put, you want to build these relationships, because they have already done business with you and because they do owe you money.

It has been said that a sale is not truly a sale until you have collected the money. With this "truth" as a basis, your collection system is one of the most important systems your business needs to have and use.  
 

Cash flow in your business is vital to your success. If you operate your payment terms as cash at the time of service, collecting money may not be much of an issue for your business. If your business, like many in today's business world, extends credit to those that use their goods and/or services, collecting money may be more of an issue.