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You've Hired Them. Now What?
An Expert's Blueprint For Training His Collectors In last week's column ("What to Look For When Hiring Collectors - Eight Traits That Signal Success"), we identified Robert Holt's non-traditional methods of identifying great collectors. This week, we'll take that a step further and look at what he does once how he's got a hiree on board. The first step, says Holt, is to teach them the shorthand. Collections departments everywhere use a variation of the same shorthand codes: LM, PTP, CB, NI.* Make sure everyone knows them, uses them, and knows what they mean, he advises.
"Use anecdotes to describe meanings and situations. Make sure everyone uses the same codes, so that the supervisor can track progress and accounts can be reassigned as needed without a hitch."
Next, you should explain your overall company objectives and policies. Make sure everyone understands that he/she represents the company, and emphasize the team mindset.
Holt's next step is to discuss interaction with the sales force. There must be a good working relationship with sales, and a desire not just to increase collections, but to increase overall revenues as well. Inform sales of problem accounts, and work with them to get them resolved. Have the collector suggest to the customer that your salesperson can contact them to resolve open issues.
Next, run through some what-if scenarios. Discuss problems: promises, broken promises, delays, no-return-calls and avoidance. Also discuss resolutions: payment plans, notes, COD plus payment on old invoices, ability to make future shipments. Answer questions, do some role-playing, encourage dynamic thought.
Then, let them make some live calls.
Initially, sit with them and listen to their procedures and the tone of the calls. Make more suggestions. Ensure good notes are taken and that an on-line tickler file is developed to track promises and follow-ups.
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Finally, meet with the group again to compare notes. Did the collectors believe that the calls were successful? What did they learn from the transactions? Allow the group to learn from one another, while moderating and moving the discussion in the right direction.
Some Tips for Success
Holt offers a number of other intriguing ideas to successfully manage a top collection operation.
First, he says, consider starting an incentive plan. "Of all the collections departments that I have worked in or managed, by far the most successful had the same key element - an incentive plan. Pay a base salary, but add commissions based on exceeding pre-determined goals. Reductions in DSO and over-90 work well. Set out goals for monthly and quarterly objectives, then raise the bar each quarter to make goals harder to achieve. And make sure you set both team and individual goals. All goals must be obtainable, but the collector must have to work to reach them. Give new collectors smaller accounts to get them started, but ensure there is sufficient incentive to pay larger commissions to those that do more work.
"Create a climate for collectors in which they are clamoring for additional accounts. Keep score. Post results. Make it a game. Collections is an integral aspect of credit. Cash flow must be driven to allow all other functions to operate. Let's face it, collections is not for everyone. Many just don't want to do this kind of work. But many thrive on being successful at something that most can't. Find the right individual and turn them into a Professional Collector."
Thanks to Robert Holt, President, Baltimore Credit & Collection Services.
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This month's topic: Extended Terms Requests
Click here to participate!
We're examining:
- Whether there has been an increase or decrease in requests for extended terms recently
- Whether or not credit departments have policies relative to extended terms requests
- Whether or not extended terms impact sales commissions
- What the primary factors are when considering extended terms requests
- Who is ultimately responsible for approving extended terms
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