Recovery Reader The September 2019
www.bridgefirmrecovery.com (269) 359-0814
FROM THE DESK OF Dan Larson
Ahhh! Fall is coming. The days are getting shorter and leaves are turning red, just like those receivables! So , how do you rake up those dollars littering the receivables landscape?
Collection recovery takes tenacity to produce results. Also, it takes TIME! Chasing debts can displace your staff’s focus in generating new sales. Adding staff to attempt collection of aged receivables can cost more than the original debt. A better approach is to tighten billing and credit processes AT THE BEGINNING of the sale. Focus on developing clients with a good credit screening process, and follow up, then forward those aged receivables to the professionals. This month’s article of changes to attract millennials is also changing the landscape of collections. In years past, to many people, paying your debts was the “right” thing to do. You and your customer worked out the repayment. Increasingly today, there is an attitude of entitlement. That can be a game changer. Some adults have a “catch me if you can” attitude. Consumer regulations also impact the methods of collection. So, the techniques to recovery are changing. Recently, we began collection on accounts for a local landlord, when I delivered her first statement, the manager looked at the check, looked again, and said, “Well, that’s more than we ever recovered ourselves!”
ARE YOU USING LINKEDIN PROPERLY? Best Practices for Modern Professionals Networking in the modern age is a complicated and nuanced part of running any business, and choosing a social media platform for it can be a huge commitment. Luckily, this is where LinkedIn, one of the top business networking sites to date, comes into play. Two business professionals join the platform every second, with 590 million users recorded at the end of 2018 according to Hootsuite. LinkedIn is the clear choice for business networking, but even the best tool needs to be used correctly to be effective. Here are some do’s and don’ts to make the most out of your LinkedIn experience.
I SMILED AND REPLIED, “AND THAT WOULD BE WHY YOU HIRED US!”
When posting content on your LinkedIn page, you need to ensure it will add value to the people who are following you. A great rule of thumb is to make sure the content is related to your industry or a related field of interest. You need to think about your followers’ lines of interest, not just your own. This is something to keep in mind for direct messaging as well. If a customer doesn’t see a direct value to themselves in your marketing, then they will usually consider it spam and might even unfollow you.
Give me a call, we can bundle up those receivables for you, leaving your receivable landscape looking great!
- Dan Larson
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