We care about our finances. We care about money. It fuels a business to keep it going. What we have to remember is that the means to the money is through people. So while caring about the money we also have to handle our collections of it with care, the kind of care that builds impressions.
Here is one idea for helping you to collect with care in order to improve your cash flow and build impressions along the way:
Communication-and escalation.
Consider having whoever is in charge of collections join your weekly staff meetings to give an account and reporting to management. They can bring their notes and documentation as well as offer their input. This communication will help determine the need to advance and escalate the efforts for collecting to the next level.
By spending time in a staff meeting focused on collections, management is now engaged and part of the process. They can help discern if the effort should be escalated up into their hands or involve a sales person who handles the account, or both.
By now, the invoiced project is approaching its third or fourth week-time for a call or visit from management or sales. The call or visit should be professional, to the point, honest, blunt, and it should allow the customer to convey their plans to pay. It will also allow you the opportunity to explain any next steps that you may implement to help expedite payment if one is not provided by a specific set date.
To read Handling Your Collections with Care, Part One, click HERE
To read Handling Your Collections with Care, Part Two, click HERE
To read Handling Your Collections with Care, Part Three, click HERE
