Professional Documents
Culture Documents
1. Twenty Ideas for Becoming More Effective Collector Starting Tomorrow Presented by
Michael C. Dennis, M.B.A, C.B.F. For CMA Business Credit Services 2005, Michael
C. Dennis. All Rights Reserved
2. Disclaimer T he opinions presented in this program do not necessarily reflect the views
of CMA Business Credit Services or its officers and directors. Participants are
encouraged to evaluate any recommendations made or offered, and adopt only those
concepts that make sense to them.
o Establish specific and challenging collection goals for each of your subordinates.
o Develop departmental or team goals as well as individual goals.
o Require everyone to perform their own self assessments.
o Challenge individuals to explain why goals were not met and what changes they
plan to make to address these problems.
o Make sure there are rewards for meeting goals and disincentives for failing to
achieve the desired results.
7. Foster Teamwork
o Share a common vision and common goals.
o Encourage an informal but businesslike work environment
o Proactively manage conflict within the department
o Measure, celebrate and reward productivity gains and exceptional performance.
At the same time, avoid the temptation to sugar coat criticisms
o Remember that too much oversight and supervision stifles creativity and
innovation
o Dont feel threatened by hiring the best and brightest individuals you can find
o Periodically review all balances over 90 days with each collector, and let them
know that you expect a detailed answer about the status of every account with a
balance over 90 days.
o Watch for changes in payment patterns.
o Do not try to argue the merits of your credit decisions with customers or with
your salespeople.
o Consider giving customers the benefit of the doubt when they claim to have a
legitimate dispute, but insist they pay any undisputed amount.
o When a customer is seriously past due, ask them to confirm their commitment to
you in writing rather than the other way around.
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