Depending on the type of customer or client, debt collections can look drastically different. Either can still be frustrating but one type of debt could actually be harmful to the overall business. Consumer-facing business, for instance, is more transactional. Businesses working together, exchanging goods or services, is likely part of a long-term relationship.
If there's any solid business advice I could offer to anyone, it would be this: Always follow up.
For many reasons, a follow-up email or phone call is essential in achieving results. Often, however, some people don't feel comfortable reaching out again after a meeting, discussion or event. They're worried their ask is a chore or they're being too pushy. In fact, a friendly follow-up may just be what's required to seal the deal.
If you're looking for a positive way to reach out to your clients, a survey may be the way to go. There's lots of available survey research but this post will narrow it down to some best practices and questions to include.
When your business needs to make a call to get invoices paid, make sure your accounts receivable and collections specialists are using the right language and abilities. Successful calls are handled by skilled collections specialists with the qualities of persistence, confidence, great listening skills, and training. When emails aren't bringing those late payments current, these call script examples may help.
The National Oceanic and Atmospheric Administration (NOAA) predicts an above-normal hurricane season. Unfortunately, we've already witnessed the power of Hurricane Ida across the country with much of its impact still to be determined. Just as we've discovered with the COVID-19 pandemic, asking for money during this time seems precarious.
While this question will put off sales reps, collections teams may be cheering in their seats. If a sales representative works hard to land the ideal client but the invoice goes unpaid beyond the due date, who should be responsible for connecting with that client? Is a sale really complete if the invoice isn't paid? Do you have a solid process for who follows up and when it becomes necessary for your organization to move the account to collections?
As global markets reopen, inflation is causing corporations of all sizes to reexamine their rates. Supply chains are being affected by higher costs and increased demand for raw materials and labor. According to economists, the inflated costs aren't expected to abate until well into 2022, cutting into profit margins. CEOs are saying that higher costs will last longer than that. If your business operating costs are going up, have you considered charging more for the products and services you offer?
When starting a SaaS company, entrepreneurs begin with a unique idea to solve customer challenges. Customer Success ensures that the product is used successfully by those customers. This business practice ensures that customer churn is reduced and the customers become advocates for the brand.
As a B2B business that supports other B2B businesses, we understand the value of strong client relationships. Much like other relationships, the value can increase over time, offering financial benefits through referrals and upselling. If handled correctly, these relationships can also be mutually beneficial to both parties.
Commercial debt recovery, also called corporate collections or B2B debt collections, is used specifically to recover delinquent business customer accounts. Not to be confused with consumer debt collections where the delinquent account holder is an individual, commercial debts refer only to businesses. To clear up any confusion, we'll cover what's different and why.
