There are lots of challenges involved in running successful businesses, and they come from areas you don’t expect. For example, everyone will tell you to be sure you have a marketable product. Your offering has to be something people want, and that they’re willing to pay money for. We all love to sleep, for instance, but we’re unlikely to pay someone to sing us a lullaby, even if they composed it just for us and put our names in it. (After all, we can get sleeping music for free on YouTube). And so, we put a lot of effort into product development and service upgrades, and we incentivise out marketers with commissions and bonuses.
What nobody tells us is that selling is the easy part. Receiving the cash, that’s a little harder. Between cancelled subscriptions, chargebacks, store returns, and ‘cheques in the mail’, getting cash into your coffers can be a stress-inducing nightmare. More than that, you probably have some training or experience in your chosen area of money-making. You may have studied it at school, apprenticed at the family factory, or have an inborn talent for it. None of that prepares you for a client who won’t pay up.
Trade stress for passion
The whole idea of business is it’s something you’re passionate about, or at least interested in. Debt collection – on the other hand – is something most of us dread. It’s hard enough recovering a loan from your baby brother. Getting money from (non) paying customers is a hundred times harder, especially if they’ve already used your product or service, so it’s not like you can just ask for it back. Effective debt collection requires calm, patient detachment and dogged persistence, the kind you can only get from debt collection agencies. They don’t take things personally because they’re not the ones that have been slighted.
At the same time, their fee is based on effective cash recovery, so they’re motivated to do it right. In this sense, they make the perfect intermediary, because they’re not emotionally invested and their success is good for everyone. Debt collectors in Melbourne can persuade your debtors they have their best interests at heart because they do. The smart debt collector requires a debtor to find a repayment plan they’re happy with because that’ll promote their chances of sticking to it. In that sense, the debtor feels the debt collector is on their side. The collector sympathises with their plight in ways the creditor can’t.
Delegation deepens profit
As for the creditor, outsourcing this stressful task makes their workday more manageable. They can release the stress of non-payment and focus on developing new items for sale. They can also put energy into creating cash flow solutions without worrying about outstanding payments. They’ve delegated that task, leaving them mental space for other functions and activities. It does work out for everyone involved. Many debt collection consultants will even audit a company’s current situation and help them avoid non-payment in the future. It’s a service worth paying for.
For professional, effective debt collection services, call Boston Commercial Serives today on 1300 668 699.