How to get superior results from your collection team - every day!
Objectives of the program:
A successful collection department, first and foremost, is going to be able to effectively collect what is owed to the organization. While this will call for assertiveness, bordering on aggressiveness, it also calls for adherence to policy and procedures, negotiation skills and diplomacy.
Many team leaders have demonstrated they have such skills, but training and managing others to complete those tasks is not the same thing. In fact, being an excellent collector themselves may be the biggest challenge the new team leader or supervisor must overcome.
This highly-participative and content rich program has been originally designed and then improved over the years for Coaches, Team Leaders, Supervisors and Managers of collection teams.
A debt, whether owed by an individual or a large firm is becoming tougher to collect. While it is imperative for front-line collectors to hone and perfect their skills, the success or failure of a collection unit may be determined by the knowledge and skills of those who (attempt to) manage them.
To be successful, these individuals need not only to know all effective collection techniques, but how to ensure these same strategies are known and put into place by every member of their team.
This is a high pressure position, not for the faint of heart. There is a lot of stress from the debtors, management and members of one’s own team.
Managing collectors is like trying to herd cats!
Someone wise and experienced in the management of receivables once said that managing collectors was like trying to herd cats. See if you might agree. (You may replace the word ‘cats’ with collectors and ‘herd’ with manage.)
Notes on the gentle art of herding cats:
Cat’s don’t like to be herded.
Cats prefer to herd themselves.
Cats understand that they sometimes need to be herded
(that does not make them anyeasier to herd).
Cats don’t like being reminded that they are being herded.
Harsh herding has negative consequences.
Take away their claws, feisty and independent attitude
and I don’t know what you have, but it isn’t a cat.
Modules of the Program:
1.) You don’t need to be a mechanic to be able to drive a car.
However, with some additional knowledge, practice and experience, one could take their vehicle on longer and safer road trips.The same concept applies to the successful leadership of a collection team. Management may rarely speak to a debtor, but with the added knowledge of the strategy and techniques that will be effective for their collectors, they will be able to take the entire department, perhaps even the entire organization, on longer and safer journeys into credit risk.The Coach, Team Leader, Supervisor and Manager may not need to make a collection call any more than a NBA Coach needs to dribble a basketball, or a baseball manager be able to field or hit a curve ball. But, the coach in the National Basketball Association needs to know when passing or dribbling is needed and how to pass that knowledge onto the player. So too in Collection Management. You can’t successfully manage the result if you don’t know the tasks required.Therefore, an appropriate amount of time is invested in collection 101 – The Telephone Call, E-Mail, Negotiation Skills and Dealing with the Difficult Client or Customer.
2.) Cat Rustling:
The Ten Techniques to Becoming a Superb Cat Rustler include how to attract, hire and retain effective collectors. This includes the CollectABILITY Index Assessment (CIA) Tool (R).
3.) How to Train Your Cat
Five training methodologies to bring individuals and teams quickly up to a smooth and effective collection process.
4.) Cat Nip
Isn’t money enough? Do you need any award system at all? What works, doesn’t and might to recognize, reward and improve superior performance.
5.) The Cat Show
How does your cat measure up against others? Collection appraisal performance reviews.
(P.S. Still using the yearly performance review? Toss it!)
The “H” in Herd
Hire. Yes, many people can be trained to be a ‘reasonable’ collector. But to achieve the best results, you need to start with superior ingredients.
“E” in Herd
Evaluate. How well do your collectors perform. What do you need to improve, to more of, less of, how do you deliver the message.
“R” in Herd
Reward the right people with the right awards. Money? It is important, but perhaps not as much as you think. Besides, our budgets may be limited.
“D” in Herd
Demand and deliver with ‘no excuses collection management. The best is a requirement from your team but it is a two-way street.
You are busy. And, you are about to get busier, for which we do not apologize.
This is an intensive one-day program of six instructional hours. There are also pre-program assignments.