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In order to run an efficient collection process you and your team must have a special understanding of your business and the ecosystem it operates in.
While this is always true, there are some universal principles that will help you to achieve better collection expectancy and general finance team performance.
- Review – to achieve any positive results you must have a sound understanding of your starting point. Access your data, look at it and try to understand where you are versus industry benchmarks. Try to outline your strengths and weaknesses.
- Automate – manual labor can only take you so far. Automate any process you can in order to cope with the scale and assure that no balances are left behind. It is best to have everything done by your best team member, but you can only stretch your workforce so far.
- Analyze – your business and its collections team created a lot of data – use it! The ability to look for patterns, understand what drives desired results and define what success looks like (hint – a hockey stick graph) is imperative to your success.
- Control – your ability to access the data and insights and act on them will determine if you are really successful in driving your business results in the desired direction or not. The ability to create a strong process, enforce it, outline risks and have an institutional knowledge base (with a log of all the actions taken by the team) will help you create the accountability that you need for long-term success.
- Improve – with the data collected and insights created you should be able to improve your processes and policies over time, speed up collections, make your team more productive and efficient, and hit all the major collection goals your business has.
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