3 Ways to Increase Your Chances of a Successful Debt Recovery
Debt recovery doesn’t have a one-size-fits-all approach. Different businesses will have different processes and procedures, and within a single company, there will be other ways to approach individual customers.
Therefore, understanding how to increase your chances of successful debt recovery can be confusing. How can you improve something when the processes can be vastly complex and different from one another?
When it comes to debt recovery, the best way to increase your chances of recovery of debt is to improve the way you present yourself and approach the situations. If you are struggling with B2B debt collection, then please keep reading. These top three tips will help you develop your approach and start seeing real success in debt recovery.
Take Note of Tone
This simple – yet easy to overlook – tip can be vital in dealing with difficult clients. Often, the way we say things can hugely influence the way someone responds to us. If we let our frustration and anger slip through, even the slightest, into our tone, this can destroy relationships with clients and cause further issues.
When it comes to B2B debt recovery, it’s vital to remember that you also may not be talking to the person responsible for an unpaid invoice. This person could just represent that company and not have anything to do with the issue at hand. Therefore, you need to be considerate of the way you speak to them.
A firm but friendly approach is the best way to approach this situation. It shows that you are in control and willing to work together to come to a resolution.
Rather than getting frustrated at excuses and avoidance from customers, it’s best to be proactive and offer solutions rather than constantly reprimand. This shows the customer you are willing to work with them to come to a feasible solution. Overcome issues with straightforward solutions, such as resending invoices, offering payment plans and keeping communication open at all times. This keeps the conversation around the debt moving and keeps the atmosphere positive between both parties.
Sometimes, what seems like an excuse or attempt to delay proceedings can be genuine confusion or oversight, and offering solutions can overcome this and get everything back on track.
Make Sure to Prepare
Before any call with a client, it’s best to take the time to prepare. This helps keep you calm and steer the conversation in the direction you desire. This could be reading through past notes, having a conversation with other people who have been in contact with the client, and reviewing the terms and conditions of any contracts you have with them. Documentation and paperwork like this are also good to have to hand when talking with a client as you can provide answers to any questions quickly.
Also, consider the relationship you have with the client so that you can prepare your approach. If you have a good relationship, not much may need to be prepared. However, if you are working with a problematic client, you know you have to prepare documentation and approaches in advice.
If you want to recuperate any loans owed to you and prevent debt issues before they occur, then get in contact with us today. Not only do we excel in debt recovery, but we can help implement simple credit control procedures to minimise bad debt problems before they occur. To speak to our debt collection team about recovering money for your business, contact Iain Bould on firstname.lastname@example.org or Tracy Popperwell email@example.com