Graeme Davy posted an update 3 months ago
So my philosophy is to try and keep things simple in this complicated world. What do people think about these 5 simple ways to improve recovery rates? You’d think they are obvious but not always:
1. Look to take security from the customer. This makes the recovery process quicker, more effective and, subject to the security’s value, will ensure the business is paid…. eventually;
2. Have regular review meetings or calls with your customers. If you’re providing credit to fund their business they should expect this. Review meetings provide you with an opportunity to review risk, gather intelligence and ensure that your information is up to date.
3. Know your customer’s business. Their business is your business.
4. Ensure customer’s details on file are accurate and up to date. These details are your insurance policy, and will give your debt recovery team the best chance of recovering that debt. This should be a given!
5. Build long term and open relationships with your sales team. Aim to work with them, not against them. You need each other.
- Ford boss warns on 'disastrous' no-deal Brexit 15 October, 2018
- Claire's 'considers UK store closures' 15 October, 2018
- Dragons' Den star Theo Paphitis says he owes his success to dyslexia 15 October, 2018
- Brexit talks hit 'real problem' over Northern Ireland border 15 October, 2018
- US retail giant Sears files for bankruptcy 15 October, 2018
- Trump sends Pompeo to Riyadh over Khashoggi; Saudis may blame official 15 October, 2018
- BlackRock and Blackstone CEOs withdraw from Saudi conference: source 15 October, 2018
- JP Morgan and Ford cancel plans for Saudi investor event 15 October, 2018
- Australia congratulates royal couple on news of first child 15 October, 2018
- Posties snub tax-free Royal Mail share sale 15 October, 2018
- Under-pressure Grant Thornton boss to quit 15 October, 2018
- United score amid Saudi prince takeover talk 15 October, 2018
- Fracking begins in Lancashire amid protests 15 October, 2018
- 1,000mph car project calls in administrators 15 October, 2018