Proper Training Prevents Poor Performance In Your Collections Department.
There is a Value in Training Collectors in Accounts Receivables. At BCS Solutions we believe the following points are necessary, in order to ensure proper performance.
#1. Your Must Identify the Collections Strategy
#2. Build Value By Getting Your Team Input
# 3. Make A Plan to Increase the Company’s Bottom Line (We call it Making Cash Impact!)
When it’s time to train your staff, It is important to partner with your Collections Staff to discuss ways to establish best practices to come up with a collections strategy that all team members will agree to and implement. Start with gathering input from the staff. Bring the team together to brainstorm ideas that they can utilize to build a new collections strategy and use it in the next 90 days.
Share the bigger picture. It’s easy to delegate tasks and provide another checklist to use. By providing insight into the bigger picture rather than just have pieces and no real sense of how the dots connect, it creates a more comprehensive approach to make their jobs and responsibilities to the company and each other more meaningful.
If you neglect building value with your staff, it can effectively contribute to the overall collections strategy and team goals if they are not properly trained, motivated and confident in their abilities. Having informed financial conversations with Sales, Contracts and Accounts Payable will help to connect the dots. Take the time to share how Sales, Contracts and Accounts Payable are interconnected and necessary tools to their success.
You must also remember to Value Scheduled Team Meetings and make the Collections Process transparent. Increase Success factors and areas to improve. One suggestion is to offer a reward system to motivate the collectors to take an interest in working the more challenging accounts and celebrate when progress is achieved.
Work with some trusted resources, such as BCS Solutions, in order to set realistic collections goals. A question to consider is what are the historical benchmarks from a year ago? What is the new determined goal for the next 90 days? Give them time to implement what they found out and see if it works. Quarterly goals are good incentives and they give the staff a set time to focus and see tangible results. Offer a reward for those who used the new team strategies and were successful
Don’t forget to Recognize the staff as individuals that have strengths and weaknesses. Propose they partner up with another team member and see what evolves.