A Lender's Guide to the Universe
A Challenge to the 21st Century
These pages are written for highly intelligent and highly ambitious collection-oriented people. Such people are, of course, busy.
Two other traits mark these people:
- They don't like to read more than one page about anything. Sometimes they simply don't.
- They don't need (nor do they want) their hands held. They want (A) a simple proposal, and (B) you to go away and let them work out the details.
As I propose collection-management techniques, consider the acronym "RAM." This means "Reject..." "Accept..." "Modify".
People will reject some of these proposals. Some just won't fit his/her comfort zone.
People will accept some of these proposals. Some will have hit the "hot button."
Most importantly, people will modify these proposals... indeed should adjust these words to fit that individual personality... and be consistent with goal-oriented cash-flow success.
Do these pages only beef up cash flow? No. When modified, the techniques will improve management results in any area.
How to Establish the Collection PolicyHow to Establish the Collection Policy
Ask your collectors to write questions to which they want answers. The questions must begin with any combination...
Organizing the Collection AreaOrganizing the Collection Area
Your Collector should (A) telephone debtors to collect money, and (B) do very little else...
Rolling Collection Management by ObjectivesRolling Collection Management by Objectives
Write the seven most important things, as a Collection Manager, you are doing on your job., Don't refer to your...
How to buy and sell Collection-Improvement IdeasHow to buy and sell Collection-Improvement Ideas
Your Collectors are alert and fast-thinking people. Even if they don't begin the job with those qualities, those traits do...
Counselling CollectorsCounselling Collectors
Explain the acronym "IDEAS" to each of your Collectors...
Standards of Collectors' conductStandards of Collectors' conduct
Collecting, when performed properly, is a highly professional skill. So, help your Collectors establish high standards...
How to write collection letters that collectHow to write collection letters that collect
Plan the content of your collection letter with the acronym "SPRA:" Situation - Proposal - Reason - Action.
Collecting with the Upside-Down LetterCollecting with the Upside-Down Letter
This format collects money. Try it...
How to say more with fewer wordsHow to say more with fewer words
Kill the A-B syndrome. Don't say "Actually" or "Basically." Both words are disclaimers...
How to develop the "Special" telephone collection voiceHow to develop the "Special" telephone collection voice
You are going to make a collection telephone call. You've reviewed antecedent data, planned the call. You're eager...
Make faster notes and collect more dollarsMake faster notes and collect more dollars
When you receive a phone call, you'll make notes of the caller's comments. Use phonetic shorthand to to make...
Making cash flow by reading fasterMaking cash flow by reading faster
Triple your reading speed. Perform a simple exercise five minutes per evening...
Helping Debtors find Dollars to pay your billsHelping Debtors find Dollars to pay your bills
Train your Collectors to know all the places where and conditions under which debtors can obtain money to pay...
How to plan and control collection telephone callsHow to plan and control collection telephone calls
The collection telephone call comes in three phases. Phase One is "Statement." Definition...
How to plan and control late collection telephone callsHow to plan and control late collection telephone calls
The Statement-Response-Rebuttal approach to telephone collection will improve cash flow. However, after...
Talk-offs make shorter collection phone callsTalk-offs make shorter collection phone calls
The standard time length for a collection telephone call is one minute. Does this mean that all calls must be completed in...
How to handle complaintsHow to handle complaints
The Collector must handle complaints, if the bill is to be collected. The Collector will not transfer the call to...
Making good news and bad news improve cash flowMaking good news and bad news improve cash flow
Ask your Collectors, every Friday, to put a piece of paper on your desk. Do the same to your superior...
When you must call a meetingWhen you must call a meeting
The Collector's time is productive when s/he is on the phone asking debtors to pay. When Collectors are in...
Giving wide authority to Qualified CollectorsGiving wide authority to Qualified Collectors
Tell your Collectors to use their authority over you. Be assured, when they understand the four dimensions of...
What should the Collection Manager read?What should the Collection Manager read?
Question: As a Collection Manager, what books should you read... to help you be the very best at what you do...
How to make speechesHow to make speeches
The Collection Manager will speak before groups, especially to his/her trade association...
Profile of a CollectorProfile of a Collector
As a manager, look for eleven traits in your Collectors. You won't find all eleven, but... if you get six or more...
How to hire a CollectorHow to hire a Collector
When hiring a Collector, try a nine-point check list. If you like the responses to five of the nine, hire. Later, help...
Plus-one beefs up telephone collectionsPlus-one beefs up telephone collections
Tell your Collectors to make a blip on a piece of paper... every time they contact a debtor by phone...
Read faster and collect more DollarsRead faster and collect more Dollars
The Collector must scan data before phoning the debtor. As the Collector's "golden hours" are when on the phone...
Run the movie backward and collect more DollarsRun the movie backward and collect more Dollars
"The good men do is oft interred with their bones. The bad lives long after..."
