Management Information |
How To Write Commercial Collections Letters
It is sometimes valuable to bring the sales manager into this step of the collection process. Information concerning the delinquency can often be obtained from the sales department.Tips for Commercial Collection Letters:When writing commercial collection letters, these points should be considered: Include all basic information. The commercial collections letter should state how and when you expect payment. It should suggest why the account should be paid in full. It should motivate the debtor to actually do this-now. Use an effective style of writing. Most commercial collections letters are written to appeal to the writer and not necessarily to the delinquent customer. Appeal to the debtor. Use the "you" approach. Too many commercial collection letters emphasize "we." Avoid such phrases as "we insist," "we remind" and "we want." It is much better to put the customer into the letter, saying such things as "you will appreciate" and "it is to your advantage." Remember that the debtor is not interested in your best interest, but in their own. Don't say, "We will not write again." This assures the debtor of their success in evading payment, and a phrase such as "to keep your good credit rating" may be impractical in a situation that has reached a certain stage of commercial collection. Use motivating factors. If a customer has not paid, there is a reason for it. Although a letter cannot discover the reason, it can give the customer a way in which they will benefit. For example, by paying now, they may continue to enjoy "open account" terms, or your credit rating won't be damaged. Appeal to pride, honesty and security. As a last resort, appeal to anxiety. These are factors that can be used to bring prompt payments. Address the letter to an individual. Direct it to the person who is authorized to initiate payments. Keep the letter short. Be as brief as possible, and cover only the most important points. Get free information and advice on commercial collections.
MORE RESOURCES: Unable to open RSS Feed $XMLfilename with error HTTP ERROR: 404, exiting |
RELATED ARTICLES
10 Ways To Maintain Profits In A Slow Economy 1. Sell more back end products to your existing customer base. Hidden Consultants Within Your Organization You've all heard the old joke about a consultant being someone who uses your watch to tell you the time, and then steals your watch. There's some truth to the story: consultant recommendations are often the same things that your employees or customers have been telling you all along. Creating A Vision - Bringing Your Dreams Into Reality Do you have some goals you want to achieve or dreams you want to fulfill? A useful tool in reaching the outcomes you desire is the creation of a vision, which can be short or long-term. I recommend writing down specifics to add clarity and focus. Employee Turnover: Seven Reasons Why People Quit Their Jobs There are many reasons why good employees quit and go to another company, perhaps even your competitor. Most of the reasons start with management and most are preventable. Seeking Help Where does the time go? Billable time. As a consultant, your practice may be doing reasonably well; you're charging $100-150 an hour. The "Better People" Fallacy It's easy enough to convince your own staff that better people will prevail, even against the odds. It's what they want to hear. Hold Your Applause! It's amazing what you can accomplish if you don't care who gets the credit. Harry S Truman President Truman had decided that Secretary of State, General George Marshall's name should be attached to his plan for massive European relief following World War II. Innovation Management - Producing Great Products, Motivation Creativity can be defined as problem identification and idea generation whilst innovation can be defined as idea selection, development and commercialisation.There are other useful definitions in this field, for example, creativity can be defined as consisting of a number of ideas, a number of diverse ideas and a number of novel ideas. Crisis Management Tips The term crisis management has different connotations. In this article, I will try to provide pointers that can be used in most situations:Is It A Crisis In The First Place?:This question is important to ask, as there are many situations that go wrong because the right person to handle it is not around. Have You Always Thought That The Best Ideas Come From Research Or Management? Think Again Many entrepreneurs and chief executive officers are unaware that there are many factors that put ordinary workers at a great advantage over R&D and management when it comes to generating useful improvement ideas and even new products ideas for a corporation.The people in research are usually hindered by the fact that it is difficult for them to stay in touch with the day to day running of the business and the problems that arise. 5 Ways of Increasing Business Profits The economy may finally be turning around and showing signs of a rebound. Interest rates have begun to rise and the stock market is recovering from the lows it experienced in the last couple of years. The Importance of Business Goals For you to get where you want to go, there are four key steps for you to take. They are not difficult, but they are vital. Qualities of a Great Manager In the call center environment we are often only as successful as the people we hire. While our front line employees are critical to our business, choosing the right managers powerfully impact your success. Tales from the Corporate Frontlines: The Best Incentives are Free This article relates to the Recognition competency, commonly evaluated in employee satisfaction surveys. It tells the story of how the performance of one team was affected when the powerful motivator of daily praise and recognition disappeared. Key Control - Who Has the Keys to Your Kingdom? Key control, or more accurately the lack of key control is one of the biggest risks that businesses face.What is the risk?Imagine, you have fired a trusted employee, unknown to you that person had a spare key to your business, they come back after hours and steal business secrets, account lists, equipment or anything else of value. Regaining Control - Nine Steps for New Managers My client had faced the same challenge, which was frustrating as well as intimidating for him as well - yet he was determined to break the mould.With my background in a similar business, I have faced this several times. The New Five Truths of Employee Motivation Motivation is a term that is so widely used, yet many managers know little about how it really works. But it doesn't have to be confusing-in fact, it's quite simple. Unravelling the Data Mining Mystery - The Key to Dramatically Higher Profits Data mining is the art of extracting nuggets of gold from a set of seeminngly meaningless and random data. For the web, this data can be in the form of your server hit log, a database of visitors to your website or customers that have actually purchased from your web site at one time or another. Creativity and Innovation Management - Competition versus Collaboration There is much confusion as to whether competition or collaboration is most beneficial to creativity and innovation. Though there are negatives to collaboration and it is not easy separating the effects of time pressure and group activity, in general collaboration beats competition. Five Reasons Why Leaders Fail to Create Successful Change A bold title, don't you think? I mean, change is a complex thing, so to define five reasons seems to oversimplify the issue.Let me be clear. |
home | site map | contact us |