The Collection Advisor

3 Powerhouse New Years Resolutions to Make 2018 Your Best Business Year Ever

Posted by Brian Summerfelt on Dec 29, 2016 10:23:24 AM

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Enough talk about going to the gym three times a week or sacrificing your love of wine. 

There’s nothing wrong with that kind of goals – except they’re uninventive and rarely successful. But with the Canadian economy outperforming all the other G7 nations and the prospect of great times on the horizon, there is so much more you can actually achieve, and put your business in the best possible position for 2018 and beyond!

Here are 3 New Year’s Resolutions you can stick with, and that will make a real difference to your business success:

1. Set an Ambitious New Standard for Quick Responses.
When a prospective client contacts MetCredit, we do our best to respond within minutes. (This can be challenging with offices Canada-wide and inquiries day and night, but our response time is generally very fast.) Sales intelligence tells us that every time you follow up on a lead within 5 minutes, you are nine times more likely to convert, and that 35-50% of sales go to the vendor that responds first (source: InsideSales). Few other things you do in business have as big an impact, because you’re showing the prospect you’re quickest and most attentive. Set an achievable and measurable goal, for example “our sales team will attempt to respond to all web inquiries immediately, and always within two business hours.”  You’ll be miles ahead of competitors with a same-day standard. Then sustain that same level of attentiveness in servicing all those new clients!

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If you follow up on a lead within 5 minutes, you are nine times more likely to convert.

2. Never Wait Too Long to Get Paid Again.
People often ask me what is the single biggest mistake in debt collection. Hands down and by a country mile, it is waiting too long. Debtors are among the world’s finest bluffers, and often desperately need to buy time. When that’s the case, they don’t intend to pay your bill as agreed upon, or worse yet have it sent to your collection agency. ESPECIALLY if they’re in trouble. It’s the patient and understanding credit grantors who lose out to statute-barred debt and bankruptcies. Try our handy Debt Recovery Calculator to see in real-time what money owed to you is worth – then do something about it. Be sure your “never again” resolution includes the maximum number of days you’re willing to wait, and make it company policy, with no exceptions ever. This is the easiest and most productive resolution you’ll ever make; break it at your own peril!

It’s patient and understanding credit grantors who lose out to statute-barred debt and bankruptcies. 

3. Start Communicating Proactively With Customers... NOW!
Another big mistake business owners make is to let complaints inspire action. Often those complaints never come, and your good customers move quietly over to your competition. By the time any customer posts a negative review, it’s too late. Google or Yelp don’t let you call those back. Beyond your online reputation and lost business, you could be missing out on opportunities to improve your competitive offering and to solidify relationships. Surveys and friendly “how-are-we-doing” calls are inexpensive ways to keep existing customers, which is always less costly than finding new ones. Resolve to lead the communication stream with your customers in 2018.

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By the time a customer writes a negative online review or switches to a competitor, it is always too late.

None of this is to say you can’t still resolve to get to the gym more regularly or rein in your bad habits. But if you really want to make a difference this year, try one or more of the above. 

For more great advice that is sure to improve your business success, be sure to download my 10 Debt Collection Pro Tips via the link below. And have a fantastic 2018!

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Topics: Debt Collection, Business Strategy

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