With your three main foundations in place – an organized accounting system, transaction policies, and an optimized billing process – perhaps the most important foundation is customer service. Many business owners don’t usually relate customer service with collections tasks. However, good customer service is a vital element to facilitating successful collections.
Your company exists to make a profit. You sell a product or service, and are paid from the invoices you send your customers. When customers are past due on their invoices or are altogether non-paying, it negatively affects your profits. This is where good customer services plays a crucial role.
Collecting your receivables in a timely manner is highly dependent upon customer satisfaction. This means that your most important resource is effective and professional communication both within your company, and with the customer.
Within your company
Reinforce both to yourself and your staff that invoices are your most valuable asset. As such, treat your invoices and the collections process with the value they truly deserve. Without a proper view of what your invoices truly are, collections will suffer, and so will your cash flow.
With the customer
Cultivate and maintain an excellent relationship with your customers in such a way that reflects that you truly value them. When communicating with customers to collect on past due invoices, communicate with respect and understanding. A customer who knows they are valued and respected will feel satisfied, which only increases the likelihood that they will be moved to make more timely payment.
The Jayaram Law routinely and successfully assists its clients in their business-to-business (b2b) collection needs. We take pride in obtaining payment on accounts receivables without fracturing critical business relationships or engaging in time-consuming and costly litigation efforts.
If you need business debt collection services conducted in a professional manner, contact our B2B (business-to-business) debt collection law firm by calling 312.454.2859 or visiting www.jayaramlaw.com.