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Finding Time The Power of Knowledge

Delegating and Outsourcing.

Lesson 6

Finding Time

Become a master delegator in you business.

Learning to delegate is probably one of the hardest changes a business person has to make, for me solving all the little problems around the office make me feel good and it is this behaviour has held me back. This is a bad habit to get into because your business then must revolve around you and how good it makes you feel. I realise it was a very selfish way to lead my team, I had to change the habit to wheen myself of this feeling and switch it to making my team feel good. This was when I noticed the change, I had put people in charge of departments and it was now time to stop micro managing them.

Let me tell you, taking the monumental step of backing off took a lot of energy, it was time to trust that they would do the job as good as me...

They do it better!

First I want to say any successful business usually has a dedicated bookkeeper, whether that is someone in-house or it is outsourced to a local business, but you cannot operate a profitable business without having this important task done by a professional.

Most bookkeepers I know are not keen to do debt collection, so you will need to workout who will take on that task, you may get your bookkeeper to pass it onto a professional such as BCA Debt or get someone in house to do it.

I have given you all the training here to be able to train someone in-house, so there is no excuse to leave it.

In my last lesson I gave you this task assessment tool to help you find what you can let go of.

What to look for when engaging a debt collection agency.

Being owed money for work you have done can be very emotional, however ensuring you get the best results from your debt collection agency is paramount.

The last thing you want is to throw good money after bad.

To ensure you get the best results there are a few things to look out for when hiring a debt collection agency.

And these are my five top things to look for:

  1. How much debt collection experience do they have? Find out how long they have been operating. Debt collection is a tough gig and those that survive are usually the best and have been around for a while.
  2. What information do they have on their website? Do they have lots of tips and useful up to date information that shows they know what they are talking about?
  3. Do they have a secure online portal that you can access information about your account and collections? This makes life easy for you to see what is going on, to add new debts for collections and to communicate with your collector.
  4. How often will they communicate with you? Having a direct line of communication with your agency is important. The success of the debt collection process is about negotiation and communication.
  5. What are all the costs? Some agencies may be cheaper in their percentage they charge, but you pay for incidentals and disbursements. Its an industry that can be fraught with hidden costs.

Find out if the agency has a no fee for no result guarantee.

Also look out for testimonials on their website, this usually indicates if the debt collection agency has happy customers.

And if you'd like to know more about managing credit risk in your business, I invite you to take our free two-minute credit risk assessment. Just enter your details on this page and you could have your results in just three minutes.

By taking the test you'll find out how much risk your business currently has and, more importantly, the steps you can take to reduce your risk.

Haven't signed up yet? Really?! Well, here's what your missing out on...

  • Full Access to The Seven Steps to BCA Debt in your Business and the 7 Lesson in Accounts Management. +

    There are 7 steps that we walk you through, these steps build your accounts management system which ensures you get paid for the work you have done and you know your customers have the ability to pay you before you do any work for them. Read More
  • Terms and Conditions +

    We walk you through this process to ensure you have the ultimate Terms and Conditions, customised to suit your business. Read More
  • The Debt Recovery Blitz +

    Get your money back into your bank account, we will help you increase cash flow from within your debtors ledger. Read More
  • Core Policy Document Suite +

    You we give you a suite of documents designed to support your Accounts Management System, everything you need to raise your standards in customer service. Read More
  • Current Customer Induction +

    These are your business ambassador’s show them how you you are improving your systems and ultimately the service you provide them.
  • Collateral Update +

    Ok, this is all the annoying little jobs that need to be done, like update the website T&C and Privacy Policies. We have streamlined this for you and give you the html docs to get your web developers to upload. Read More
  • Secure your Assets +

    We help you determine if your business would benefit from the Personal Property Securities Register, which can put you on equal footing with secured creditors like the banks. Read More
  • Debtor Management 2.0 ??? +

    Make sure your customers have the ability to pay you before you have even done any work for them. Read More
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In a recent survey my clients
identified having a system for

Accounts Management

to be one of the top area's
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