Have you ever tried something new? This could be anything from playing a musical instrument, driving a motorcycle, trying new foods, moving to a strange city, or making a career change. The list could go on and on.
It takes a lot of guts to start a company. Starting any business usually requires you to invest a great deal of money and time. There are no guarantees of success even after you spend your life savings and invest countless hours.
Many of you reading this article successfully started your own collection agencies. What were the secrets to your success? While I have never started an agency, I work with many prosperous agencies and there are some common strategies.
One of the biggest concerns for any business, especially new businesses, is “time.” Usually there is more work than there are hours in the day or employees to help out. How do you ensure that your time is used efficiently and profitably? Are there ways to increase the productivity of the time you do have? To that, the answer is yes.
Usually this productivity increase involves some type of tool. There are many tools required to efficiently run your agency, such as a phone system, collection software, computers, etc. One tool many utilize, but others rationalize they don’t need, is a dialer. This is unfortunate because it is likely to be the key to your productivity needs. A dialer quickly increases the number of contacts you make every day.
A dialer can be used to leave unattended automated messages. Imagine, contacting the debtor without your agents’ valuable time for simple things like payment reminders. Messages used in conjunction with automated credit card or electronic check payments could be used for low balance accounts. Then, of course, the obvious one: Use a predictive dialer to increase agents’ actual talk time during call campaigns.
While these two basic functions of a good dialer will increase your productivity immediately, there are many other routine activities the IAT dialer can perform, automate or control.
If you would like to know more about these features and functions, read the other posts on this blog. You will find many ideas on effectively using dialing technology such as agent workflow automation, answering machine message strategies and setting up the dialer to mimic your best agent’s actions.
What advice do you have for those starting a new collection agency?
This article was written by Paul