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The Recipe For Success In Collections In 2022

The Recipe For Success In Collections In 2022

Have you ever skimmed a cooking blog for a great recipe and ended up finding your new go-to way to whip up your favorite food? That's always such an amazing feeling, and I've always wanted to recreate it.

Well, this week, I want you to pretend my blog is a cooking blog because I have a recipe I want you to try. I hope it becomes one of your go-to recipes in business.

I'm sharing with you the recipe you need to create success in collections in 2022. Are you ready to tie your apron strings and get to work? You don't even have to preheat your oven for this recipe, so we can get started right away!

Ingredient #1: Discipline

Like most businesses, keeping a collection agency running requires some level of discipline. What I mean by discipline, in this case, is that collection success thrives on processes and procedures to make sure the company is running like a well-oiled machine.

When creating processes, ask yourself the following question:

Who needs to know what by when?

By establishing what team members need to know what information and when they need to know it, you're creating the best possible results for your agency by setting your team up for success.

Additionally, I wholeheartedly believe that processes and procedures need to be a requirement, not a suggestion, in the world of collections. The reason is that when every team member is following a set process, there's more consistency across the board. And when there's more consistency, you'll build more trust internally and with consumers and clients.

Ingredient #2: Flexibility

2021 brought many changes to our industry, and the way I see it, these changes will continue to come up as the years go on. While this can be frustrating, I think it's best to focus on what we can control, which is how we prepare our staff for changes within the industry. That's why the second ingredient in this recipe is flexibility because, in an ever-changing industry, the leaders need to be able to roll with the punches.

Paying attention to what's going on in the industry and being willing to make pivots is a superpower many agency owners and leaders can develop. The best way to do this is to see changes as opportunities instead of roadblocks.

For example, Reg F's changes gave me the opportunity to retrain and refocus my team. Even if the initial changes were overwhelming, the implementation process actually proved to be beneficial because my team got a total refresh.

In other words, flexibility can really make or break your collections in 2022 as long as you have an open mind.

Ingredient #3: Humanity-Plus Business

I'm a major advocate for humanity-plus business, which is a business that recognizes and embraces the nuances of humanity and operates with empathy to stay connected with clients and consumers.

You can learn more about becoming a humanity-plus business in this FREE download. For now, I want to focus on three main areas to bring humanity back into the process of collections:

  • Authenticity: If your business has a brand promise, the best thing you can do for your agency is to walk the talk. In other words, treat consumers the way you've promised to treat them. This develops a deep sense of trust and connection.

  • Communication: In 2022, we're two years removed from the beginning of the COVID-19 pandemic, which made empathetic communication especially relevant. This relevancy is not going away any time soon, so make sure to invest in your team's communication strategies to stay successful now and for years to come. (The Collection Advantage online training program is a great resource for collection agencies to use to meet this need. Book a call with me today so we can get your team set up and ready to go!)

  • Energy and focus: Make sure to focus mainly on your agency's core mission and values. That way, you're not veering from the priorities you originally set, and you're creating a much deeper company culture. I always say, "Raving fans on the inside create raving fans on the outside." So, if your team is passionate and focused on the mission and values, the enthusiasm will bleed into your relationships with consumers and clients.

Are you ready to whip up this quick recipe at your agency? Feel free to bookmark this page to come back to it later. And, make sure to stay tuned for next week's blog for more great tips! Subscribe to my newsletter so you'll be the first to read it.


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