At Alland Enterprises we believe debt recovery presents an opportunity to build client relationships and improve the likelihood of repeat and referral business.
Our debt recovery process is relatively simple however for many businesses theory is fine, execution can be a challenge.
We follow a simple process that incorporates the following steps:
1. Establish the invoice will be paid: Does the client agree the product/service has been delivered and charged at the amount agreed? Has all necessary information been provided? This step may involve communication with the decision maker as opposed to account payable. This is also a great opportunity to determine the level of client satisfaction and potential for future business.
2. Confirming when and how payment will be made: This includes how the funds will be paid with a realistic approach to understanding the client's payment process. If a client only pays invoices at month end an undertaking to pay mid-month may be a "get off the phone" tactic.
3. Follow-up: Perhaps the most important element of the debt recovery process yet often left to chance. Once intention to pay has been established and date of payment confirmed, if payment is not made, follow-up must be immediate. Customers often have competing demands for their limited funds and convincing them to elevate your outstanding invoice to the top of that list is part of the Alland Enterprises sales process.
The Alland Enterprises difference: Identifying the appropriate stakeholder within the business, removing any ambiguity around payment expectations and following up in a methodical manner. Not only will Alland Enterprises reduce your incident of bad and doubtful debts we will also contribute to client satisfaction and the likelihood of future work.
Why not contact Alland Enterprises today to discuss how we can assist with this important aspect of your business?