Anyone who has ever been tasked with managing the outstanding collection accounts for a small business has probably noted the fact that their time could be put to better use doing just about anything other than chasing down clients who aren’t making their payments.
In fact, the time saved in not handling collections in-house can be put to use in an astounding number of ways that include everything from management and marketing to simply giving employees more time to spend with their families.
If your company is considering hiring a collection agency to manage those accounts on their behalf, check out these six ways that you could be making your business better with the amount of time you are likely to save.
Online Marketing
Whether you are interested in blogging, email marketing, or telling your company’s story on social media, freeing up some time to devote to online marketing is the only thing standing between your company and the impressive growth numbers you are seeking.
Management
While online marketing is great for getting new customers in the door, making sure that you are properly taking care of the customers you get is also critical to the success of your business.
Taking some extra time to make sure that your company is following all of its operational standards is a fantastic way to spend some of that time you used to spend chasing collections.
Cultivating Client Relationships
Speaking of taking care of your customers, you might also want to spend some additional time paying special attention to your very best customers.
The first instinct here might be to wine and dine your biggest spenders, but spending some time chatting with a random customer to learn more about their needs could be just as valuable in the long run.
Tightening Accounting
One of the most common arguments against hiring a commercial debt collection agency is that the company doesn’t want to take on the added cost. However, in many cases, you can offset that cost and then some by simply doubling down on your accounting efforts.
By spending your newly found free time diving into your company’s financial reports, you are almost certainly going to discover ways to cut costs in other areas of the business.
Develop Employees
Another way to spend the time you are likely to free up by hiring a collection agency is to focus on leading your team and inspiring them to do better work.
The best way to get started here would be to spend some of your free time reading some of the current management and leadership books and putting those tactics to use.
Enjoy Some Downtime
While spending every minute you save thanks to your new collection agency partner working on your business will produce solid results, it is also important to make sure that you are taking time for self-care as well.
Spending some of your time enjoying your personal hobbies or hitting the gym could make you a more productive person in the hours you spend at work, and it will also help you avoid that dreaded burnout.
No matter how you spend your newly found free time, you are almost certainly going to make up for the cost of hiring a debt collection agency in the first place. With that in mind, why haven’t you already done this?
