debt collection need passion & enjoy the process
Tips: to reduce debts
1.Know your customers
2.Plan your site visit
3.Focus on collectable & big customers
4.Lead by example
5.Be flexible , creative & think out of the box ( ways & means to speed up the collection process)
6.Recovery techniques ( outsourcing, insourcing, legal, asset conversion, take over, revaluation)
7.Put your house in order ( credit evaluation 7cs, management support & involvement, clear SOP & strong credit manpower team, strong tracking systems)
8.Consider collection risk model ( cost & benefit analysis)
9.Develop qualities of effective collectors