Insider recently talked with Tracey Hess, the Sales Administrator at New South Outdoor, which has few account delinquencies, even post covid. Hess thinks delinquencies are low for three reasons.
We don’t put collections on the sales people. I thing that makes for awkward relationships for them. If they end up having to reach out for payment they remain the good guy and I am the bad buy who will shut down the board for non-payment.
Invoices are sent nearly every day and I cater invoices to each customers needs. I do whatever I need to to get payment – email, mail, call, text. I am sure most companies pick one method and stick with it despite it not working with everyone.
Having a bonus tied to a goal matters. While I am always working collections, I am motivated to make my bonus each month.
Insider’s take: Separate sales from collections. Communicate flexibly. Bonus based on collection targets. Makes sense to maximize collections.
What do you think is the secret to maximizing collections. Let Insider know using the form below.
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