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Dean Kaplan
President, The Kaplan GroupThe election season is almost over. For many, that will come with a sigh of relief. As I’ve been following both the national and local campaigns, it strikes me that elections and collections share several best practices
1. Don’t run if you can’t win.
Lyndon LaRouche ran for president in every election between 1976 and 2004. He never won. With each failing campaign, he became more and more of a joke. As a collection agent, I do not accept cases that I know I could not win in court. If our client doesn’t have the proper documentation, then there is no point in even attempting to collect. Performing due diligence on your potential clients, having a signed contract, and keeping good track of your invoices will make it possible for a collection agent to collect on your account.
2. Listen more than you talk
Bill Clinton was famous for making people feel heard and understood. This technique is equally effective in negotiations. Careful questioning and listening can reveal important information about the money owed. Collection agents and other negotiators need to be comfortable pausing and allowing the other party to fill in the silence. Rushing to say something will often prevent you from hearing the truth.
3. Know-how many votes you need.
Donald Trump did not win the popular vote, but he did win the election. That’s because his campaign understood The Electoral College and what was needed to push him to the White House. In collections, you need to know what the bottom line of your client is. Will they accept less than full payment? Would they prefer a smaller lump-sum payment or a larger amount spread out over time? Knowing what you want and can accept before you begin negotiations gives you a stronger starting point. As a client, you can work with your collection agent to learn what a reasonable expectation is under real circumstances.
4. Be willing to ask for what you need.
Facebook ads, text messages, television ads … our lives are full of campaign ads. No politician can run without being willing to ask people for money. But some business owners are reluctant to do the same. If you don’t follow up on invoices promptly, you are unlikely to be paid. Business owners are often afraid of being seen as “rude” or “pushy” if they ask about an outstanding invoice. There is nothing rude about sending a polite email or phone call when an invoice is even one or two days overdue.
5. Run with honor.
Politicians and collection agents both have a bad reputation in popular culture. Unfortunately, many lie and intimidate to get their way. Working with integrity will not only make you feel better; it will get you better results. My clients, and the people who owe them money, both know that I will honor my word. By treating those who owe money with respect, you can help resolve a situation.
Eventually, this election season will be over. The same is true for your collections process. Making sure you use best practices will keep your business healthy in the long run.
Dean Kaplan is president of The Kaplan Group, a commercial collection agency specializing in large claims and international transactions. He is an expert in the technology industry and has 35 years of manufacturing, international business leadership, and customer service experience. Today, he provides business planning, training, and consultation to a variety of global companies.
