Implementing change can make a difference in your bottom line. The change need not be drastic. Is it true? Yes, in my experience, as a debt collection attorney, small changes can have a large impact.
I recently interviewed the CFO of a $400 million dollar company. The company’s policy is such that it will not sell to a customer that has a past due balance. The system flags past due accounts. When the late paying customer attempts to place an order, the system will not allow the order to go through until the account is paid. Only once the account is paid will a sale (on different terms) be processed.
A current client of FFGN, with annual sales of $50 million used to pick up and run when they were called in to do a job, ready to start tomorrow. Since we started working with them, our client now has the tools to assess the likelihood of getting paid at the end of the day. The client has passed on some work that would have resulted in non-payment evident by the subsequent liens and judgments. Client is able to use their resources for “paying” work, ultimately increasing their bottom line.
Are you curious which changes could help you most to increase your bottom line? Let us hear from you and seek the advice of this New York debt collection attorney.