Strategic partnerships with the right partners insure success. Financial strategic partnerships increase your access and acquisition to capital. Similarly, the goal of a strategic partnership with a collection attorney is to maximize money in YOUR pocket through successful, cost effective, legal and non-legal debt collection services.
Success is gained through strategic partnerships. Fortune 500 companies, with staffed legal department, sales and marketing teams and huge work force, develop strategic alliances to maximize chances of success.
Examine these five (5) criteria to determine whether your relationship with your New York collection attorney or collection agency is a true strategic partnership.
- Consulting: Your experienced New York Collection Attorney, if asked, should offer input as to how you can decrease the occurrence of bad debt by examining your business process.
- Flexible Fee Structure: Are you shopping for a New Collection attorney based upon fees? Why? 15% of 0 is 0. 25% of 100K is 75K in your pocket. How does a low fee help you collect? Is a contingency fee the right model for you? Your New York Collection Attorney should offer a flexible fee arrangement to insure financial success for you.
- Technology: Referring accounts to collection should be as easy as exporting an excel spreadsheet with account information and supplementing supporting documentation for the accounts referred. Is your business wasting time filling out needless forms online?
- Return on Investment (ROI): Are you considering the hard and soft costs of collecting your bad debt? What are your costs for time spent by your staff before, during and after placing a claim for collection? What is your ROI on the accounts referred out for collection?
- Resource: Is your New York Collection Attorney a resource that you can tap? Advice for financing upcoming deals, suggestions how you can resolve accounts you prefer not to turn over to collection, understanding challenges that may arise getting paid in any territory, and more, your New York Collection Attorney should be a resource for you.
Looking for a strategic relationship with a New York Debt Collection Attorney? Contact FFGN to find out how they can help you succeed. For a free consultation call or email Jocelyn Nager 212-6686-0100 ext. 12.