How to assess your debt collection performance?
If you are in the debt collection industry, you may already have quite an amount of knowledge about the various factors that affect the performance of a business. It is always a very important thing to analyze and assess your business performance along with your strategies. It may not be the easiest job to do, but it is highly recommended so that you can avoid any kind of hiccups in the long run.
Let’s have a look at how to identify the details that may give you an idea of a potential problem in your business:
The first and foremost thing you need to focus on is the cost per seat. If the cost to operate your business is high, the unit yields must also be maintained high, which is quite a difficult thing to achieve in the recent times.
The subsequent thing for to concentrate and analyze is your yields per unit. If the value of your unit yields is quite low, acknowledge that you are having a problem. The average standard of a decent yield is about $13, but you can still manage it profitable even with a unit yield of $8 if you retain tons of volume.
The final and highly important thing to consider is the procedures you are using. This aspect is highly subjective and can’t be calculated as the cost per seat and unit yield. As long as you are not using highly effective procedures for your debt collection strategies, you are about to fail without the success you are looking for. Try to focus on the process you are following if you are not able to figure this aspect out, try to seek out the advice from a good and reputed training program by a consulting agency.
We just sent you an email. Please click the link in the email to confirm your subscription!