The Ghosts of Debtors Past
We are knee-deep in the holidays and planning for 2024. So that means in between your dozens of Excel spreadsheets you relax in front of a holiday movie, with your drink of choice. Maybe a hot chocolate with marshmallows, or a cold beer. Whether the holiday movie is a classic or cheesy Hallmark, there is always a storyline of a ghost from your past coming to haunt you.
For the B2B Collections Industry, this comes in the form of the ghost of debtors past. Debt that is coming back to haunt you as you attempt to close your books for the year. Unfortunately, you cannot resolve your ghost of debtors past like Ebenezer Scrooge with lavish gifts, a song, or gold coins. Continue reading to find out how to start the New Year fresh and avoid key mistakes like holding onto pain point Accounts Receivable.
Starting 2024 Fresh: Closing Your Books the Right Way
The New Year means new beginnings and starting fresh. Last year we fought off fears of a recession and the latest report from Goldman Sachs is estimating the GDP to grow 1.8% on a quarterly basis. With fears of a recession sunsetting and inflation steady, it is time to make key decisions like what is the benefit of holding onto past due Accounts Receivable?
Most companies think to reconcile their accounts they need to hold onto Past Due Accounts. To truly close out your books you need to close all outstanding invoices. That does not mean you eat the debt of past due accounts, it means it's a fresh opportunity in 2024 to collect and get them back buying from you.
Key Mistakes to Avoid When Planning for 2024
According to Forbes, one of the top trends of 2024 will be customer experience. This means looking at every touch point with customers and understanding what can be done to reduce friction. One of the touch points that can create a huge amount of friction if done incorrectly is the collection process on past due clients.
To avoid this you need to ensure that you are working with a collections partner that takes the time to learn your internal processes, agreements, services, and client’s. No matter if the touch point is email, phone, or text, this results in a higher amount collected and more client’s back buying from you sooner.
New Partnerships That Foster Joy and Growth in 2024
At the end of a Christmas Carol, Ebenezer Scrooge wakes from a deep slumber to a bright and shiny morning. Recognizing that a new day brings new opportunities for his life, business, and partnerships. A Collection Vendor that provides your business with white glove cash collections can cure a bottleneck that is preventing past due customers from buying from you again.
So, do not let the ghost’s of 2023 haunt you into 2024, as Scrooge found out it is not worth it.