You get a check-up, your car gets a check-up,
what about your most important asset?
Many businesses reach a point when revenues plateau, and management is challenged to continue the growth of the company. For peak performance, businesses need check-ups, too.
A small contingency collection agency was suffering from flat year-over-year revenue and bottom line growth. This agency serviced only local and regional clients, but had an opportunity to obtain a national credit grantor as a client. Before going after the client, management wanted to be sure their operations could support it.
The owner hired us for an operational assessment. Our team of advisors has deep experience both as credit grantors and agency operators. Our experts visited the agency, talked to collectors and management, assessed its overall infrastructure to support larger clients, evaluated its collector training program, audited client account records, and evaluated their use of technology.
We found the agency to be very well-managed at its current level; however, there were several areas where improvement was needed to support a national credit grantor account.
We recommended upgrading their systems to allow for electronic payments. We also suggested improvements to work-flow processes, current documentation, and reporting procedures so they would hold up to the typical standards of larger clients. Our biggest concern – and a red flag to the potential client – was the high rate of new collector turnover. We proposed major improvements in their training program to address this problem.
As an objective third-party, we were able to make frank recommendations to the owner so he could direct management to improve the operation. By taking office politics out of the equation, the owner was able to assess the right course of action, which ultimately resulted in getting the new national client.
What can we do for you?
Contact Mike Ginsberg, at 240-499-3800 or by email to discuss your interests in confidence.
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