Survive Today and Thrive Tomorrow: 8 Tactics from Successful Debt Collection Firms
From our role as strategic consultants to the accounts receivable management industry (ARM), we’ve seen that the successful debt collection companies in today’s market are the ones that are benefiting from decisions that were made in prior years. In the same way, a debt collection company strategy crafted now in the face of severe economic conditions will significantly impact future performance when the economy turns. So how do you survive today and plan for thriving tomorrow when the recession ends? |
Practical tactics from strategic consultants to the debt collection industry
Kaulkin Ginsberg’s management consulting services bring nearly two decades of industry experience to bear on the pressures currently facing debt collection companies. Based on our successes in working with clients, we have created this Executive Brief, Survive Today and Thrive Tomorrow: 8 Tactics from Successful Debt Collection Firms, to give you real-world tactics that successful agencies are using today to survive the current economy and position themselves for long-term growth.
This 7-page executive brief covers 8 tactics used by successful debt collection firms including:
- Updating the collection agency business plan
- Financial forecasting
- Tracking client profitability
- And more
Updating the collection agency business plan
Business planning within the debt collection industry is more art than science. Still, it's surprising how many companies either don’t have a business plan or have a dated plan that they don’t use. An important part of a debt collection company strategy is defining milestones for various aspects of a company’s performance that should be met during the year. Without a structured format in place, it is difficult to effectively monitor company progress.
Download our executive brief on 8 tactics used by successful debt collection firms and learn other benefits of maintaining a collection agency business plan.
Financial forecasting even in economic uncertainty
Forecasting models should be at the center of the collection agency business plan process. Business owners should be able to know with at least some degree of accuracy what their upcoming month, three-months, six-months, or year is going to look like financially in order to know, at least based on a certain set of assumptions, how operations will impact financial results.
Download our executive brief on 8 tactics used by successful debt collection firms and learn the types of data that debt collection agencies analyze to assess financial performance.
Tracking client profitability
Debt collection companies should track fixed and variable expenses associated with every client. Otherwise, it is difficult to assess which clients are adding to profitability, and which are subtracting from it.
Download our executive brief on 8 tactics used by successful debt collection firms and learn other tactics used by debt collection firms today.
Download 8 Tactics Used by Successful Debt Collection Firms here
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