Tag: Agency
How to Choose the Right Commercial Collection Agency
It’s a scenario no business likes to be in, but one that may end up experiencing: having to collect money from late-paying customers. The bottom line is that your business isn’t a charity, and you need every dollar account for in the revenue flow if you want to succeed and expand. But how do you go about collecting money owed to you in a way that doesn’t alienate or spook a potentially longstanding client? It is a tricky question, and one best solved by a commercial collection agency. But before you go outsourcing collections to the first agency you find – who may very well use intimidating tactics that could spoil your customer relationship – consider the kind of agency you want. This article will help you in your decision, listing a few key indicators of a successful, non-disruptive and worthwhile commercial collection agency. Look at Their Recovery Rate Before this article gets into matters of how a collection agency collects (which is an important consideration for your business), it is perhaps best to judge them on purely statistical merit. The best way to go about doing this is to look at their “recovery rate” – the amount of debt in a given time, divided by the amount of debt returned – and compare it to the industry average. For instance, an industry leader like Summitcollects.com has a recovery rate double the industry average, a clear indicator of performance and success. Diplomacy is Key Debt collection has a negative reputation, thanks in large part to some agencies who collect unethically, and who use strong-arm tactics to meet their bottom lines. This is not the kind of commercial collection agency you want to fraternize with – their blunt and abrasive approach is likely to tarnish your organization’s hard earned reputation. Instead, choose a commercial collection dedicated to diplomacy, one who understands the first-party collection just as well as third-party, and understands the value of maintaining your reputation. How Do They Make Their Money? Most commercial collection agencies worth their salt will post this loud and clear on their website; if they don’t, be wary. Do they require upfront costs and ongoing work? If so, give them a pass. If, on the other hand, they run a contingency model – where they get paid from what you get paid, if you get paid –that’s the sign of an honest, confident agency. Issues of Transparency You as a business have a right to know how your case is doing. To that end, try and find a company that strives to keep you updated, preferably via real-time software, on the status of your case. The best agencies have nothing to hide and will be more than happy to oblige in this request. Needing a commercial collection agency is not typically a situation businesses plan to be in, but it is sometimes necessary. To avoid overpaying for an ineffective, avoidant, reputation-tarnishing commercial collection agency, follow the tips above, and regain the money owed to you. Read Also: Why You Should Use A Recruitment Agency To Find Your Next Medical Job Top 7 Reasons To Hire A Private Detective Agency During Divorce Cases How To Start Social Media Agency In India
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4 Things You Can Expect From a Recruitment Agency
There are many misconceptions about the value that a recruitment agency can bring to both candidates and firms. For all parties involved, a qualified recruitment agency can make the job-seeking and job-recruiting process a lot smoother. If you are a job-seeker who is looking for your next career move, here are four things you can expect from a recruitment agency. 1. They can't tell you how your career should progress, but they will give you options : No one, not even a recruitment agency, can determine how your career should progress or what you in your soul want to do with your life. Only you can answer those questions. However, a top-tier recruitment agency will know what positions are available in your particular niche; they will have backgrounds on how other people's resumes have brought them to specific jobs, and what skills tend to be alluring for firms. The more honest you are with the recruiter, the more they will be able to help. That being said, always be professional and dress as though you are going to an interview with a firm. So, while you can't presume they are going to answer your life guidance questions, they may be able to help give you some options or paths that you hadn't considered before. 2. They have access to the mysterious job market : For job-seekers, working with a recruitment agency is another means through which they can find an exceptional job. Perhaps there is a firm you would love to work for, but you have no idea how to get your foot in the door; this is where a recruitment agency can assist you. They may have contacts in the company that they can utilize for you. Additionally, they can tell you about other similar firms that you may be interested in learning about and interviewing with. The job market becomes a lot less mysterious when you have a recruitment agency on your side. 3. They know how to operate in a hyper-connected world : No matter where you are in your career, whether you are looking for your first big break or are just curious about other options that are available for you, the hyper-connected world we live in can be both a blessing and a curse. For firms, the rules surrounding successful recruiting in the modern day are a lot different from how they used to be. Unlike before, each business needs to prioritize social media, create a coaching culture, and explicitly provide reasons why potential candidates should work there instead of at another company. For job-seekers, the number of opportunities can be overwhelming. No longer are you restricted to working for a company based in your hometown; now you can search for opportunities in all corners of the globe. This is an exhilarating prospect, but also a scary one because it means that you are no longer competing with those in your hometown, but with candidates from all over the world, too. By working with a recruitment agency, you can be assured that they are up-to-date with the ever-changing mechanics of recruiting in this day in age. It is their job to keep current with the prevailing trends and strategies that are being adopted. 4. They want to maintain long relationships with candidates : A first-rate recruitment agency knows the value of maintaining a long relationship with candidates. The more they get to know you and understand your skills and job history, the better positioned they are to get you the right job in the future. Whether it is next month, next year, or in five years, by maintaining a long relationship with you, they will be able to put your name forward if and when a firm is searching for someone just like you. Have you ever worked with a recruitment agency before? How did you feel it impacted your job search? Let us know in the comments below! Read Also : Should You Hire A Digital Marketing Agency? Are You Planning To Relocate To Canada?
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