Tim's Tips!

We follow our motto of "short, simple and fun" in our monthly 'short' newsletter. You get more than just great collection techniques! These 'short' e-mails may include links to interviews and information about upcoming seminars and new products, including discounts only offered to Tim's Tippers!

Some tips over the last year included:

• A collection technique inspired by the movie, ""Last of the Mohicans".
   
• "I got you, babe." An approach would make Cher, proud!
   
• "Knights & Daze" How titles of your collection team members can make a big difference. Picked up from the movie, 'Kingdom of Heaven'.
   
• "All that glitters" - Peter K., a credit manager and friend learned a valuable lesson on a trip to New York City.
   
• "One toke over the line". Thoughts and suggestions on collection
  productivity.

Are these tips worthwhile?

Here is what Dennis Gaulin had to say from when he was National Credit Manager for Black & Decker:

"Tim, in your last months Tip, You discussed focusing on collections, in relationship to the Berlin Blitz? I read the tip to my collection staff  at the beginning of the Credit Departments monthly meeting and  encouraged them to follow your direction.

Well, the cash flowed so well, now I am happily being accused of being incompetent at cash flow forecasting! Thanks for the tip, "overcollections" at a quarter point in a publicly traded company is most welcome. I am taking the staff out to dinner....and sending you this note of thanks."

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"I will pay all of my bills"
"I Will pay all of my bills"
"I will pay all of my bills"

Just like an after school assignment! And it worked! - Tip for August, 2008

Jim Wilson is a collection professional, located in Yellowknife, NWT. Here is an e-mail he sent to me recently.

Hi Tim here is the letter that I sent Nordic Corp.

 

A little back ground might be useful. The Nordic Corp have been a client of mine for a few years, however they generally do not list very often and when they do the balances are quite small. Last August I collected a couple of smallish accounts which were both paid directly to the client. I invoiced them for the commission in September and then spent the next month jumping through hoops trying to get paid. They requested I e-mail, fax and even re-mail the invoices but every single time it got "lost" somewhere in their system.

 

Had the balance been larger I may have been forced to sue, however I remembered reading in your book "Paid in Full" that humour can sometimes work just as well, so decided to send them a somewhat cheeky little letter to see what kind of response I would get.

 

To be honest with you I wasn't expecting much but I mailed the letter on a Friday, the following Tuesday I got a call for one of the senior managers at the  corporation profusely apologizing, advising me how embarrassed they were and how they did not want to jeopardize their business relationship with me! Two days later a cheque was hand delivered.

 

Hope this helps if you need any further information please let me know.

 

Jim Wilson

Aurora Collection Services Ltd

 Note: The name of the company has been changed to protect the 'guilty'

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To view and download a copy of Jim's great letter, click here.

 

If you missed the tips over the last few years, you may want to check our e-book, "Tipping the Scales". Please click here for more information.