The perfect time of year for credit and collections planning
What’s your Credit & Collections Plan for the year ahead?
It helps if your actions have a purpose. Few people can afford to wake up, turn up for work and hope for the best. This time of year is perfect for credit & collections planning, giving you direction to help you lead and motivate your team – from developing effective guidance to the issuing of accurate instructions – planning your credit management programme for the year ahead can be a really useful tool to help you deliver what your business needs.
In my experience, success is more likely if you have a specific goal in clear sight – on a daily, weekly, monthly and annual basis.
Personally, I believe it’s also important to have your own credit management plan to show that you are working in line with the overall strategy to take you and your business forward. It doesn’t matter how good (or bad) you think your plan is at first – make planning a priority and be flexible enough to change it if needed.
“If you don’t design your own plan, the chances are you’ll fall into someone else’s plan. And guess what they have planned for you? – Not Much.” Jim Rohn
Key questions to ask yourself to help your credit & collections planning:
- Is your team ENERGISED to reach the targets set and if not, what can you do to support them?
- Is your plan aligned to company and departmental objectives?
- Have goals been set out, communicated and agreed?
- Are resources and skillsets aligned to the targets?
- What areas need to be improved and do processes need to change?
- Are new tecnological solutions needed, what are similar companies doing and how are they doing it (never be afraid to reach out to ask for help or advice)?
- What is the plan for staff training and personal development?
- Which areas are directly aligned to achieving the targets set and is there is solution to get rid of areas that are not (value add v non value add tasks)?
- Are the correct measurements in place to track the actual position v golas for the year ahead?
Remember using road maps rather than Sat Nav when you were driving somewhere new? While it can be helfpul to have a map as backup, Sat Nav can ensure you find the quickest and easiest route. Thornton Hope can act as your Sat Nav getting you to where you need to be by the quickest and easiest route. Get started today by putting pen to paper on some of the above.
Thornton Hope can also help you if you need planning support, a review of your existing credit and collections operation, to provide innovative ideas to take your planning to the next level or to help you operationally to achieve your goals. In fact if your 2014/15 plan is drawing to a close in March and you are short of reaching your targets our new “Adrenaline Rush” consultancy service could be what you need. It was designed to inject energy and focus into your in-house team in a very short time to help you reach your goals.
“Planning is bringing the future into the present so that you can do something about it now.” (Alan Lakein)
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