As a consultant to the collection industry I have the opportunity to see within many companies that are performing debt collection. Many of these companies are missing three essential pieces of the puzzle to be successful some are only missing one or two but most are lacking in all three areas.
In order to be successful in today’s very volatile and changing industry you must be 100% on your game every day in every area of your business.
The most common area that I see companies lacking in is PEOPLE. Most companies have not invested well in the staff, they have hired well but not continued to develop their staff to higher levels of competency. It is very common for my clients to ask me to find them a better manager, supervisor or other key staff member. When I am consulting I’m always trying to teach my clients how to develop that staff from the staff that is already underneath them.
Unfortunately in this usually involves building a complete training program from the ground up as that what has been missing in the business model and that is why they are looking outside their own business for staff.
It is much cheaper and much more efficient to train and develop the staff you already have than to constantly churn through new staff and provide them the same minimal training as the staff you just fired. The problem is not the staff member it is management and managements inability to properly develop the staff.
The second biggest issue I see as a consultant is a lack of a clear and defined strategy for the company. Often there is no strategy and if there is one often it has not been shared with the staff. A strategy or business plan that is not shared with the staff will never have buy-in from the staff and therefore will never be successful.
The strategy that you pick for your company will be one that evolves but it must exist and be shared with the complete staff in a way that they can not only understand buy into it. The staff’s buy-in is very important in the overall success of any business strategy but it must be shared in a way that the staff can understand and see the value of.
As you plan a strategy for your company you want to involve the staff to get that by-in that is required for success. This will not only be very important to the success of the strategy but it will help you create a strategy that fits your staff, technology and office culture.
The last and most important area missing in most companies is execution. The execution of that strategy while using that highly developed staff it is what makes you successful. Companies who have great people and a great strategy but cannot execute will fail. Companies who can execute but may have lacking staff and have questionable strategies can still succeed, if they can execute properly.
Just like the athlete who has been very well-trained it is only if he can execute that the people, training and strategy will provide success.
As you begin to create a strategy to succeed make sure that you include your people so that you find a way to increase the knowledge level of those people. Then the execution will provide the success the company requires. By giving the staff and the knowledge and ability to succeed and allowing them to execute on your strategies you will also succeed
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