How to rebound from the current debt collection marketplace? Offense! by Phillip W. Duff

The consolidation and change that is beginning in the debt collection and debt purchases industry is like so many other changed industries. The call center industry went through this in the 90’s and not it’s our turn. The Call center industry had regulation that forced the small and profitable companies to consolidate into very large communication hubs that have 3% growth and 5% margins but do gross revenue in the Billions.

I have used the word rebound in the title as a clue to the answer. Here is a quote from Bill Russell the former player and coach of the Boston Celtics and the 20th centuries greatest winner.

“Rebounding is both the end of defense and the beginning of the offense. It is always an affirmative act and not a reaction. That you are able to rebound should always mean you are ready to take control of the situation”

You can use this advice in our current marketplace by not doing what most of the companies are going to do “Wait to see what happens.”

So lets dissect this statement “Rebounding is both the end of defense and the beginning of the offense” if we are to move past the restrictions in the industry and see the opportunities in the marketplace then we must move forward, fast and now.

I believe this is what we will look back at as the defining moment for many collection companies in 3 years. As the “offensive” begin to move forward the defensive will fall far behind. Now I do not mean that there is not protection in a offensive posture there is always protection for the man with the ball. Without the offensive player there will be no goal and in fact no one headed towards the goal.

“It is always an affirmative act and not a reaction” is a clear statement that this is a planned, rehearsed act executed with precision. We need to make a plan and do our research to make sure the plan is sound, hire consultants, talk to other businessmen in the area, talk it over with your mentor, staff and maybe clients. Then make a plan and execute it with precision. Strategic planning is required and the plan needs to have buy in form the staff and maybe investors as growth and market share is what we are planning for that’s the goal.

Russell also stated “You cannot rebound well if you have a victim mentality.”  So do not just sit there and wait for something to happen make it happen take the offensive. You have to be ready to get the rebound in the right place at the right time that takes preparation and practice.

“That you are able to rebound should always mean you are ready to take control of the situation” this clearly states that since you can rebound you have planned, rehearsed and executed before and you can do it again. Once the plan has been properly laid and all the bases covered it is easy to take the ball and score.

If you need a coach to get to your goals call me Phillip W. Duff at 904-687-1687.

Phillip W. Duff

Phillip W. Duff the Founder of Lighthouse Consulting was trained in Six Sigma while working for Bombardier Capital in 2001, and is highly successful helping organizations improve their processes using the Six Sigma methodology. Mr. Duff has consulted with numerous companies over the last 10 years and has shown the ability to enact cultural change in a company. He has also initiated programs proven to drive positive revenue growth both as an employee and a consultant. His focus is to help CEO’s with a focus on growth. His knowledge of technology and background in debt collections have combined to help companies automate processes and identify which processes provide profits. Mr. Duff has also developed a unique process of initiating cultural change as a part of developing a revenue-driven atmosphere in a variety of formats. This unique philosophy and technique are unseen to date. His substantial experience in the collection industry, Six Sigma core competency and extensive industry relationships can provide you and your team a matchless perspective into your accounts receivable business or any business strategy.

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