What makes you feel the most scared in todays ARM industry?


What makes you feel the most scared in todays ARM industry?

a) Your Collectors
If your concerned that your staff will make mistakes that will require you to be scared then you need to better train or monitor them. The best answer is training and development programs that build a talented and loyal staff. It is also very important to help the staff to understand the industry not just their jobs, Have them spend a few minutes  a day on Inside ARM or similar sites to better understand the industry as a whole. If your staff is completely out of contrail you may need techno;ogg that can detect voice inflections and key words to help you manage the staff.
If your concerns are CFPB thats a real concern and there are many things you should be doing to combat this concern. I suggest you have an outside compliance attorney or consultant evaluate your business for possible breaches and act on those recommendations at a minimum. If are very concerned then its time to head the certification route. There are several vendors that can help you with this large project, call me for recommendations.
c) Consumer lawyers
Chances are if your answering A your also conceded about C. if you are doing all you can do as a agency or firm you should begin to see a decree in consumer lawyer complaints and if the CFPB is effective they should also create a reduction in this category
d) Loss of profits

No matter which answer you provided loss of profits are part of the new ARM industry. The trick now is to be as efficient as possible to use technology to help collect money. By using payment sites that can negate with the debtors and automating as many processes as possible you can gain some of those profits back.

e) Competition
If your not doing all the suggestions in this short article you better be worried about the competition.

f) Technology
This is the biggest opportunity to be profitable and complaint in todays market and industry. Automate processes, embrace technology to replace as many staff activities as possible. Spend lots of effort looking for better solutions. Do not say no to technology because it has a cost attached.
g) other
Please let me know what bothers you at phil@oakleyduff.com

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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