One of the most significant problems facing companies right now is staffing shortages. The ramifications of staffing shortages is seen in every industry across the economy. In our personal lives, we see the disruption every day in the retail sector when we encounter shortened hours, bare shelves, simplified menus, etc. In our professional lives, we see that companies are having a challenging time with their supply chains, causing further disturbances throughout the economy.
Even with increased wages and perks, employers are still struggling to find good employees! Finance and credit departments aren’t immune to these problems. In the last 60 days, we have met with hundreds of companies at various industry events across the country. Nearly all are telling us that short staffing is a top concern in their day to day credit and collections operations. Just some of the challenges short staffing presents are:
- Lack of staffing leads to uncovered accounts, cash not being matched and posted to specific items. We have found that clients lack flexibility to deploy staff from one department to assist another. This all adds up to poor customer service and a stressful customer experience.
- The problems tend to multiply. Quality of work suffers with backlogs. Employees lack a sense of control over their rapidly increasing workload. Important matters and delinquent accounts “sit”, causing the aging to erode.
- Inevitably, this causes unhappy employees. Some employees leave as other opportunities are more appealing than getting through what they perceive is a never ending workload.
Receivables Control has recognized these challenges and we have created programs that can assist your credit department and also alleviate the stress you are experiencing from staffing shortages. Benefits from working with Receivables Control to design a customized “Private Label 1st Party Program” are:
- Accounts are resolved without using 3rd party collections. You retain visibility and control of your accounts. The last thing you want is to be too aggressive with good customers. What you really need is a little help to reach out to customer and identify and solve issues that are preventing timely payment.
- Our 1st party approach focuses on customer service and account resolution. Our clients tell us that the most important part of our private label program is our ability to tell them about the legitimate problems that occur on their customers’ accounts. Examples of problems we solve without customer complaints are: double invoicing, misapplied cash, pricing issues, delivery issues, quality issues and more.
- Receivables Control works with you design a private label program to achieve 100% penetration of your accounts receivable. We take on the volume that you are unable to cover at this time.
- Receivables Control ensures the experience is transparent to your customers and that contact is made in your company’s name. Customers appreciate the fast response time and the attention they receive. This accelerates both payments and dispute resolution.
- The private label first party program leads to a cleaner portfolio and lower delinquency while your team is tackling bigger issues. Your resources with Receivables Control are an extension of your department.
- You improve employee morale and customer service. You also lower your DSO and achieve better results for your entire credit operation.
The key to making our private label programs successful is the experience we have gained in serving the marketplace for over 50 years. Clients that use private label services are most concerned about preserving and nurturing customer relationships. Traditional collections can place a wedge between you and your customer whereas a private label first party program provides a bridge to open communication, problem resolution and faster recoveries. We provide you the resources to ensure the invoice and payment phase of their relationship with you runs smoothly!
If your company is experiencing some of the challenges of the staffing shortage, call us today to find out how a private party program can help you achieve your goals. Contact Jim Fritz at firstname.lastname@example.org or call Jim at (763) 315-9631.