Successful businesses are the result of a number of factors, but they can be summarized by two key elements:
- Great effort
- Successful formula
When partnering with a law firm, there is a need to feel and believe that great effort is expended on your important matters. But there is also a need to believe that a successful formula is in place so that this effort is spent wisely.
These efforts and formulas come together to form what is commonly known throughout most industries or professions as a business’s best practices.
In a series of blog posts over the next several weeks, we will share some thoughts on the current “best practices” in the debt collection industry. These policies and procedures are considered to be both the best methods for maximizing collection while continuously maintaining the integrity of your business name. These practices include:
- Disaster Recovery Plan
- Vendor Management Plan
- Skip Trace Waterfall Procedure
- Employment Waterfall Procedure
- Internal Auditing Procedure
- Call Monitoring Procedure
- Continuing Training Policy
- Information Security Policy
In the weeks to come, we will take “great effort” to ensure that you understand the “successful formula” for impactful, professional debt collection. Stay tuned!