The time you spend coaching and mentoring your AR team is time well spent. The positive results you reap from fostering and nurturing your team’s growth will pay for your time over and over again.
Let’s face it. Being a collector can be a tough and sometimes demoralizing job. The more you train your team members and are available as a source of coaching and mentoring, the better your collectors will be at achieving their objectives and your department’s KPI goals.
Here are some of the benefits of coaching and mentoring your AR team.
Knowing how to ask for commitment to pay or work out a payment plan can make the difference collecting a past due balance. Providing direction and examples on how to improve key skills will increase your collectors’ effectiveness.
Techniques and Strategies
Different collection scenarios may require different approaches to solve. Even the best collectors can run into situations they don’t know how to handle. Coaching with advice and suggestions will help your collectors to understand how to approach a collection problem which is new to them.
Sometimes being a coach just means being a sounding board for your collectors to bounce ideas off of. Knowing they have a resource to listen to collection scenarios will give your collectors confidence to make good decisions.
Objective Point of View
When you’re deep in the details of a collection problem, it can be difficult to keep your perspective. As a coach you can provide an objective point of view to help a collector see the best solution to a problem.
Stay on Task
It can be hard for collectors to be focused and stay on task when they are caught up in the details of their jobs. A coach can help team members to learn how to keep an eye on their goal so they don’t get off track.
The pressure and frustration of collecting past due accounts can build up and become the source of unfavorable results. A coach can provide the outlet to alleviate this pressure so collection objectives can be met.
To be an effective coach and mentor to your AR team it is important to have an objective understanding of how each individual collector is performing. With automated accounts receivable and collections it is possible to have a Coaching Analytics application which can facilitate data-driven coaching conversations.
The importance of having accounts receivable Coaching Analytics for team growth includes:
- Your understanding of an individual collector’s performance is based on data-driven conclusions rather than subjective observations and impressions. Objective analytics will help you to more effectively coach and mentor your collectors.
- People are more receptive to suggestions and observations which are based on objective analytic results as opposed to subjective impressions. Coach Analytics will help your team members better understand and adopt your advice and suggestions.
The key to successfully automating your accounts receivable and collections and using Coaching Analytics is to work with an experienced software partner.
Lockstep Collect is a market leader in cloud-based credit and collection platforms. Lockstep Collect can help you automate your accounts receivable and use Coaching Analytics to better manage your AR team.
If you would like to learn more about how you can benefit from automation of accounts receivable and collections, please contact Lockstep Collect at www.anytimecollect.com.