If your in the debt collection business Tax Season is just that, a season. Just like Christmas or Easter it has its own feel and smell and expectations. Most collection agencies collect 35-40% of their annual profits in the Tax Season. The rest of the year is just a trial run for tax Season.
So the real question in any seasonal business opportunity is to make the most of the season as possible.
Tax season is actually like crab fisheries that only allow fishermen to catch crab for a short season. The boats make sure they have the equipment in its best working condition, the best crew onboard and lots of supplies. Well debt collection is the same we need the best equipment, the best staff working at the highest level and lots of accounts to work. So how do we like the fisherman make sure we fill the boat before the season ends?
Well first you need a clear and executable plan that will maximize your opportunity. You want to make sure you have lots of accounts set up to call, full capacity of trained collectors and management on point. Make sure you are using all the tools available dialer, skip vendors, voice mail drops, IVR, payment site and payment processing is all prepared. So the one thing that drives your revenue now is the volume of accounts you can get through in the Season.
How do you get thru more accounts daily? Transfer Agents!
How much more revenue could you produce if all those highly paid staff spent all day just talking with consumers? Well with transfer agents you can do that and double or triple the volume of accounts you work during the season.
How much does it change your revenue if your staff go from 10 contacts a day to 50?
Transfer agents call the consumers and transfer the consumer when they identify the right party is on the line. These staff work at 50% of the cost of your well trained staff.
So how’s your tax strategy looking now? Give me a call if you want to set up this strategy before the season has come and gone without you.
Phillip W. Duff 904-687-1687 or phil@LighthouseConsultingInc.com