This is very common, as a manufacturer may also act as a distributor in certain product lines and could also provide business services for the products they manufacture and distribute. Note that your business can be defined by more than one industry. For example, construction companies may need to manage mechanics liens for non-payment, and transportation companies need specific information regarding deliveries and freight bills to effectively manage the credit and collections process. How do you define your business? Are you in the construction industry? A distributor or manufacturer? Do you provide consulting or business services? Or are you involved in another industry? This is critical for you to understand as there are many industry-specific issues surrounding accounts receivable depending on your particular industry. Some questions to ask yourself include:ĭo you serve business customers, consumers or both? What percentage of customers fall into each of these categories? What percentage of credit and collections problems fall into each of This seems like a straight-forward question, but many businesses start out serving a particular segment of the market, and their business changes, so they don’t have a clear understanding of who they have become over time. The first thing you need to define in your research is who you are. We recommend that you spend at least a day doing some basic research, but it’s better to spend much more time if you want to be even more successful. STEP ONE: RESEARCHīefore you begin, you should first conduct a little research to understand where you’re at today. It is highly recommended that you complete at least the first five steps before you begin using any of the AR email templates, collection letters, or sample phone call scripts, as these steps will have a dramatic impact on your success or failure. The first section of this document outlines six steps to developing an effective credit and collections plan that will drive-down your accounts receivable and bad debt write-offs. Sample templates, documents, and scripts are provided at the end of this document for examples to get you started. This document provides everything that you need to consider before you start building out accounts receivable email templates, collection letter templates, and collection call scripts. This article outlines some of the basics that you’ll need to craft an accounts receivable credit and collections strategy to meet your specific business needs. Managing your accounts receivable is overwhelming for many businesses, but it can be very easy if you have the right tools to help you and your staff. Developing Killer AR Email Templates, Collection Letters, and Scripts: Introduction
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