Issue link: https://read.dmtmag.com/i/59042
28 • APRIL 2012 • WORLD FENCE NEWS Without a doubt, collections is one of the most important cornerstones in the standard operating procedures for fence contractors. If you don't get paid, you go out of business; it's just that simple. As I discussed in the past issue of World Fence News, a well placed, timely customer satisfaction call can head off the majority of your collec- tions problems, and maintaining that protocol for all future collections will alleviate probably more than 90% of all collections issues. Last month I talked about the cus- Establishing efficient business processes, procedures and systems Collecting your money – problem accounts BY TOM LUBY, PROFIT BUILDERS INTERNATIONAL tomer satisfaction call for both resi- dential and commercial accounts; now I want to delve a bit further into how to handle problem accounts. Prompt collection of money due is the operative phrase. If you wait and/or put off collections procedures for any reason, you run a very high risk of not getting paid at all for your hard work and materials. Statistics show that the older an account be- comes, the greater the risk of not col- lecting. For example, statistically, for accounts that are 30 days past due, only 99 cents out of every dollar will be collected. Beyond 30 days past due the chances of collecting become pro- gressively poorer. At six months this reaches 50% and continues to drop with time. Poor follow-through on col- lections can wipe out good sales ef- forts and excellent performances by your personnel. They also add to all costs incurred and must be accounted for in the cost of other sales. Generally, there are a limited num- ber of excuses you will hear regarding an invoice that has not been paid. The designated person(s) responsible for collection must be aware of these fre- quently used reasons, valid or invalid, and be prepared to answer the excuse and make the collection. The follow- ing account for approximately 90 per- cent of the excuses used: • Job not satisfactory or incom- plete. • Bill not received. • Bill not correct – overcharged. • Lack of money. We haven't been paid yet. Don't have the money. • We have paid the statement, or Fortress Fence Products and Circle A Fences angle for the big ones at annual fishing tournament RICHARDSON, Tex. – Fortress Fence Products and Circle A Fences recently held their annual fishing tour- nament for Circle A Fences's key cus- tomers in Tybee Island, Georgia. Circle A Fences has had a long- standing relationship as distributor for Fortress Fence Products and has been vital to Fortress Fence Products' suc- cess in the Greater Atlanta area, ac- cording to Jeff Schulz, sales manager of Fortress Fence Products. Circle A Fences is a highly rep- utable supplier of a wide selection of fencing materials and supplies for res- idential and commercial clients since 1970. It is a family-owned and -oper- ated business with decades of experi- ence in delivering the highest level of service to its clients, Schulz said. "I cannot say enough about Circle A Fences and the partnership we've built," he added. "They have been sup- porters of Fortress Fence Products and it is satisfying to be able to collaborate and give back to those who believe in our products." Fortress Fence Products is com- mitted to its diverse product offering, superior coating and quality manufac- turing that have led the fence industry towards improve- ment and advancement, Schultz stated. "Fortress Fence Prod- ucts's quality in coating and design has been an important element to our customers," said Bruce Fischer, general manager of Circle A Fences. "And because of that, we are able to promote and sell a product that we and our customers are confident in." Fortress Fence Products, a divi- sion of The Fortress Company, is solely focused on developing, manu- facturing and marketing innovative products specifically for the fence in- dustry. Its diverse product offering, supe- rior coating and quality manufacturing have led the fence industry towards improvement and advancement. Fortress Fence Products offers a com- plete line of fence solutions for any residential, commercial or industrial project needs. For more information on the com- pany and its product lines, call 866- 323-4766 or visit the web site at www.fortressfence.com. For convenient access to World Fence News OnLine, visit www.worldfencenews.com Abo orate the ann For ve , w , Belotress Fence Pr a happ custom shir Fences. (For ual fishing tournament. oup of angler ts helped commem- y gr tress Fence Pr oducts and Cir oducts photos) s frle A om c