This Is What Will Make Your Debt Collection Agency Successful in 2022


This Is What Will Make Your Debt Collection Agency Successful in 2022

It’s hard to believe that 2021 is coming to a close. The year has been a historic one in the ARM industry with the changes brought on by Reg F and the continued challenges posed by the COVID-19 pandemic.


The good news is, with a new year comes new opportunities to refocus. And now is truly the time to start preparing for 2022 and any unique challenges it brings.


With that being said, I want to share with you what I believe will make your agency successful in 2022, which includes 3 components that you can easily invest in. These components are…


  • Ingenuity

  • Community

  • Communication


These components aren’t based on technology or compliance, both of which will be important in 2022. Instead, I’m sharing with you how you can build success in your consumer and client relationships.


Let’s jump right in with the first component: ingenuity.


Ingenuity - debt collection

Ingenuity


As I mentioned before, 2021 has brought many changes to the debt collection industry. We’ve all had to evolve our practices and training to embrace any challenges that have come our way.


I wholeheartedly believe that times will continue to change in 2022. The pandemic is still going to affect our practices, and we’re all still learning how to navigate Reg F. That’s why ingenuity is going to be a vastly important quality to focus on in 2022, especially if you’re an agency owner or executive.


Let me explain what I mean.


Ingenuity is the ability to problem-solve effectively. Because the industry and the world around us are changing rapidly, we have to be able to keep up. We have to be able to anticipate roadblocks, and when we can’t, we have to be able to think on our feet and come up with lasting solutions for any problems that arise.


The question is, how can you plan to increase your team’s ingenuity?


The way I see it, ingenuity can be taught. For example, in The Collection Advantage online training program, I’ve dedicated an entire milestone to the power of critical thinking. If you want to know more, book a call with me today.


Now that you know the first component to focus on in 2022, let’s move on to the second: community.


Community - debt collection

Community


Because the industry is rapidly changing, now more than ever is a great time to stick together. That’s why I wholeheartedly believe that community-building in our industry is going to be vastly important.


For example, attending industry events like Collector.Live! and networking with others will be essential. After all, it’s helpful to have industry professionals in your contact list to reach out to, ask questions, or get support from.


It’s also helpful to get to know your clients better. For instance, offering to do a webinar or training with your clients or even taking a few clients out to lunch to build those relationships will be helpful when any changes or issues arise. You’ll feel more comfortable discussing the updates you have, and your clients will trust you more.


Now, on to our last component: communication.


communication - debt collection

Communication


If you’ve been following me for a while, you know how much I advocate for empathetic communication with consumers and clients. In fact, if you want to learn my easy, 3-step communication strategy, you can get started right away with my course The Communication Code for Collectors.


That’s not what I’m talking about today though. Instead, I want to talk about the importance of open and empathetic communication internally.


As changes continue to rise in the industry and the world, your team members are likely feeling anxious or out of the loop. After all, change can be extremely difficult. The way to ease that anxiety is to keep communication with your team open.


Whether it’s through training initiatives, monthly individual check-ins, or weekly team meetings, keeping your team in the loop will be essential in 2022.


This goes beyond major industry changes; simply put, letting your team know what’s expected of them and empowering them to ask questions when needed will make your agency run that much smoother. Another major plus is that when your communication with your team is open, it builds a level of trust.


According to Harvard Business Review, when your employees trust your company, they’ll be more likely to stay loyal to your company, which means open communication will also promote employee retention. Turnover and retention are hot topics right now and will likely remain important issues well into 2022, so thinking more about how to keep your employees satisfied and happy in their positions is definitely crucial.


Pro Tip: Download my FREE guide about collector retention for more tips on how to keep your team loyal and engaged!


Confidently Enter 2022 - debt collection

Confidently Enter 2022


After the past two years of uncertainty, it may feel intimidating to face another new year. I’m here to tell you that you and your team have what it takes.


So, enter 2022 with ingenuity, community, and communication in mind, and keep collecting!

P.S., in case you haven’t registered for Collector.Live! 2022, make sure to reserve your spot now! I’ll be there in Nashville to deliver a presentation, and I would love to see you there!


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