Dr Jekyll and Mr Hyde

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Dr Jekyll and Mr Hyde

when chasing slow payments, the potion is overdue accounts getting older despite all follow up actions takenGreat movie. Great concept. In the movie (Dr Jekyll and Mr Hyde), Dr Jekyll, the Good Guy, drinks a potion and changes into the Bad Guy, Mr Hyde. A really nice guy turns into a monster. This concept can be used very effectively when chasing slow payments.

1.Start the collection process early (apply Principle #1)

2. Be pleasant, extraordinarily, sickeningly pleasant when contacting customers with overdue accounts (apply Principle #2). This establishes an excellent rapport with clients whose accounts are only just overdue, and

3. If an account still remains unpaid after several follow ups, act as if you have drunk such a potion and slowly change into Mr Hyde!

In other words, the creditor should moderate their approach to the debtor. As the debt remains unpaid and gets older and older, the creditor becomes less and less amiable and more and more businesslike. Eventually becoming more assertive in their demands for payment. The friendliness disappears, it is treated as a straight business relationship.
This strategy can be extremely effective if applied to all staff that deal with clients with overdue accounts. I am not suggesting that such debtors are given the cold-shoulder treatment. I am suggesting that the change from an extremely friendly and helpful approach to a colder and purely business-like approach often has a significant impact on most debtors. No-one likes to lose friends – even if they are business-based.

How would you react?
If it would affect you, then it will affect your debtors just as much.

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Handy Hints.
  1. Start following up overdue accounts as soon as practically possible to give yourself time to change into Mr Hyde.
  2. Be extremely pleasant when following up the accounts that are just overdue. In that way, the contrast between your Dr Jekyll and your Mr Hyde is much more noticeable to the debtor and a much stronger impact on them.

By | 2017-09-20T13:08:54+00:00 February 27th, 2009|miscellaneous|0 Comments

About the Author:

Have you ever wondered why a client does business with you and then ignores your invoice like they had no intention of paying it in the first place or they treat you like their own personal line of credit, leaving YOU dangling, waiting months for their payment? Unfortunately this situation is all too common and can even be puzzling for the most experienced business owner. If you’ve ever had to handle outstanding accounts or you are just so over non-payers, then we can help. Real-world skills, solutions, tips & strategies to get more accounts paid on time, and, most importantly, how to maintain customer goodwill while keeping YOUR cash flow in the positive. You will find the blog posts helpful but to get real results, contact us by using any of the forms on this site, by email or by phone. I’ve been involved in the management of accounts for over 30 years, heard every excuse in the book, can spot a non-payer at 20 paces. Finance Companies in the 70s (systematic, tough), professional firms in the 80s (no systems, too gentle) and, since then, just about every other sort of business you can think of. I’ve written books on the topic, spoken all over the place about it and the blog in this website is my way of “giving back”. I hope you find it helpful.

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