Disputes – nobody in credit management likes them, but when capital is involved, they tend to frequent our inbox more often than we'd like.
Here are four ways to deal with a dispute, without losing integrity or (more importantly) clients:
1. Be objective – Knowing when to stand your ground and when to be flexible is difficult. However, being prepared to change your point of view when it’s needed is one of the most successful dispute resolution tools a business professional can use.
2. Change your method – If speaking to your client on the phone causes misunderstandings, shift to email. You’d be surprised how shifting your communication method can help your client see things from your perspective.
3. Think before you speak – Disputes are highly emotional, especially when money is concerned. Think about your point, think about the message you are trying to convey and take your time in using the appropriate language to do so.
4. Use your tools – Use tools that strengthen your relationship with your clients to avoid any potential disputes.
This includes ‘…having a tool in place that can adequately and promptly identify disputed invoices, report on the query type and value and provide meaningful data back to the business so as the root cause of the dispute can be identified and remedied’ says Group Credit Manager for Wilson Security Group, Narelle Cirillo.
As a Group Credit Manager, Narelle believes that her best tool is her automated accounts receivable program. It follows up clients promptly, meaning disputes can be identified and remedied in time for the next payment cycle.
The best part, this tool also helps to collate important information that can assist in making improvements to the business.
If you can promptly and positively resolve a dispute, that’s called productive. If you can make use of credit management tools and resources to avoid disputes completely; well that’s genius.
Automated accounts receivable at your finger tips, so why not get started today?
To find out how you can go from productive to genius in a matter of minutes, head to www.iodm.com.au.