Graceful yet assertive payment collections
A workshop on asking for overdue payments without losing dignity, and the team that recovered most of its outstanding dues within a week.
I recently worked with the team at Toolmech Private Limited, and with Bhagyesh Dobaria, on graceful yet assertive payment collections. Little did I know, this work would spark a revolution.
It was three weeks before the financial year-end, and outstanding dues were piling up. The team felt powerless, dreading those awkward conversations with the businesses they serve. But I knew there was a better way.
During the workshop, we reframed our mindset from "demanding payment" to "Being their partners." We practised demanding payment ensuring the dignity of both the other party and ourselves. On examination and role play, we discovered that we put off demanding payment, because the act of demand, in itself, looked like lowering our dignity. We practised demanding payment, and being straight whenever our dignity was compromised. Ronak Patoliya & Yatrik Patel declared a game of 100% outstanding payment collection till financial year end for all the accounts they were heading.
The very next day, everyone was totally in action. Using their sharpened skills, the team was politely yet firmly securing payments. The businesses they served respected their professional approach, happily settling long-overdue invoices. Within a mere seven days, a staggering 70% of outstanding dues had been recovered - exceeding the targets. Momentum was high, celebrations ensued, and a fresh sense of team pride emerged. As Rajesh Upadhyay prepared the scoresheet of work done, it was mind-blowing what had been achieved in a span of just 7 days.
More than the payment collection, what inspired me was the team's commitment to never treat anyone OR let anyone treat them without DIGNITY.
Now, this mindset is simply how Toolmech Private Limited does business. No matter what, never compromise on dignity. Toolmech finds the businesses it serves, vendors, partners, suppliers and team who share their values. And then it becomes NOT a marriage of convenience, but a partnership of prosperity. That's the way to build a business with explosive growth.