How to deal with a Recession and Falling Collections Rates

The UK entered in to recession again in the first quarter of 2012. The question is how to deal best with a recession, there have been a few ideas suggested. 

  Productivity – It is important to appraise current processes from where bottlenecks can be identified and removed. Also it is important to explore IT Solutions like process automation to increase profitability.

Internal Expectations – Be aware of the expectations and strive to deliver and innovate continuously.

 External Expectations – Ensure stakeholders’ expectations are understood and met.

 Best Practice & Benchmarking – It is important to benchmark your operations against competitors and quality standards where possible. This can be done through internal assessment such as peer reviews or internal assessments and external assessment such as independent reviews conducted by external audito.

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Research from CCR (March 2012)