Checklist for Starting a Collection Agency Business: Essential Ingredients for Success
If you are thinking about going into business, it is imperative that you watch this video first! it will take you by the hand and walk you through each and every phase of starting a business. It features all the essential aspects you must consider BEFORE you start a Collection Agency business. This will allow you to predict problems before they happen and keep you from losing your shirt on dog business ideas. Ignore it at your own peril!
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A Step by Step
Guide to Starting a Small Business
This is a
practical manual in a PDF format, that will walk you step by step through all the
essential phases of starting your Collection Agency business. The book is packed with
guides, worksheets and checklists. These strategies are
absolutely crucial to your business' success yet are simple and
easy to apply.
Copy the following link to your browser and save the file to your PC:
https://www.bizmove.com/free-pdf-download/how-to-start-a-business.pdf
How to Develop
Salespeople Job Specifications
When a person is hired, an important
first step is to present the new employee with a written job
description clearly indicating your expectations and identifying
any persons to whom the new employee is responsible.
Too often, retail salespeople are
hired with little or no understanding of the owner's
expectations. They are advised to "ring up all sales, be polite,
and keep the area clean. If you have any questions, just ask."
Frequently, the new employee will not
even know what questions to ask. Eventually, all employees have
questions as to the owner's expectations. These questions may be
spoken or unspoken, but nevertheless the questions exist.
Frequently, these questions can be answered through the written
job description. The use of a written job description offers
several advantages as follows:
Represents an informal "contract"
between employer and employee, committing both parties to its
provisions.
Provides a disciplined atmosphere for
employee supervision and performance review, eliminating the
customary pleas of ignorance concerning responsibility.
Reduces the chances of
misunderstandings between employer and employee. The person with
little understanding of what is expected on the job has little
chance of fulfilling it. As a result, both owner and employee
soon become dissatisfied. The owner is dissatisfied because the
salesperson is not living up to expectations. The salesperson is
dissatisfied because of inability to understand why the owner
is dissatisfied. Dissatisfaction is usually obvious; the cause
of it is often elusive. Unless the cause is known, it cannot be
corrected.
Typical Job Description
A typical retail selling job
description appears on the following pages. This description,
prepared for a person selling power tools in a home supply
center, clearly describes the person's authority and
responsibilities for product knowledge, selling skills, customer
service, store policy, sales, and profit.
Performance Evaluation
Such a description assists the owner
and the employee in evaluating performance from time to time. It
provides a check list so that all responsibilities can be
reviewed and the need for corrective action can be identified.
The employer and the employee can meet to determine those areas
where the employee is living up to expectations, those where
improvement is in order, and how this improvement will be
achieved.
JOB DESCRIPTION
Retail Sales - Home Power Tools
Function
Assist customers in the purchase of
power tools. Responsibilities and Authority
Product Knowledge
Have working knowledge of product
line.
Be familiar with use and application
of various power tools in order to provide reasonable technical
assistance for customers.
Be reasonably familiar with
competitive products in order to point out advantages of our
line.
Selling Skills
Be able to present features of
various power tools in terms of customer benefits.
Close sales quickly.
Suggest related sales such as bits
with drills, blades with saws, safety, glasses with all tools,
etc.
Upgrade customer's purchase when
appropriate.
Customer Service
Explain warranty requirements to
customers.
Assist customers in forwarding tools
for repair.
Advise customers of tool maintenance
and operation tips.
Advise customers of availability of
any tools that are out of stock; follow up with telephone call
or card when available.
Explain credit policies to customers.
Store Policies
Be courteous and cordial with all
customers at all times.
Refer all complaints to the manager,
unless they can be handled to the customer's satisfaction
immediately.
Have all customers' checks approved
by manager before acceptance.
Record all sales, showing amount,
department number, manufacturer, and product code.
Refer all credit requests, including
layaway and budget plans, to manager.
Accept merchandise returns, whether
for credit or exchange, only if original packing is available
and undamaged.
Notify manager of credit requests so
that credit authorization can be signed by manager in the
customer's presence.
Total sales daily, recording cash
receipts, credit memos, and charge slips separately. Reconcile
cash balance.
Maintain department in a neat and
orderly fashion.
Notify manager of need for additional
display stock.
Conform with all provisions such as
appearance, punctuality, working hours, etc., as described in
the store's general conditions of employment.
Read and understand all memos
describing changes in store policy.
Sales and Profit
Meet with store manager to establish
goals for sales and profit.
Review department's performance with
manager each month to develop recommendations for sales and
profit improvement.
Reports to
Owner
This Report Provides managing your business
tips and Handle business advice. However, you are not ready to
begin your own business
till you have given some thought to
managing it. A company is a continuous activity that does not
run itself. As the supervisor
you'll have to set goals,
determine how to reach those goals and make all the required
decisions. You'll have to purchase or
create your product,
cost it, promote it and market it.
You will need to keep
records, and determine costs. You'll Have to Control stock, make
the ideal buying decisions and keep costs
down. You'll need
to employ, train and motivate employees now or as you develop.
Setting Business Management Goals. Great small business
management Is the key to success and good management starts with
setting
goals. Set goals for yourself for the achievement of
the many tasks required in starting and managing your business
successfully.
Be specific. Write down the goals in measurable
terms and conditions of functionality. Break major goals down
into sub-goals,
demonstrating what you expect to achieve in
the next two to three weeks, the subsequent six months, another
year, and the next
five decades. Beside each target and
sub-goal set a specific date showing when it is to be achieved.
Plan the action you need to take to attain the goals.
While the effort Required to achieve each sub-goal should be
great enough to
challenge one, it should not be so great or
unreasonable as to dissuade you. Do not plan to achieve too many
targets all at one
time. Establish priorities.
Plan
in advance how to quantify results so you can know exactly how
Well you are doing. This is what is meant by"measurable"
targets. If you can't keep score as you go along you're very
likely to lose motivation. Re-work your plan of action to permit
for
obstacles which may stand in your way. Attempt to foresee
obstacles and plan strategies to avert or minimize them.
Buying. Skillful buying is an important essential of
Managing a business. This is true whether you're a wholesaler or
retailer of
merchandise, a manufacturer or a service company
proprietor. Some retailers say it is the most significant single
factor.
Merchandise which is carefully bought is easy to
market.
Deciding what to buy means finding out the type,
type, quality, Brand, size, colour, style -whatever applies to
your particular
inventory - which will sell the best. This
requires close attention to salespeople, trade journals,
catalogs, and especially the
likes and dislikes of your
regular clients. Assess your earnings documents. The producer
should see the issue through the eyes of
clients before
determining what materials, parts, and supplies to buy.
Know your regular clients, and also make a Fantastic evaluation
of this People you hope will become your customers. Just what
socioeconomic category are they? Are they homeowners or renters?
Are you currently searching for price, style or quality? What's
the predominant age group?
The age of your customers can
be a prime consideration in Establishing a purchasing pattern.
Young people purchase more frequently
than many older people.
They want more, have fewer responsibilities, and invest more on
themselves. They are more aware of style
trends whether in
wearing apparel, cars or electronic equipment. In case you
choose to cater to the young trade because they seem
dominate
in your town, your purchasing pattern will be completely
different than when the more conservative middle-aged clients
seem to be in most.
Study trade journals, newspaper
advertising, catalogs, window Displays of businesses similar to
yours. Request advice of
salespeople supplying you product,
but purchase sparingly from several providers instead of one,
testing the water, so to speak,
until you know exactly what
your best lines will be.
Locating suitable merchandise
sources isn't simple. You will buy Directly from producers or
producers, from wholesalers,
distributors or jobbers. Select
the providers who sell what you want and can deliver it if you
want it. (Distributors and jobbers
are utilized by the
majority of business people for fast fill-ins involving mill
shipments.)
You may distribute purchases one of many
suppliers to gain more Favorable prices and promotional
material. Or you might
concentrate your purchases among a
small number of suppliers to reevaluate your credit issues. This
may also help you become known
as the seller of a certain
brand or line of product, and to maintain a fixed standard in
your goods, if you're buying materials
for manufacturing
purposes.
When to purchase is essential if your business
will have seasonal Variations in sales volume. More stock will
be required prior to
the seasonal upturn in sales quantity.
As sales decrease, less product is needed. This means purchases
of goods for resale and
materials for processing must vary
accordingly.
At the start, how much to purchase is
insecure. The best coverage is To be frugal till you've had
enough expertise to judge your
needs. On the flip side, you
cannot sell merchandise if you don't have it.
To help
solve purchasing problems, you should Start to maintain stock
Control records at once. This can allow you to maintain the
stock in equilibrium - neither too large nor too little - with a
proper proportion and decent range of merchandise, sizes,
colours, styles and attributes.
Basically there are two
Kinds of inventory control - control in Bucks and command in
physical components. Dollar controls reveal
the sum of money
spent in each product category. Unit controllers indicate the
number of individual items when and from whom
purchased by
category. A good stock control system can help you determine
everything, from whom, when, and how much to buy.
Pricing. Much of your success in manage a business will depend
on How you price your services. If your prices are too low, You
Won't cover Costs; too high and you'll lose sales volume. In
both cases, you will not Earn a profit.
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