Receivership Process: what is it and how to survive?
How a Contact Center can support a receiver during this stressful time for the company and employees?
Due the current economic climate, receivership is a word that we are hearing & reading about more and more often in the business sections of our newspapers and local news bulletins.
But, what does it mean to be in a receivership and how can a business overcome this process?
Receivership is defined by the Investor words as “A form of bankruptcy in which a company can avoid liquidation by reorganizing with the help of a court-appointed trustee.”
And definitely all is about trust. One of the key challenges for a receiver is to restore the confidence and trust of both customers and creditors.
How a company in receivership can provide a more stable image?
Keep ‘Trading as Normal’
The receiver duties include managing the day to day activities of the company to ensure they stay trading while he is looking for potential buyers. This involves chasing payments, seeking & fulfilling orders, paying wages and suppliers for normal business requirements.
Cash flow is critical and hiring a contact centre to implement an outbound telephone campaign to collect payments will have a positive effect. The quicker this is done the better because human nature is to delay payments in the hope that they may not need to pay at all.
A payment reminder call will make them aware that they need to pay their bills and that the company is trading as normal.
Business Tip: Create an outbound campaign to collect and remember payments
Being honest to your suppliers & customers
Customers & suppliers will have questions in relation to the future of the company and if they have paid in advance they will need reassurance on their rights and guarantees. Client satisfaction is very important during this process and a dedicated team of professional agents available to answer any queries is essential to allay any fears they may have.
On the other hand, all this process can be really stressing for company’s employees. The company’s employees will be worried about their job security and their own future as a result they may not be projecting the correct impression to customers and creditors.
A 24 by 7 customer information line handled by an objective contact centre with years of experience in working in this environment might be the answer. Hired directly by the receiver they will be able to deliver the correct message to all callers and reassure them that every avenue in being investigated to find a workable solution for the company in receivership.
Business tip: Contract a Telephone Answering Service in Call Management
Retain Clients & Fend off ‘Competitor Poaching’
Competitors will try to “poach” clients from the company using techniques such as short term promotional offers (leaflet drops), price wars, and instil buyers’ fear amongst other more creative methods.
Communication is key… A quick and cost effective means of communicating your message is via voice and text messaging.
Text messages and voice messages can be delivered quickly to an active database and it is less invasive and more cost effective than instigating an outbound telephone call campaign.
Business tip: Your message needs to be positive and deliver the message that it is business as usual
Manage your reputation
Hire a reputable PR company to manage the media and deliver your message. It is vital that the company image and reputation remains high in order to attract the right buyer for the receiver.
With the advent of the Internet and social media…. good and bad news can spread in seconds. Contact centres can monitor your brand name on the internet and provide appropriate replies to these clients that try to find answers on the net.
Business tip: Restoring a damaged brand image can be really difficult and expensive. The best option is to make sure that your positive message is always at the forefront.
Call Management has extensive experience in this area having worked with multiple receivers in the past. We have provided the following service:
– 24 by 7 customer information line
– outbound payment collection calls
– database management and texting
– administration duties
– brochure fulfilment
– customer retention calls.
Our team understand the receivership process and can reassure your clients and at the same time improve your cash flow.
If your company is going through a receivership process or you are the receiver and want more information, please contact our managing director in total confidence (NDA Agreement signed prior to conversation if required) to email@example.com.