Episode Details

What if improving cash flow isn’t about finding more customers—but getting better at collecting the money your existing customers already owe you?

Bill Ferrier, founder of Ready, Set, Collect, has more than 40 years of experience in the credit and collections industry. He argues that collections should be treated as an integral part of the business cycle and that collection teams need training just as sales teams do.

In this conversation, Bill explains why overdue accounts are often a training problem, why simply asking customers to pay isn’t enough, and how “high-gain questions” can help collectors understand what’s actually preventing payment.

We explore the tension between collecting money and preserving customer relationships, the importance of rapport, how collectors can use their voice more effectively, and when an account may need to be escalated.

Bill also explains Days Sales Outstanding (DSO), why companies should examine the performance of individual collection portfolios, and how he approaches one-on-one training using real problem accounts as learning exercises.

For businesses with significant money tied up in accounts receivable, Bill’s central argument is straightforward:

You may not have a revenue problem. You may have a collections problem.

Learn more about Bill’s work or schedule a no-obligation conversation: Ready, Set, Collect⁠

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