Collector - July 2018 - 23
ThE FOllOWIng Is COMMERCIAl COnTEnT PROvIdEd And PAId FOR BY voApps
Why Now Is the Time
for You to Expand
The current favorable regulatory environment
and the advent of new technologies make
this the right time to grow
There is an old Chinese proverb that says,
"The best time to plant a tree is 20 years ago.
The second-best time is now." And we all know
the famous business cliché that says, "If you're
not growing, you're dying."
The moral you find when thinking about those two quotes
together is that companies should always be looking to
expand, and it's never too late to start doing it.
We find ourselves at an interesting juncture for the ARM
industry. The unique combination of the current regulatory
environment, growing medical and financial debts, and
the advent of new technology make this a great time to
aggressively grow revenue in a highly efficient manner.
The shifting compliance landscape opens up a huge opportunity to kick into growth mode. The Bureau of Consumer
Financial Protection under acting director Mick Mulvaney
has altered its priorities and is now emphasizing consumer
education over enforcement and shows all intentions of
relaxing regulation on the good actors in our industry.
A number of legal victories for the ARM industry, including
one spearheaded by ACA International, have also tilted
the playing field back toward being even.
Companies that are waiting for the perfect time to
expand will miss this chance if they don't act on it now.
Continuing issues in healthcare and signs of a growing
debt burden stretching family budgets portend that more
accounts are on the way. The past few years have seen a
great consolidation among collection agencies, as many
have downsized or closed because of rising costs, mainly
in the areas of legal and compliance. Fewer competitors in
the marketplace presents another opportunity for agencies
to earn more business.
Expansion can come in many forms. You must decide
which path is right for your business, whether it is adding
new clients, expanding into collecting new types of debt,
branching out to become a debt buyer, or adding new
products and services.
One common factor for success that all of these paths
share is the need to embrace technology. Emerging
technologies that increase your customer interactions in
a positive way will help you grow the top line quickly. By
limiting some huge expenses in resources, technology can
impact the gains on the most important line - the bottom.
The new business will go to the agencies that are embracing
new technologies that provide efficient methods for
contacting today's consumers. More smart contacts result
in more dollars collected and higher liquidation rates; that
earns more new business, and so on, in a positive cycle.
There is no knock on the door that tells you when it is
time to expand. It is up to you to plant that tree today
so it can grow.
This content is provided for VoApps commercial advertisement purposes. ACA International was not involved in the creation of this content,
does not endorse the content, nor warrant or guarantee its accuracy. The statements and opinions are those of VoApps and not those of ACA
International. References to vendors, products or services do not constitute an ACA International endorsement.