Collector – June 2019 - 21

during and after the downturn. How? In
part by aligning their sales team with the
current market (rather than chugging along
as they always have), automating account
management and using analytics to reinforce
effective employee behavior.
"Companies that take an aggressive
approach to seizing opportunities unique
to recessions are more likely to capture
outsize gains leading up to, during and
in the years following a recession," wrote
Bain & Company's Mark Kovac and
Jamie Cleghorn in a recent article on the
company's website.

GETTING AHEAD OF A
DOWNTURN
The first step, and one many businesses
overlook, is to prepare for macroeconomic
changes in the marketplace and how
they might impact business. You may be
focused on your clients, service offerings,
expense structure, and hiring and training
approaches, for example, without also
considering the bigger picture.
"Our strong belief is if the CFOs or
controllers or even the accountants in
smaller businesses were to first of all do
a budget for the business, and second
incorporate into the budget economic
factors that might impact their business both
positively and negatively, they'd be a heck
of a lot better off than if they operated in a
vacuum and didn't factor in major market
conditions when they forecast their results,"
Ginsberg said.
He pointed out that the financial crisis
didn't hit until about a year after the
mortgage crisis, and if ARM companies at
the time had looked at market trends and
met with their clients to discuss what signs
they were seeing, they might have been
less impacted.
Learn from the mistakes of the past: take a
closer look under the hood of your business
and markets, and try budgeting beyond the
current year.
"From a cash perspective, the business
needs to know how much money is needed
to get through a year when the market is
down and where that cash is going to come

COLLECTOR 06.19

from," Pozzo said. "Do you have enough set
aside or accessible through credit lines?"
Also, if we've learned anything in
the last decade, it is not to rely on one
big client to sustain your business.
Diversifying your client roster and
markets can help protect you in case of
an emergency.
"When you service a large bank, for
example, you may have as many as a dozen
different streams for one bank, but it's still
only one bank," Ginsberg pointed out. "And
when that bank goes through a significant
change like in the Great Recession, if your
business relies on that one client you'll
be dramatically impacted. It's the same
situation today with the U.S. Department
of Education. You have to prepare by

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Collector – June 2019

Table of Contents for the Digital Edition of Collector – June 2019

President’s Page
Industry News
Best Practices
FYI
Collection Tips
Adapting to a New Environment
“Today agencies realize this is an opportunity to help the consumer.”
ACA International’s 2019 Convention & Expo
Close the Revolving Door
Calendar
Honor Roll
Education Spotlight
Ask the Experts: Small Talk
Growing into the Industry
Exploring STIR/SHAKEN
CFPB Releases Proposed Debt Collection Rule
Industry Advancement Program Helps Member Defeat FDCPA Claim in Ninth Circuit
ACA SearchPoint
Ad Index
Membership
Last Word
Collector – June 2019 - Cover1
Collector – June 2019 - Cover2
Collector – June 2019 - 1
Collector – June 2019 - 2
Collector – June 2019 - 3
Collector – June 2019 - Industry News
Collector – June 2019 - President’s Page
Collector – June 2019 - 6
Collector – June 2019 - 7
Collector – June 2019 - 8
Collector – June 2019 - 9
Collector – June 2019 - Best Practices
Collector – June 2019 - 11
Collector – June 2019 - FYI
Collector – June 2019 - 13
Collector – June 2019 - 14
Collector – June 2019 - 15
Collector – June 2019 - Collection Tips
Collector – June 2019 - 17
Collector – June 2019 - Adapting to a New Environment
Collector – June 2019 - 19
Collector – June 2019 - 20
Collector – June 2019 - 21
Collector – June 2019 - Close the Revolving Door
Collector – June 2019 - “Today agencies realize this is an opportunity to help the consumer.”
Collector – June 2019 - ACA International’s 2019 Convention & Expo
Collector – June 2019 - 25
Collector – June 2019 - 26
Collector – June 2019 - 27
Collector – June 2019 - 28
Collector – June 2019 - 29
Collector – June 2019 - 30
Collector – June 2019 - 31
Collector – June 2019 - 32
Collector – June 2019 - 33
Collector – June 2019 - Calendar
Collector – June 2019 - Honor Roll
Collector – June 2019 - Education Spotlight
Collector – June 2019 - 37
Collector – June 2019 - Ask the Experts: Small Talk
Collector – June 2019 - 39
Collector – June 2019 - Growing into the Industry
Collector – June 2019 - 41
Collector – June 2019 - Exploring STIR/SHAKEN
Collector – June 2019 - 43
Collector – June 2019 - CFPB Releases Proposed Debt Collection Rule
Collector – June 2019 - 45
Collector – June 2019 - Industry Advancement Program Helps Member Defeat FDCPA Claim in Ninth Circuit
Collector – June 2019 - 47
Collector – June 2019 - ACA SearchPoint
Collector – June 2019 - Ad Index
Collector – June 2019 - Membership
Collector – June 2019 - 51
Collector – June 2019 - Last Word
Collector – June 2019 - Cover3
Collector – June 2019 - Cover4
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