It’s approaching that season again! A time of excitement and bustling activity. A time of getting back in touch with people you haven’t spoken with in a long time. A time where giving is better than receiving.
I know what you're thinking - this blog post is late. But you'd be wrong, I'm talking about tax season!
Income tax refund season seems to start earlier and earlier every year. The 2018 tax season may have just felt like it was last month, but the 2019 season is right around the corner (for real, it's tomorrow!) and it is time for collection agencies to start making preparations for the most wonderful time of the year.
Collection agencies need to be checking their lists and making sure they are ready to capitalize on the next four months. An agency’s entire year can be made or not made based on its efforts during tax season.
To make sure they are ready, here are some tips to help prepare for income tax season.
* Staffing - The labor market is shallower than it’s been in years. Finding qualified candidates might not be as easy as it has been in years past. Are you prepared to handle income tax season with your current employee count? Or have you put plans in place to start hiring now so employees can be trained and ready to hit the ground running next month?
* Technology - Is everything in your office running smoothly? Are your systems running as efficiently as possible? Are there opportunities to make improvements that can help productivity? Have you thought about adding new technology, like text messaging or direct drop voicemails? Is your IVR up to speed and capable of taking payments 24/7? Have you looked at an online chat function to help boost contact rates? How about an awesome Virtual Agent Collector with a proprietary avatar?
* Scripts and Talk-Offs - Have you reviewed your scripts and talk-offs to make sure they are hitting the right notes?
* Incentives - Do you have incentives in place to help motivate your staff? They have visions of dollar signs dancing in their heads, but you should make sure you have incentive plans to keep them motivated through the entire tax season.
All kidding aside, income tax season is no joke for collection agencies. Making sure your operation is hitting on all cylinders to capitalize on this opportunity is incredibly important. Agencies should be conducting top-to-bottom reviews of their operations to prepare. January will be here before you know it (not really, it will be here on Tuesday. You'll know it. You might even have a headache to remind you.)