We have now offered the Benchmark Advisor Column for over two years and I thought our readers might be intrigued by the genesis of the term “benchmark”. According to Wikipedia, “The term…originates from the chiseled horizontal marks that surveyors made in stone structures, into which an angle-iron could be placed to form a “bench” for a leveling rod, thus ensuring that a leveling rod could be accurately repositioned in the same place in the future. These marks were usually indicated with a chiseled arrow below the horizontal line.” It is interesting to me that the symbolic arrow of these original benchmarks have transferred to our current culture as we turn to others for guidance and direction within our industry.
Most of us have referenced the term “benchmark” on many occasions in our professional lives. It has been a concept that has allowed us to determine what others are doing in similar situations so that we may not have to continually reinvent the wheel. We can learn much from others. There is, however, the presumption that if others are doing it, it must be the right thing to do. One definition of benchmarking claims it is, “a standard or point of reference against which things may be compared or assessed.” Yet another says it is, “a standard of excellence, achievement, etc., against which similar things must be measured or judged”.
For years there have been a handful of benchmark groups in the collections industry. Original creditors have had organizations where credit and collection professionals could share war stories and preferred vendors. Third-party agencies have had ACA International, ACA State Unit Associations and groups like DBA International. There is also a long list of regional and national collection industry conferences that offer valuable information on products, markets, trends and compliance standards.
What continually amazes me and sometimes concerns me is the relatively small percentage of industry players that actually participate in the activities, groups, meetings and other resources available today. Even events with record attendance produce numbers that are a small fraction of the industry population. It is apparent to me that many organizations are flying blind and neglecting to leverage benchmarking. They lament that it is expensive to attend meetings. They don’t have the time to devote to industry organizations. They feel like they are drowning in confusion and lack of direction but fail to ask for a life ring. You can change that culture today.
I would like to challenge our readers to put down your copy of Collection Advisor (after reading every word from cover to cover, of course) and make a commitment to proactively search for avenues that will provide you with answers, ideas, creative solutions and guidance. Budget a trip to an industry conference. Join an industry association that you have been delaying for years. Reach out to industry colleagues and experts and ask for their opinions and/or direct introductions to people who do have the answers you need. Leverage what you know, who you know and the resources that are more within your reach than you may realize.
As an industry author, speaker and consultant I receive many emails and calls annually from collection professionals across the US that have specific questions or need guidance in multiple facets of our industry. I often may not know the exact answer to their query but I almost always know in which direction to point them! Build your repertoire of subject matter experts!
One of the topics I often hear third-party collection firms talking about relates to new potential markets for collections. The bread and butter of the industry has been medical and financial collections for decades. Are there other viable markets? This month, Collection Advisor is focusing on Government and Student Loan Collections. We offer you a perfect starting point to learn more about these industry verticals. Are there opportunities available? Is it a lucrative market? What are the challenges and pit falls. Learn the answers to all of these questions and more in this issue.
In my lifetime in this industry I have been continually impressed with the open and giving nature of most collection professionals. If you need help and guidance, simply ask. I would urge you to contact any of our publication authors and reach out to any of the vendors we feature each issue. Take a moment and ask yourself, “Am I getting the most out of the resources that are available to me?” Benchmark your benchmarking and open your professional world to new insights and strategic direction!
We encourage our readers to submit a “best practice” idea for inclusion in this column. I can be reached at harry@ remitcorp.com. Until next time, I’m in a collection office near you!
Harry A. Strausser III is president of Remit Corporation/Interact Training & Development, an award-winning speaker and past president of ACA International.