There's another offer in my in box to attend a "Strategic Collections" seminar. Now having received several of them, I can't stand it anymore. It is one more misuse of the term "strategic." I can find nothing strategic about responding to increases in slow payments, existing customers missing payments, or existing customers entering into bankruptcy.
What then is strategic?
Being strategic is finding a borrowing niche less likely to have payment issues.
Being strategic means choosing a particular underwriting or collections process, over others, because you see a unique position, or to reinforce your brand.
Being strategic is about positioning your company to take advantage of trends that will result in a new market place.
Being strategic is not about current commitments (like the loans you're trying now to collect) but seeking a new set of commitments that will make you more competitive, make you more money, or satisfy a craving for success.
Being strategic is about finding needs no one else is filling and planning to fill those (a Blue Ocean Strategy).
While improving one's ability to conduct operations effectively is important, being strategic is more about reinventing operations because the outside world has changed.
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