Hope You've Been Keeping Score: Time For a Quiz!

Every business needs five things to survive and thrive. “Clients” or “customers,” “administrative procedures,” procedures for “getting the work done,” a “method to bill,” and a way to “collect the bill.” In the past weeks, we have been discussing the last of these five categories to address when establishing a successful business.

During all these discussions about “collecting,” you should have been keeping track of your score. We have gone over tips of law office marketing, management and economics regarding “collecting.” How many of these tried and true tips about “collecting” do you actively practice in your firm?

The following is a quiz that will tell you if you are actually using these “collecting” tips in your firm’s daily routine. If you are not practicing these tips and receive a score of 50 or below, you are “In the Stone Ages” regarding “collecting.” If you score between 90 and 100 points, your firm is “Operating on the Cutting Edge” and should give yourselves a round of applause.

Good luck and look for next week’s article. We will do a recap of each area of the five areas that make up each business in the world.

Collecting Quiz

Collecting (Check each item and give yourself ten points if that item is routinely accomplished in your office)

POINTS:

10 ( ) A. MONTHLY BILLS, EVEN IF NO NEW WORK, WHERE THERE IS AN ACCOUNT RECEIVABLE

10 ( ) B. MONTHLY REMINDER LETTERS ON ACCOUNTS RECEIVABLE

10 ( ) C. REFERRAL FOR SUIT LETTERS

10 ( ) D. ASSIGNMENT FOR SUIT DOCUMENTS

10 ( ) E. ACCOUNT RECEIVABLE CALLS

10 ( ) F. DISCOUNT FOR TIMELY PAYMENT AGREEMENTS

10 ( ) G. PAYMENT SCHEDULES - POST DATED CHECKS

10 ( ) H. INTRODUCTION TO BANKER BY LAWYER FOR LOAN

10 ( ) I. ACCEPTANCE OF PERSONAL PROPERTY AND REAL PROPERTY

( ) J. ADD YOURS: TWO POINTS PER ADDITION

WRITE IN:

X 10 = + WRITE IN SUBTOTAL = YOUR TOTAL

POINTS: 90 - 100: ON THE CUTTING EDGE

80 - 90: GETTING THERE

70 - 80: COASTING

60 - 70: IN NEED OF HELP

50 - 60: INERT

UNDER 50: IN THE STONE AGES

Talk to you next week!

Jim Wirken is a civil trial attorney and the Chairman of the Board of The Wirken Law Group in Kansas City.