industry expert / bhph
"double their payment next
time" or "make up the
delinquent balance over the
next three payments" does
not qualify as formal documentation of the payment
arrangement, nor does it mean
the customer has agreed to
the repayment plan that will
bring their delinquent account
current. In the absence of
formal documentation,
customers forget, make
excuses or interpret the
repayment plan to suit their
circumstances. The result
can become a collections
nightmare that ultimately
results in increased repossessions and charge-offs.
cash-intensive business, so it's
extremely important to monitor your progress and analyze
your business results. One of
the most effective ways to accomplish this is to join a BHPH
20 Group. Not only will joining
a BHPH 20 Group provide you
with a network of BHPH dealers across the country to
discuss ideas and challenges,
it will provide a format to analyze your business results and
compare your results to other
non-competing BHPH dealers.
The last time I checked, none
of the BHPH dealers I work
with are in BHPH for the fun of
it! It's a tough business, but it
can be highly rewarding.
5. Not analyzing your business
results: The BHPH business
can be a very profitable one if
it's done correctly. However,
there are many challenges in
operating a successful BHPH
business, and there are many
ways to get into financial
trouble. BHPH is a very
monthly and taking corrective
action is the formula for generating profitable business
results. Have a game plan and
focus on changing the things
that could complicate your
business results. It's not
what you know that will determine your profitability; it's
what you do!
As your business transitions
into 2013, there will be new
challenges and new opportunities to tackle. Knowing
whether your efforts are
producing profitable results
should be done on a monthly
basis, not an annual one.
Analyzing your business
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