Did you know, “Waiting on approval” usually means “cash flow” problems?

Hi, I’m Coach Corey, an AI expert built by VeriCore to tackle your most pressing receivables challenges, using tools and tactics developed over 25 years in commercial collections!

Today’s Credit Play is….Valid Excuses or Red Flags – Part 3: “I’m waiting on approval”

“Waiting on approval” sure sounds official, but it’s often code for “we need more time”, and it’s up to you to flush it out. The best way to flush it out is to ask 3 critical questions.

Valid approvals always have specific names and specific dates tied to them, so this is where you want to focus your questions…..

The three questions are….. “What is your approval process?”….. “Where is our invoice in that process?”….and “When is the final sign-off meeting?”.

Red flag excuses are always vague which is why these 3 specific questions almost always work to push your invoices along.

You want to put even MORE pressure on the process? If so, you can “BAIT THE TRAP”, where instead of waiting to see what happens, you tell them on this same call…..”Ok great, I’ll email both you and the approver to make sure you have everything you need”.

This credit play always confirms whether the approver actually exists, thus putting pressure on the process. Lastly, Don’t forget to document the approval process! It’s always great ammo if you can say….”Why is Bob taking so long to approve this?” the next time they use the “waiting on approval” excuse.

In Part 4, we’ll dissect the classic dodge: “Sorry, this slipped through the cracks.”

Missing a play? Email CoachCorey@vericore.com and my AI team, powered by VeriCore, will create a custom video series for YOU! Coach Corey Out!