Lindsey Walters

Lindsey Walters

Staying up-to-date might be one of the hardest parts about working  in this industry. Regulators constantly update existing rules. New laws arrive all the time. Every state has a different set of laws. And what’s more, we all have to keep an eye on CFPB exam trends, industry best practices, and even software/technology upgrades. It’s a lot. But, you can’t just decide not to stay current – a decision that could hurt your career and your business, too. So how do you keep up and do your job at the same time?

  1. Dedicate the Time. Part of each day should be set aside so you can find out what is going on in the industry. Mark your calendar and commit.
  2. Lean on Smart Digests. By now we know changes can happen across all different areas of the collections industry, often simultaneously, so staying informed might prove daunting. However, being smart about what you read every day can be a life-saver. Here’s a tip: look for news and analysis resources that give you the news you need in digestible chunks. Relying on short, sharp news digests can save your time and keep you sane. Consider the ARM insider for example. The insider is insideARM’s free daily eNewsletter that tells you what you need to know and what it means. What’s more, it only takes minutes to read.
  3. Choose Your Materials Wisely. Take a look around at resources to which you might already have access, or resources you might typically gloss over because you are too busy – you might be surprised at what you find. As a marketing professional, I often use marketing solutions and tools like Hubspot, MarketingProfs, and SIIA. insideARM constantly releases essential content like webinars, To the Point reports, and more that offer key insight on pivotal topics like out-of-stat debt compliance. Need to know which laws apply to which states? No problem. See the State Law Grid, outlining exactly that! Concerned about the TCPA ruling? See our on-demand webinar about what to know going forward!
  4. Stay in Touch. Your business contacts and friends are a necessary resource. Frequently keeping in touch with industry professionals allows you to have a platform for new information, but also provides a safe-space to discuss problem areas and brainstorm ways to grow your business safely. Here’s another tip: try a monthly, call-based Peer Group or Regional In-Person Peer Meeting. Both offer great opportunities to build your network and grow.
  5. Analyze the Competition.  What are your competitors doing? How are they handling industry information? This will not only help you gauge what you should be doing, but should also help you determine how you are or should be differentiated from them. For instance, has your competitor made any changes based on the recent TCPA rulings? If not, you can use that information to your advantage when talking to potential prospects or clients. Another example might involve seeing how your adversary might handle a new law change, then developing your response or reactions accordingly.

In order to make informative decisions in the future, you need to know what is going on. Staying current with what is happening takes time, and requires some effort, but that effort is more than worth it. It may be necessary. Inform yourself and use your best resources to work smarter, not harder.

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Tags: Opinion