Buck4India

Another Time Lenin, Makes A Revolution, This Time In The Receivables Management Domain
Buck4India
Buck4India
5 min read

uBuck4India: Another Time Lenin, Makes A Revolution, This Time In The Receivables Management Domain

The practice of debt collection spans back to ancient times, predating even the existence of currency and originating alongside the concept of indebtedness. It existed in the earlier systems based on barter trade. It goes back to the time of ancient civilizations in Sumer circa 3000 BC.

By the time of the Middle Ages, the rule of law prevailed, and courts became the arbitrator in settling debt-related disputes. During the initial decades of the 20th century, especially during the Great Depression, large financial institutions in Western markets relied upon foreclosure to collect outstanding mortgage debts.

The rise of financial institutions also enabled the sunrise of debt collection agencies as an industry. While the popular image of a debt collector often involves a rugged individual with chains and a sleeveless shirt, the progression of debt recovery as an industry has significantly altered this perception.

The polite, respectful agents of different debt collection agencies are dialling tens of thousands of defaulters every hour. They are chasing down late car payments, overdue credit card debt, and lapsed instalment loans.

Although the process of debt collection from B2B corporate clients is much different from the consumer collection. Ultimately, it rests on the primary principle of the ability to pay.

In the corporate sector, sales are always linked with haute targets due to high pressure on sales. So, people in sales are generally focused on selling, and they are least bothered to collect the payment.

In pursuit of meeting their set goals, sales teams occasionally resort to making inaccurate assurances to customers. Alternatively, there are instances where products are offloaded onto customers, followed by commitments to facilitate the resale of these items on the customers' behalf.

So, when customers realize the commitments were fake, they put the payment of the company on hold. Sometimes, customer intentionally delays the payment, which becomes a matter of dispute and makes drastic impacts on the company's working capital.

This obstacle in the cash flow can lead the firm to bankruptcy. So, Lenin Jose and his team thought of incepting a receivables management agency Buck4India. That focuses on assisting companies to collect their bad debtors and save them from bankruptcy.

In the early decades of the twentieth century, there was a Lenin who changed the course of history by establishing the Soviet Union. Here is another dynamic, Lenin is ready to disrupt the debt collection sector using technology and significant fast collection services.

Our editorial team recently caught up with Lenin Jose, the CEO and Co-founder of Buck For India. Lenin elaborated on some salient features of his personal life and the organization. Here are the edited excerpts.

Inside the Organisation

The Genesis

"Since my childhood, I have dreamt of becoming an entrepreneur or, in a child's imagination, wanted to have my own business. Selling has always been my passion, as sales provide a good opportunity to make more money, and it also requires skills to convince the customer.

Adverse and tough situations always motivated me. So, I started my career by selling insurance, cars, mobile phones, and other consumer goods.

In between that period, I started several businesses where failure came to me overwhelmingly as customers. They didn't pay on time and payments were converted into bad debtors.

So, I went back to a sales job. After, learning from failures and mistakes I started this venture, to help other companies and save them from cash crunch issues and it worked," says Lenin.

Buck4India
TECH INVENTION LIFECARE – ON A MISSION TOWARDS ENABLING GREATER HEALTH EQUITY

Area of Expertise

We improve the organization's cash flow performance by recovering their bad debtors as well as current invoice payments within the credit period from Pan India.

Through our services, clients can extend their business reach across India with confidence, free from concerns about payment delays or unrecoverable amounts. The primary benefit we offer is the provision of a nationwide collection team for our clients.

Opting for internal staffing would entail fixed salary and operational expenses, regardless of performance. However, by engaging our services, clients only incur charges once payments are successfully collected and deposited into their accounts.

Our dedicated team remains at their disposal, available whenever needed, thus ensuring a cost-effective and efficient solution.

As of date, we have offices across 11 cities with  110 Collectors. Our real-time reporting system and advanced misreports help our clients keep real-time track of their collections. As of date, we are providing our services to 94 Indian and 30 MNC clients from Germany, USA, and Poland.

Our TFD and PFS model assures the highest level of service to the client. Our (PFS)"pay for success" model ensures service delivery to the achievement of measurable outcomes and only gets paid for our successful collections.

We have developed a clear understanding of the issues faced by our clients. We build customized and effective solutions and deliver them within the agreed timeline.

Once we take control of the assignment then our client teams are free to focus on their core work which can boost up clients' revenue rather than chasing overdue debtors explained Lenin.

Some excerpts from the Personal life

Everyone has a different meaning of success and failure. Lenin says, "If I can generate more job opportunities in the market for jobless people and empower them to become successful and achieve their dreams he would consider this as his success ." Lenin is a risk taker as it motivates him to challenge his caliber.

The most fulfilling aspect of leadership for him is aiding his team in surpassing their wildest aspirations. Responsibility plays the part of the most motivating factor in Lenin's life.

He says, " a lot of people's livelihood is associated with you, your one wrong decision can lead them into trouble, and a good decision can change their life."

"I start my day with some morning exercises, reading newspapers, and spending a little bit of time with my family members. After reaching the office, I met my core team members to check the daily activity.

If there are issues, then I resolve the issues in the first half. The second half is meant mostly for business development or product development purposes. In the evening, I again meet my core team to review the day's progress," says Lenin.

I encourage my team members to make independent decisions by giving them more autonomy to make some risky decisions, even in cases of monetary loss. If we lose, we learn if we win, we gain. I prefer a democratic approach to Entrepreneurship. For me, it is all about learning from mistakes.

No one can make the right decisions every time. If my decision goes wrong, then I learn from my mistakes and try ways to make it right. I don't believe in quitting, no matter how miserable is the failure.

Due to the work pressure, I regret not being able to spend time with my family, and work hours are longer than others. It is difficult to get a bare minimum of six hours of sleep.

I would name my autobiography "How Signature Turned into Autography."I am a travel buff, but my favourite places are London, Zurich, and Dubai. I love spending my time planning new business models, playing with my little daughters and reading Economies Times.

I want to improve my decision-making ability and patience. My advice for budding entrepreneurs is "Be ready to face the hardship challenge, whatever problems or challenges." At present, I am focusing on increasing our brand width to tier-two and three cities with the goal of propelling Buck4India to serve over 500 satisfied clients within the upcoming year.

Buck4India
ENFRIEN: PAVING THE WAY FOR A SUSTAINABLE FUTURE IN INDIA WITH SUSTAINABLE ENERGY SOLUTIONS
Buck4India
NARENDRA KUMAR

Female Entrepreneurs

No stories found.

Marketing Tips

No stories found.

Software's for Small Business

No stories found.
logo
StartupCity Magazine
www.startupcityindia.com