A Simple Mistake that Could Cost Your Business Millions?

A Simple Mistake that Could Cost Your Business Millions?

Last Updated on January 31, 2019

Did you know that a simple misunderstanding could cost your company millions of dollars? And that’s not all…if you’re a small business owner, it could literally put you out of business.

This might sound crazy, but one reason people use call recording software is tmanage-your-risk-liabilityo protect themselves from these kinds of threats. How can a misunderstanding put you in legal and financial trouble?

He Said, She Said, Cha-Ching

You’ve no doubt seen the dozens of frivolous lawsuits brought against businesses over the past few decades. They’re everywhere. In fact, there are now websites online which teach people how to find someone to sue.

If you’re in a regulated business, where saying the wrong thing to a customer, failing to verify an account or giving information to someone who isn’t authorized on an account could put you in hot water with a regulatory body, you already know how careful your reps have to be on the phone.

You’ve probably had customer complaints which were completely inconsistent with the reps story about what happened on the call. The human memory isn’t as reliable as most of us assume.

Just think about the last time you had a disagreement with your spouse because they heard something different than what you said.

But if the client decides to hold you legally accountable for one of these misunderstanding, the game changes quickly. Things get more expensive, and that’s when you need rock solid evidence about what was actually said on the phone.

How Serious Is This Problem?

It depends on whether you get caught. Most business owners aren’t thinking about this issue, until something happens. Then, they’re kicking themselves for not being more proactive.

Case in point, last month, a prominent company was fined a quarter BILLION dollars for giving the wrong information to a client. The client suffered a significant financial loss and a great deal of trouble because of the advice.

As a result, this large company is probably going to be bankrupt within the next 12 months. If you run a regulated business or one which is a target for these types of lawsuits, let this be your wake up call.

How to Be Proactive, Not Reactive

There’s only one way to protect yourself from lawsuits involving false, misleading or inaccurate information passed on to your clients.

You need to have a dependable solution for recording and archiving calls. The more well documented your conversations are, the easier it will be to settle these kinds of lawsuits before they become messy.

Last Updated on January 31, 2019