DEBT COLLECTION WORKSHOP

DATES–                     9-10 JUNE 2022

VENUE–                     Management Training Bureau, Msasa

TIME–                         0830 – 1600 Hrs

OVERVIEW

Debt collections play an integral role in the cash cycle. New and more effective strategies for collections are essential in a highly volatile environment.

This seminar explores debt collection best practice in the quest to keep cash flows sound.

COURSE CONTENT/ COVERAGE

The Role of Receivables in the Business Process
· Understanding the business – from initial contact to settlement discounts
· Key decision-makers in the Debt Collection Process
· Terms of sale and characteristics of credit

Credit Policies that Work
· The key elements of a credit policy
· How companies utilise credit policies
· Setting conditions when an account will be stopped or held for review
· Raising interest as a discipline tool
· Final demands, letter of demand etc.

Successful Collection Planning
· Familiarising yourself with the debtor’s business
· Establishing best time and best person to contact
· Why the “large debt” collection process is different
Negotiation and Conflict Resolution during Collection
· The problem identification process
· Establishing your positions and fall backs
· Negotiation tactics you can use over the telephone
· Defusing angry or defensive people
· The importance of active listening

Collection Timing Strategies
· Understanding how the debtor assigns payment priorities
· Moving your own company to the top of the payment priority list
· Keeping the pressure up
· How not to clash with debtor’s priorities

Developing a Profile of your Client over the Telephone
· Categories of customers
· Personality types –from difficult to abusive
· The effects of age and experience
· The range of excuses you can expect from each type
· Satisfying debtor’s wants and needs

Debt Collection in Difficult Situations

· Creative ways to discover the real reason for non-payment
· Successful methods used to negotiating alternate payment methods

Bad Debt Warning Signals

· Spotting changes in payment patterns
· Other more subtle warning indicators
· Implementing limit checking and payment monitoring
· Understanding the real cost of a bad debt

Dealing with the Criminal Debtor
· Planned debt – Dealing with the Con Artist
· Unplanned debt – Handling the Opportunist
· Locating disappearing debtors

Ensuring Debtors Honour their Commitments
· Cultivating a relationship with your contact
· Getting it down on paper – memory alone can prove disastrous

TARGET AUDIENCE

Credit & Debt Managers

Financial Managers & Directors

Credit Controllers

Accounts Officers

Accountants

Credit Supervisors

Internal Auditors

Small business owners

The same programme can also be offered as an inhouse training at your own scheduled time and venue with specific attention to your exact needs.