Credit control and debt collection

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Description:
Reduced cash flow due to non-collection of overdue accounts is a common problem for many businesses. This course shows how to deal with slow paying debtors while maintaining good customer relations. The course deals with inter-departmental cooperation, communication/control systems and overall policies in simple clear terms. It covers personal effectiveness skills for Credit Controllers and techniques to use the telephone and other communication tools for business advantage.
Prerequisites:
Participants will have a basic understanding of the Accounts Receivable & Debtors function within their organisation.
Who Should attend:
Participants will generally be new to the field of credit control & debt collection but the course would also be useful for people already working in the area who want to reappraise their approach to improve results.
BENEFITS FOR PARTICIPANTS:
Participants will:
• Gain a clear overview of how credit control & debt collection fits into business activities and the support systems required for effective cash collection
• Understand the common goals shared with other departments and how these other departments can help in credit control & debt collection
• Agree on the key behaviours for effective cash collection
• Gain or rediscover at least two significant techniques & practices to improve their performance
• Commit to transfer the skills, knowledge and attitudes from the programme to the workplace to develop "best sustainable practice" in their work.
CONTENT:
The Big Picture:
Goal of Credit Control & Debt Collection
How organisations work
Policy & Direction
Cooperation and collaboration between departments
Can you identify improvements to policies, organisation and systems?
How efficient and effective are you?
Three Key Tasks for people working in credit control & debt collection
Understanding Power and influence:
How important are you to the customer/client?
Sources of power and authority
Push and Pull styles of interaction
Influencing skills
Negotiating skills :
Types of negotiator
What would you most like to know about your counter-party
Useful terms and concepts in negotiation
A five step process
Preparation – establishing interests, options, alternatives and constraints
Tips and tactics
The “Good Negotiator”
About Debtors:
Debtor Types
Debtor Attitudes
The Debtor’s State of Mind
Your knowledge skills and attitude:
Motivation and method
Communicating and listening skills
Defusing aggression
Assertive behaviour and the “win-win” approach
How to use Questions
“The Good Collector”
The Call:
Contacts, tactics attitude and tone check
Closing
Afterwards
Dealing with Resistance and Excuses:
A systematic approach to problem solving
The top six excuses
When all else fails – The Legal Process
Review & Close:
What will you do or change?
Course Assessment