Receivables Management
This training course will introduce you to new skills that will help increase your performance and the support you offer your team, department and manager.
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 & the 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
- Clarify your purpose, and keep it in mind
- Familiarizing yourself with the debtor’s business
- Establishing best time and best person to contact
- Why the “large debt” collection process is different
Negotiation & Conflict Resolution during Collection
- The problem identification process
- Establishing your positions and fall backs
- Negotiation tactics you can use over the phone
- 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
- The four 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 – Case Studies
- Creative ways to discover the real reason for non payment
- Successful methods used to negotiating alternate payment methods
- How companies have gained debtor commitment
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
- Un-planned Debt – Handling the opportunist
- Locating disappearing debtors
Ensuring Debtors Honour their Commitments
- Cultivating a relationship with your contact
- Get it down on Paper – Memory alone can prove disastrous
- Setting up alternative ways to recoup funds
- Taking control of the follow up
Here is what some of the previous participants of this program had to say:
“We learnt a lot of new techniques which will help us to implement in our organisation”
“It was brought across to us in a such a way that we have go back and implement”
Beginning of the program:
Each participant has to fill in a pre-training need form to ascertain their expectations that can be catered to by the facilitator.
At the end of the program
Each participant has to submit a Post Training Action plan for implementation and to ascertain the Return on Investment.
