Collect & Prevent Overdue Outstanding
Today is a turbulent time for business and the economy is in a heightened state of flux. Reaching Business Targets is difficult. Credit thus plays it’s part in achieving higher sales and expanding markets. Unfortunately poor credit management can kill a business. Assessing business risk and prospects, deciding a credit limit and credit period are backbone of credit management. These areas are least understood or controlled by most organisations. This workshop addresses the concerns of an excellent organisation.
Building a Credit Policy:
- Fundamentals of Good Credit Management
- Principle of Offering Credit,Terms of Payment
- Collection Policies and Practices:
- Building Credit Policy based on Needs of Market,
- Credit Ratings-Will They Pay?
- Credit Worthiness
Managing and Controlling Your Receivables/Outstandings:
- When is it time to collect? Understand when it’s time for action — and what action to take
- How to steer clear of the collection mistakes made most often
- Does your company’s credit policy ease or impede collections?
- Tools of the trade: Staying organized and in control of your massive workload
- Why no business can afford to ignore collections
- Power techniques for keeping track of what you’re owed
- What you can do to prevent many accounts from becoming past due
- The importance of using up-to-date and accurate information
Secrets of Successful Collectors:
- Putting yourself in the debtor’s shoes: why people don’t pay
- Why you’ll be more effective in collecting if you make it as painless as possible for the debtor
- How to stay positive when you’re surrounded by so much negative energy
- Keys to establishing a rapport with debtors that help you collect more money fast!
- Smart tactics that help you ease the debtor’s defensiveness
- Maintaining goodwill so you don’t lose potentially good long-term customers
- When to turn up the heat — and when finesse will get you further, faster
- Be consistent — always follow up when you say you will
- Tactics to use when a debtor blatantly lies
- How to handle “special” collections situations — including when a debtor writes a bad check, how to get full payment from someone who thinks a partial payment is enough, and more
- When — if ever — should you agree to settle a balance for less than the total amount owed
The Telephone a Powerful Collection Tool:
- The importance of adopting a positive frame of mind
- Maintaining a client status report — important info you need to keep tabs on
- Getting past the gatekeepers who prevent you from speaking with your debtor
- When’s the best time to make collections calls?
- Should you ever put a debtor on hold?
- Listening and questioning skills that’ll prove invaluable in getting customers to pay up
- What days are “prime” collection days?
- Essential follow-up documentation to phone conversations
- One thing you should never do with a client — argue!
- Soothing the irate customer
- Reenergizing after you’ve had an emotionally upsetting call
- Establishing a rapport with clients — especially those you know you’ll be working with in the future
- How to handle abusive insults and yelling
Excuses – Handle Them With Confidence and Finesse
- I never received a bill for the product or service …
- you probably never sent it!
- you sent it to the wrong place.
- you sent it to the wrong person.
- I misplaced the bill — when you send another, then I’ll pay.
- The Cheques in the mail.
- I just don’t have the money right now.
- Our computer prints all Cheques at the end of the month.
- We’re having serious cash flow problems — but we’re good for it.
- The boss is out of town and no one else has the authority to approve Cheques.
- I have moved to other company, somebody else is in charge.
- We’re expecting big Cheques in a month and then we can pay the balance IN FULL.
- The computer is down so we can’t print any Cheques right now.
- I don’t owe what you say I owe you.
- Those weren’t the payment terms I agreed to!
- I’m sure we’ve already paid that bill — your records must be wrong.
- This bill is way too high — I’m not about to be overcharged!
Collection Letters & Written Documentation of Conversations
- How to make sure your collection letter is opened — and read!
- How many collection letters are too many?
- What you should always include along with your collection letter
- When should you threaten legal action? And, just as important, when is it a BIG mistake?
- Phrases and words that do NOT belong in a collection letter
- Standard reminder letters — when to send and what to say
- Follow ups: The importance of doing what you said you were going to do
- Documenting a debtor’s payment plan agreement — get it in writing!
- Using certified mail — when and why
- Final notice: What to say and how to make sure the debtor understands you mean business
- Gentle reminders for people who usually pay on time
- Can a debtor sue you for harassment? Yes — learn when and how
- Promissory notes
- What are your options when you know — without a doubt — that the debtor has no intention of paying
- Working with outside collection agencies
- What you need to know about laws that apply to collections.
- Don’t put yourself or your company at risk: Learn which laws collectors violate most often
- Tips for tracking down customers who’ve skipped out on their debts
The programme will benefit all Executives and staff from
- Sales Administration
- Distribution (direct or channel)
- Customer Care
Timings: 9:30 am – 5:00 pm , Registration begins at 9:00 am
How to Register:
- Fees: Rs. 8,650/- +18% GST per person.
- Please write to email@example.com/ Call -022 67256200
- Provide Below Details for Registration :
- Name of the participants:
- Company Name and address:
- Contact details of Participants (Email ID & Number):
- Cheque favoring Princeton Academy Mumbai II Pvt. Ltd. payable at Mumbai.
- Fees includes lunch, tea, course material etc.