📌 Introduction
In today’s challenging economic times, managing cash flow is more important than ever. Oftentimes, the root of the problem is having too much uncollected revenue.
Managing cash receivables is both unpleasant and an unfortunate reality of a successful business. No one likes calling anyone because they owe money, but if multiple customers are behind their payments, then it can lead to a cash flow crisis. The build-up in the Accounts Receivables could be resulting from poor billing / invoicing procedures or many other controllable factors.
In this workshop the participants will learn Key collection tools, tips, and techniques, develop effective collection strategies necessary to maximize their cash collection effort.
🎯 Course Objectives:
📌 To identify and address the new challenges in debt collection in the current business climate.
✉️ To learn the do’s and don’ts of collection letters and emails, including timing, language, and legal boundaries.
📞 To develop effective telephone collection and negotiation techniques with assertiveness and professionalism.
🤖 To understand how to leverage technology and data to locate debtors, automate follow-ups, and stay organized.
💼 To apply customer-sensitive strategies that maintain relationships while recovering payments efficiently.
⚖️ To gain awareness of legal considerations in collections, including documentation, escalation, and litigation risk.
Managing and Controlling Your Receivables
- When is it time to collect? Understand when it’s time for action
- How to steer clear of the collection mistakes made most often
- Tools of the trade: Staying organized
- What you can do to prevent accounts from becoming past due
Excuses – Handling Them With Confidence
- 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 Cheque’s in the mail
- I just don’t have the money right now
- Our computer prints all Cheques at the end of the month
- The boss is out of town and no one else has the authority to approve Cheques
- I don’t owe what you say I owe you
- Those weren’t the payment terms I agreed to!
Collection Letters & Written Documentation
- How to make sure your collection letter/email is opened – and read!
- How many collection letters/emails are too many?
- When should you threaten legal action? And when is it a mistake?
- Phrases and words that do NOT belong in a collection letter
- Standard reminder letters – when to send and what to say
- Using certified mail – when and why
- Final notice: What to say and how to make sure the debtor understands
Legal Issues
Understanding the legal aspects of the collection process