What you'll learn:
- How to best manage a debtors book to maximize Working Capital.
This Debt Collection Management course will assist you or your staff to fully understand how to manage your Clients who owe you money, ensuring your business always has a positive cashflow.
The course is designed for Business Enterprises who offer their clients credit terms and need to learn how to best manage their debtor’s book to maximize Working Capital.
Running a successful business is never easy. Even when business is booming, businesses are faced with the unenviable task of chasing payment of outstanding invoices. For some, this can be a painful and gruelling task. On the flip side, the unfortunate reality is that some businesses struggle.
Businesses with effective debt recovery practices ensure an emphasis on setting out the rights and obligations of parties from the outset in any documented terms of trade, credit applications, or on invoices.
This makes the taking of recovery action at a later stage more straightforward, and ensures that the creditor business is in a strong position to demand payment.
Once recovery action is required, businesses ought to adopt set strategies which establish strict timeframes for recovering activities, including the issuing of demand letters, making of phone calls, and escalation of matters to legal proceedings or referral to a collection agency.
During this course, the following Topics are covered:
· The importance of Working Capital & Cashflow - When is a Sale really a paid Sale?
· The importance of Risk Assessment – How to choose clients
· The implementation of a Credit Policy - How to treat clients
· Communication styles to be used with Customers - How to communicate with clients
· Letters of Demand & Repayment plans - How should clients respond
· How to Measure the effectiveness of your Debt Collection – Are all possible steps being implemented to collect outstanding monies due to your business?
