PRACTICAL DEBT COLLECTION
A sale is not a sale unless payment is received. And, in times of economic and business slowdown, it is inevitable that a more than usual number of accounts receivable will become overdue, difficult to collect and perhaps eventually turn bad and have to be written off. This will affect not only the bottomline of the business but, more importantly, also its cash flow – the lifeblood of the business. In difficult times then, the preservation of assets and the efficient and effective collection of receivables assume paramount significance. However, to say that you must collect your pastdue accounts quickly now is easier said than done. How do you persuade your customers to pay you on time when they are so used to stretching their credit terms way beyond what you have extended them? How do you convince your customers to pay you first (before paying their other creditors) with their limited cash resources? How do you get your customers to work out an acceptable payment arrangement when they themselves are in financial difficulties? How do you…………? Attend the course and find the answers to these questions and many more others on how to collect your accounts receivable more effectively. Some Course Highlights
• • • • • • • • Establishing a Collection Policy / System -drawing up a collection plan Investigating and classifying problem / past-due accounts – to determine the collection strategy / approach Locating the whereabouts of “skipped” customers / debtors Making collection calls – the telephone call – the personal visit Handling difficult defaulting customers Negotiating an acceptable payment arrangement Using more aggressive collection tactics When and how to use lawyers / professional debt collectors to assist you in your collection efforts
Course Contents
• • • • • • • • • • • The importance of managing receivables well – the high cost of slow collection of receivables Debt collection – whose responsibility is it? – a paradigm shift required Establishing a Collection Policy / System Classifying receivables Investigating and classifying problem / past-due accounts Doing your homework – assessing the situation – developing the collection approach Tracing “skipped” customers / debtors Writing collection letters that work Making the collection call - through the telephone - the personal visit Using more aggressive tactics Dealing with difficult / abusive / threatening defaulting customers / debtors Negotiating an acceptable payment arrangement When is a debt uncollectable? When to resort to legal action – an overview of the legal recovery process When to use a Collection Agency/a professional Debt Collector – what is involved when using one
Who Should Attend All those who are responsible, directly or indirectly, for ensuring that all the accounts receivable are maintained in good health and are collected when due. These would include, of course, not only staff who are involved in managing the finance and accounting functions but also those who are in sales and marketing Training Methodology Many actual case studies will be discussed during the course Duration 2 days
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Enquiries, please call : SBF Group Of Consulting Companies Malaysia Tel 603-78033688 Fax 603-78030399 Singapore Tel 65-68751520 Fax 65-68751521 Website : www.sbf.biz