Packed with effective and proven to work techniques, this one-day program on Credit Management and Debt Collection is highly interactive and uses a very useful approach in dealing with day to day collection needs.
Collecting accounts receivable without having adequate skills of negotiation could mean leaving money on the table. On the other hand understanding negotiations and not having the required collection skills could reduce performance and recovery rates. For companies, a well trained employee means optimal resource utilization, increased cash conversion, reduced credit risk and excellent return on investment.
With an abundance of practical and engaging collection and negotiation scenarios the program is tailored to challenge linear thinking that make the lessons practical and lasting. The program is designed in a manner to tutor new collectors and at the same time stands as a refresher for the more experienced.
Taught by an expert, this course is an intense workshop, yet enjoyable and very practical.
Bad debt, the opposite of profit, unfortunately, is a part of doing business, but not something that cannot be managed and control to a minimum thus ensure the company stays on the right track of profitability. A better understanding of the credit assessment policy and its control mechanism, which covers credit evaluation and credit limit review, would lay down a strong foundation to manage your company’s risks to minimize bad debts.
Collecting book debts appears to be ‘so difficult’ to many people and deem uninteresting. Many people also find collecting debts an unpleasant job, not to mention frustrating and even complicating at times, even to senior staff. However, with the understanding of the credit recovery policy plus acquiring of the appropriate tools, strategies and techniques through training, collecting a debt can be professionally challenging and exciting career.
WHAT YOU WILL GET FROM THIS COURSE
In this workshop, the facilitator hopes to share his 24 years of practical experience in credit management, that is CREDIT ASSESSMENT AND RECOVERY, the 2 important components that would outline how to carry out the roles, functions and responsibilities appropriately to cope with the pressures, within or outside your organization, in handling professionally issues related to debt collection and ensure the company stays on course to achieving its goals.
- Understand the meaning and reasons for Credit Management
- Appreciate the important of credit policy in defining the objectives, function and responsibilities of credit department to achieve maximum profitability from trading
- Realise the need of credit assessment due to selective risk-taking in the interests of increasing overall profitability
- Establish a Collection Policy that not only ensure recovery of debts, but also provide follow up procedures in monitoring and collection of debts
Who Must Attend
- Credit Assistants, Executives & Managers
- Finance, Accounts & Admin. Executives and Managers
- Executives to Senior Managers
- Marketing Professionals in-charge of collection
(Course content consists of 35% in Credit Assessment & 65% in Debt Collection)
Ø Setting Expectations
- What do you expect to learn from this course
- Sharing Real-Life of Problematic Debt Experiences
Ø Introducing Credit and Its impacts
Ø Why need Credit managements?
- Credit management is…
- Policies & Procedures
Ø Credit Assessment Policy
- Establishing Creditworthiness
- Opening New Account
§ Basic information sources
§ In-depth information sources
- Customer Visit
- 6Cs of Credit
- Credit limits & terms
Ø Credit Limit Review
- At least once a year
- 3Cs of Review
Ø Case Study – Sales & Credit Relationship
Ø Collection Policy
§ Right Attitude for collection
- Committed Attitude
- Get rid of wrong attitudes
§ Negotiation Skills
- Principle of successful negotiation
- Case Study - Habits of effective negotiators
§ Hire right people
- The best person not necessary right person
- Case Study - Attributes of an effective collector
§ Case Study – How to handle a difficult customer
- Repeat payment obligation
- Pareto Principle
- Cash discounts
- Penalty charges on late payment
- Stopped supplies
- Close rapport
- Provide Collection Service
- Staff Incentive Scheme
- Computer Aids
- Automated and Interactive technologies
§ Collection by Telephone
- Before making the call
- Making the call
- Closing the call
- Subsequent follow-up
- 10 Commandments
§ Personal Visits
§ Big accounts
§ Disputed invoices
§ Suspected fraud cases
§ Possible business closure
§ 1st Reminder
§ 2nd Reminder
§ 3rd Reminder
§ Post-mortem of bad debts
§ Report from sales personnel
§ Review Credit System
§ Why follow-up procedures failed to raise alarm?
Ø Case Study - How to reduce the risk of late payment?
Ø Debt Collection Agencies
- Third party collectors
- Lack professional skills
Ø Legal Action
- Planning Stage
- Legal Process
- Legal Remedies
- Interactive input & presentation
- Case Studies
- Discussions, Q&A (Question and Answer)
“Before attending the course, I feel demotivated as I unable to engage with customers. However, during the course, I learned the way how to engage with customers. I feel more motivation and have more idea on how to engage with customers. Overall, it is an excellent training by Mr. Soo. I personally like the topic related to credit manage,ent and credit assessment.” – YH, Tan, Credit Control – See Hoy Chan Sdn Bhd
“I feel there is a need to learn more on debt prevention and collection. During the course, I got to learned what I needed which is the strategies and effectiveness of debt collection. After the course, I feel the objective of this training is achieved. Soo is knowledgeable and good ability to deliver the training successfully. I particularly like the topic related to strategies of collection.” – Nor Azlina, Senior Associate – Pos Malaysia Berhad
“Before the training, I feel that I have minimal knowledge about debt collection. However, during the course, I gained a lot of knowledge on strategies and effective to do collection during the training. I feel the training objective was achieved. Soo has very good knowledge on collection and he delivers the subject very well. It is a very good training to attend. I particularly like the topic related to strategies of collection.” – Siti Adiya,Senior Associate – Pos Malaysia Berhad
“After the course, I see the importance of credit control to a company. Soo is very aggressive and well experience trainer. I learned about strategies of collection through this training and all areas covered by Soo were great.” – Norhayati Alias, credit controller – Merck Sdn Bhd
“I learned how to handle difficulties on collection when dealing with customer. After the course, I fell how important the role as credit controller to the company. Soo has good experience, presentable and well knowledge on credit management. I particularly like the topic related to influential skills.” – Serene Chan, Senior Credit Management Executive – Merck Sdn Bhd
|Sign up 1 pax|
|Pay before course starts|
|MYR 1,590.00 per pax|
|Sign up 1 pax|
|Pay 14 days before course starts|
|MYR 1,390.00 per pax|
|Sign up 3 pax or more|
|Pay 14 days before course starts|
|MYR 1,290.00 per pax|
(Fee inclusive of GST, Buffet Lunch, Refreshment, Welcome Pack, Training Materials Certificate of Achievement)
1. ONLINE PAYMENT by Credit card: You can opt to register and pay online with our latest payment integration system through our website.
2. BANK IN CHEQUE
Bank in and then scan the Bank-in slip and email to us before the course commence to confirm your seat.
Courier your cheque payment to our Finance HQ.
*Note that we DO NOT take any payments during the event.
3. BANK IN CASH: You can also pay by cash through bank-in our company bank account.
4. Telegraphic Transfer- You can also opt to use GIRO or telegraphic transfer of payment via international banks.