Effective Debt Collection & Credit Management

Do you know the impact of late payments or bad debts can affect your organisation’s profitability and cash flow?

Do you know the credit control and debt collection team role is vital to ensure your business continuity?

Many times, companies go into financial difficulties because of the inability to collect outstanding payments poorly constructed agreements, and a lack of information results in overdue payments, cash flow shortage.

If your business grants credit to clients and vendors, this workshop is important for you to practice a proactive approach to prevent payment issues by learning to establish correct policies, controls, and commercial awareness throughout your organization.

Timely payments collection is an important part of your overall business.

This practice promotes good cash flow, minimize gearing and bad debts, and maximizing profits.
 

In this workshop, the facilitator hopes to share his 37 years of practical experience in credit management i.e. 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.

By the end of the Debt Collection workshop, you will be able to:

• Understand the business impact through understand the insights of credit management, credit control, cash flow, debt collection and legal actions
• Apply proven debt collections strategies through the phone, emails, physical collection and other creative means.
• How to collect debts successfully from financially distressed debtors
• Deal with excuses and promises of debtors
• Reduce credit exposure of risky clients
• Implement proactive & effective credit management and debt recovery strategies
• Understand the useful collection strategies on default debtors
• Understand how to take legal actions to maximize debt recover

Debt Collection Personnel and Credit Controllers
Credit Assistants, Supervisors, Executives & Managers
Finance, Accounts & Admin executives and Managers
Sales & Marketing Managers & Executive, Key Accounts Managers
Executives to Senior Managers
Financial Agents
Entrepreneurs & Business Owners

Introduction

Setting Expectations
• What do you expect to learn from this course?

Credit Management
• Its purpose & objectives
• Policies and procedures

Important of credit assessment
• Credit Assessment Policy
• Establishing Creditworthiness
o Opening New Account
 Basic Information Source
 In-dept Information Source
 Credit Visits
o Credit Limit
o Credit Term
• Credit Limit Review

The C’s of business credit
• What are the C’s of business credit?

Credit Rating
• What is Credit Rating?

Prioritize debts recovery
• Unless we prioritize recovering debts, it will go down as a result of poor debt recovery management
o Collection Policy
o Right attitude for Collection
o Negotiation Techniques
o Hire right person
o Build Customer Relationships
o The techniques
o Telephone Collection Skills
o Reminder letters
o Site visits
o What went wrong?

Case Study
• How to reduce the risk of late payment

Explore external collection methods
• Outsource to Debt Collection Agencies
• Debt recovery through Legal Proceeding

05.00 pm End of Training Session

• Highly Interactive Session, with a bilateral approach to the subject matter allowing participants to share incidences at respective work locations.
• Short Video Presentation
• Mind Mapping and Recap Sessions
• Workshop Session – allowing participants to have hands-on participation in the application of planning, implementation, execution, and compliance inspections strategies and work in synergy with other participants
• Ice Breaking / Monotony Breaking Sessions – Purpose of rejuvenating the min

“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. Tan.  I personally like the topic related to credit management 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.   Tan 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. Tan 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. Tan 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. Tan 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