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Debt Management

This Debt Management training course is a 1 Day public programme, shows how to deal effectively with this problem, while maintaining positive customer relations, demonstrates the best collection techniques & shows you how to be firm and effective in your approach.

Product Code:
LD31
Duration:
1 Day
Times:
09:30-16:30
Cost Includes:
Training course materials and after-training support
Contact Name:
Sinead Landers
Venue:
Limerick
Date:
X €295.00
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Course Contents:

INTRODUCTION

  • Introduction / The principles of effective debt management
  • Our Aim – to retain the customer in a profitable manner while protecting our company’s assets
  • Understanding our company’s Credit Policy / Terms of Trade
  • The Financial Impact – Cost of bad debts on the Bottom Line
  • Using accounts data / Aged debtors listing / statements

KNOW YOUR CUSTOMER

  • Knowing Your Customer / Understanding different Customer Types
  • Know your customer’s payment processes, invoice payment dates etc
  • Working with our sales colleagues / customer service teams to maximize outcomes
  • Where in the debt cycle is the customer? Early, past-due, overdue, delinquent?
  • Which approach to use?
  • Importance of preparation for every customer engagement

PLANNING YOUR CALL

  • Have all information to hand
  • Setting specific goals for the customer call
  • Devise a collection strategy for each customer (phone call / personal call / email / letter)

THE CALL / GOOD DEBT COLLECTION TECHNIQUES

  • Key behaviours for staff
    o Voice / Tone / Attitude
    o Assertive
    o Professional
    o Persuasive
    o Polite
  • Maintaining control, staying focused
    o Using questions
    o Active listening
    o Negotiation skills
    o Overcoming objections
    o The Elastic Band approach
  • Handling difficult conversations
    o Feel – Felt – Found
  • Getting the customer to commit to payment
  • Think smart, stay ahead of other creditors
    o Pre-dunning : ringing ahead of due date to ensure invoice in order, check on any issues
    o Consider other methods of contacting debtors e.g. text messages to mobile numbers, email, fax.

FOLLOW-UP AND DOCUMENTATION

  • Follow-up, communicate internally and with customers, formally agree any arrangement
  • Use of a diary system
  • Importance of Documentation

PROCESS IN EVENT OF NON-PAYMENT

  • Technical issues
    o Returns policy
    o Retention of Title
    o Penalties / interest for overdue payments
    o Formal remedies available / Enforcement
  • Escalation policy – Help if needed

OUTCOMES / CHALLENGES YOU FACE

  • Outcomes of better debt collection
    o Lower or no bad debts
    o Improved cash-flow
    o Faster resolution of customer disputes
    o Stronger relationships with customers
  • What challenges have you met? How did you overcome them?

CLOSE / Q&A DISCUSSION

This Debt Management training programme may be of interest to individuals who are new to the field of credit control & debt collection but the course would also be useful for people already working in the area who want to refresh their approach to get improved results.

Classroom based, instructor lead, practical hands on course.

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