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 past-
due 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
paradig