Debt collection skills & techniques

Techniques to Prevent & Collect Outstanding ReceivablesTechniques to Prevent & Collect Outstanding Receivables

‘Professional ‘Professional Debt Collection Techniques’Debt Collection Techniques’


Professional Professional Debt Collection TechniquesDebt Collection Techniques

Collect your Outstanding Dues with our 2 Day Training on:

ProfessionalProfessional Debt Collection TechniquesDebt Collection Techniques(Techniques to Prevent & Collect Outstanding Receivables)(Techniques to Prevent & Collect Outstanding Receivables)

Facilitated by Leading Corporate Trainer: Gerard Assey, CMC, FInstSMM (UK)

If you have 8 or more personnel,this session could be tailor-made &conducted at your premises orvenue of choice

www.Sales-Training.inwww.CollectionSkills.comwww.SalesTrainingIndia.com

Websites:



‘Collection Skills’- a leading Training Provider & the only one in this part of the world to belisted in the ‘Collections & Credit Risk Magazine’ under ‘Who’s Who in Training’ & ranked TOPon mostsearch engines.

‘Collection Skills’- as the name says, specializes in conducting Professional TrainingPrograms for the industry in ‘Prevention & Collection of Debt’ and has been regularly doing sofor over 10 years serving customers from a diverse range of industries, with an impressive listof some of the top mostnames in India, Middle East, Africa & SE Asia.

Right now, with cash tight and business slowing down, banks need to go after the bad debts likenever before. Theyneed to go after the receivables even it if means getting just something now!

Like all significant economic change, it creates opportunities for those who have it in them todeal with it. During economic downturns, one of the main reasons why businesses go under isbecause they run out of cash. However sound your business is in other ways, successful CashFlowManagement should be the main priority.

About About Us :Us :



A recent study on the growing sickness in industries and businesses reveals that BAD DEBT isthe one major cause for bankruptcy. In a buoyant economy, selling on credit has a number ofadvantages, especially when it generates a larger volume of business as well as widens one'smarket share. In fact, selling on credit often 'Makes' or 'Breaks' a sale and at most times givesone that edge over competition. Yet, one cannot afford to take this area of credit control lightly,as too many companies everyday are mounting with debts that are increasingly doubtful ofrecovery

Has it ever occurred? …That before the customer buys your goods both are interested - he inyour goods and you in his money, but once he gets the goods he is no more interested. It's onlyyou (for your money!). A company can have the finest product, a superb sales record and themostdedicated workforce,but if it does not get paid (.... and on time!) it will die. An unpaid debt




is a loan being financed by your company - it means that many companies are prevented fromachieving their full potential, because instead of using borrowed money to develop and growtheir business, they are having to borrow money just to fund their own sales ledgers - with themost precarious risk to a company's profit on the sale being the interest expense from non-payment on time.

Managing credit and collecting money therefore are the 2 most important and vital factors which decide the fate of any business




To ensure participants are equipped with the necessary skills inCollecting/Minimizing the outstanding, while yet keeping the Customer.

To provide a thorough understanding of how bad debt occurs, the impact it hason the organization & how the prevent it (the most vital part!).

To equip participants with the skills in understanding the behavior pattern ofcustomers, (beginning by understanding their pattern), in order to ensure thatthey fine-tune theirs to that of each customer.

To ensure that the team is equipped with the skills to manage /control/ monitor Collections on a day- to- day basis.

Objective Objective of the Program:of the Program:



‘Collection Skills’ program on ‘Professional Training Skills for Collection of BadDebt’, would cover the basics in credit & cash flow management right from howbad debt occurs, through the steps of an effective collection call (both onphone & face to face) with emphasis on the importance of documentation/reports/ procedures for systematic follow-up; including series of letters andgeneral tips for chasing your money too (by encouraging proactive methods!).

A must for anyone involved in collecting money: Managers & Executives inCollections, Credit Control, Sales, Finance, Internal Audit & Customer Service,at all levels, (right from top down to the front line) will find this programextremely beneficial

TargetTarget Participants:Participants:

Program Program Outline:Outline:



Detailed Detailed Program Outline:Program Outline:

qIntroduction

qBusiness Cycle (Cash Flow Merry-go –round)

qSlide to Insolvency

qHow money is lost everyday

qPareto Principle (80:20 rule)

qBad Debt- A major profit leak

qMajor Causes for Bad Debt

qDanger/ Warning Signs that can alert u!

qWhy Customers don’t pay

qBenefits of paying on time

Part A



q Qualities & Attributes that can make you a Professional Collector

q Key Activities & Responsibilities of a Collector

q Strategy & Implementing the Collection Program

q Steps to an Effective Collection Call

q Objectives of your Call

q Pre-Call Planning /Importance of Preparation(Physical, Mental, Voice, Tools, Client information: Past History, Assessing Intent/ Ability to pay, Market/ Industry/ Competition Analysis/ Situation, Call Strategy)

Part B




q The Collection Call -Approach/ Control/ Follow-up

oApproach-When, Where & How to contact customers•Opening your Call: What to say

oFact-finding•Communicating with Confidence•Effective Listening & Obstacles to Listening•Skillful Questioning Use of Open-ended questions•Confirming Understanding/Paraphrasing•Being Assertive!

oBridge to Payment Plan-Transition statementsoPrinciples of Negotiation

•Types of Negotiation

Part B




•Benefits/Uses of Negotiating•Variables in Negotiating•Power to influence Negotiation•Key Essential Rules in Negotiating•Tactics of Negotiating

oThe Payment PlanoOvercoming/Handling Problematic/ Difficult CustomersoThe CloseoFollow-up

qUnderstanding yourself, to be able to understand others better, & how to use this tool in interacting with customers as partners, to build long-term relationships.

Part B




qBack-end Systems & Procedures

qReminder letters/emails & other methods of Chasing: How should they be handled

qImportance & Samples of Different Records/Reports/Procedures

qMethods to Track/Monitor & Measure Performances, Documentation Procedures Systematic Follow-up

qCategorizing Customers/Defaulters with specific skills sets to handle each type

qImportance of Coding Customers/ Unique Method of Coding

qGeneral tips for chasing money (by encouraging proactive methods!)

Part C




qCoping with Stress & Pressures experienced by the Collector

qCompliance requirements

qAvoiding debtor rights from being violated & adhering to the rules & ethical behavior for Collectors.

qManaging your time/ Prioritizing

qVideo clippings of Good/ Bad call

qRole-Plays of entire Call

qQ & A Session

Part D




At the end of the program participants would have learnt to manage credit, andwould have learnt to develop a complete systematic collection program, gainedconfidence in collecting money and have acquired several new ideas forimmediate use, including taking back an Action Plan which can be put toimmediate practice.

ActionAction Plan:Plan:



ProgramProgram Methodology:Methodology:

Using a combination of SEE & REMEMBER, along with DO & UNDERSTAND, supportedby audio-visuals, video clippings/movies, exercises & role-plays, providing everyone anopportunity to experience & practice the skills throughout the session, the program couldbe specifically tailor-made to suit any exact need.

üAt every important stage of the call, video clippings would be played to reinstate a point.

üAt the end of the session, video clippings on a ‘‘GOOD’GOOD’ & ‘BAD’‘BAD’ call would be shown followed by role-plays to ensure that participants are fully equipped

üAn exhaustive exercise on the various Excuses/ Objections raised by customers and the professional approach used to handle these.

üAn exercise on understanding the behavior pattern of Customers, & how to use this tool in interacting with the internal & external customers, to build long-term relationships



Testimonials:Testimonials:

“Valuable pieces of “Valuable pieces of advice…very good, step advice…very good, step

by step, organized by step, organized course, that I would course, that I would

highly recommend..!”highly recommend..!”

“Gerard delivered “Gerard delivered from his heart…well from his heart…well

structured for our structured for our job!”job!”

“Very “Very veryvery interesting interesting course…very practical & course…very practical &

lively course…A must for a lively course…A must for a professional”professional”



We service some of the top most names as Clients in India, Middle East , Africa & SE Asia…names and testimonials of which can be seen on the websites listed below:

Websites: www.Sales-Training.inwww.EtiquetteWorks.inwww.CollectionSkills.comwww.RetailSalesTraining.inwww.SalesTrainingIndia.comwww.ManualPreparation.comwww.FirstContactAcademy.com

Phone:(091-44) 43531000(091-44) 43531300

Hotline: +91 94440 365(days)(days)24(hrs)(hrs)

Mobile: +91 98400 99899

Email:[email protected],[email protected]@SalesTrainingIndia.com,

Debt collection skills & techniques

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