Debt Collection Training in Dubai

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Professional Debt Collection Techniques Techniques to Prevent & Collect Outstanding Receivables Techniques to Prevent & Collect Outstanding Receivables Professional Debt Collection Techniques

description

‘Collection Skills’- a leading Training Provider & the only one in this part of the world to be listed in the ‘Collections & Credit Risk Magazine’ under ‘Who’s Who in Training’ & ranked top on all top search engines. ‘Collection Skills’- as the name says, specializes in conducting Professional Training Programs for the industry in ‘Prevention & Collection of Debt’ and has been regularly doing so for the last 13 years serving customers from a diverse range of industries, with an impressive list of some of the top most names in India, Middle East & SE Asia. Objective of the Program a) To ensure participants are equipped with the necessary skills in Collecting/Minimizing the outstanding, while yet keeping the Customer using a very professional approach. b) To provide a thorough understanding of how bad debt occurs, how to prevent it, and the impact it has on the organization. c) To ensure that the team is equipped with the skills to manage /control/ monitor Collections on a day- to- day basis. d) To equip participants with the skills in understanding the behavior pattern of customers (defaulters), in order to ensure that they fine-tune theirs to that of each customer. Program Outline: ‘Collection Skills’ program on ‘Professional Training Skills for Prevention/Collection of Accounts Receivables/ Debt’, would cover the basics in credit & cash flow management right from how bad debt occurs with methods to prevent the same, through the steps of an effective collection call (both on phone & face to face) with emphasis on the importance of documentation/ reports/ procedures for systematic follow-up; including series of letters and general tips for chasing your money too (by encouraging proactive methods!). In brief the 4 HOW’s would be covered: HOW bad debt occurs (everyone needs to understand the impact of this on the organization) HOW to prevent (prevention is better than cure!) HOW to collect your money…& finally HOW to keep your customer!

Transcript of Debt Collection Training in Dubai

Page 1: Debt Collection Training in Dubai

Professional Debt Collection TechniquesTechniques to Prevent & Collect Outstanding ReceivablesTechniques to Prevent & Collect Outstanding Receivables

Professional Debt Collection Techniques

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Techniques to Prevent & Collect Outstanding ReceivablesTechniques to Prevent & Collect Outstanding ReceivablesP����������� P����������� D��� C��������� T���������D��� C��������� T���������

Collect your Outstanding Dues with our 2 Day Training on:

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(T h i t P t & C ll t O t t di R i bl )(T h i t P t & C ll t O t t di R i bl )(Techniques to Prevent & Collect Outstanding Receivables)(Techniques to Prevent & Collect Outstanding Receivables)

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

www.Sales-Training.inWebsites:

www.Sales Training.inwww.CollectionSkills.com

www.SalesTrainingIndia.com

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Techniques to Prevent & Collect Outstanding ReceivablesTechniques to Prevent & Collect Outstanding ReceivablesP����������� P����������� D��� C��������� T���������D��� C��������� T���������

About About Us :Us :

‘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 most search 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 most names in India, Middle East, Africa & SE Asia.p , ,Right now, with cash tight and business slowing down, banks need to go after the bad debts likenever before. They need 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 CashFlow Management should be the main priority.

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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 ofrecoveryHas 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 themost dedicated workforce, but if it does not get paid (.... and on time!) it will die. An unpaid debtmost dedicated workforce, but if it does not get paid (.... and on time!) it will die. An unpaid debt

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About About Us :Us :

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 nonmost 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

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Objective Objective of the Program:of the Program:

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 hasTo 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 of(b i i b d di h i ) i d hcustomers, (beginning by understanding their pattern), in order to ensure that

they fine-tune theirs to that of each customer.

To ensure that the team is equipped with the skills to manage /control/ monitor C ll ti d t d b iCollections on a day- to- day basis.

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A must for anyone involved in collecting money: Managers & Executives in

TargetTarget Participants:Participants: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

‘C ll ti Skill ’ ‘P f i l T i i Skill f C ll ti f B d

Program Program Outline:Outline:

‘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/phone & 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!).

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Detailed Detailed Program Outline:Program Outline:

IntroductionBusiness Cycle (Cash Flow Merry-go –round)

Part A

Slide to InsolvencyHow money is lost everydayPareto Principle (80:20 rule)Bad Debt- A major profit leakMajor Causes for Bad DebtDanger/ Warning Signs that can alert u!Why Customers don’t payBenefits of paying on time

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Detailed Detailed Program Outline:Program Outline:

Qualities & Attributes that can make you a Professional Collector

Part B

Key Activities & Responsibilities of a Collector Strategy & Implementing the Collection Program Steps to an Effective Collection Call Objectives of your Call Pre-Call Planning /Importance of Preparation

(Physical, Mental, Voice, Tools, Client information: Past History, Assessing Intent/ Ability to pay Market/ Industry/ CompetitionAssessing Intent/ Ability to pay, Market/ Industry/ Competition Analysis/ Situation, Call Strategy)

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Detailed Detailed Program Outline:Program Outline:

The Collection Call -Approach/ Control/ Follow-upoApproach-When, Where & How to contact customers

Part B

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

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

oBridge to Payment Plan-Transition statementsoBridge to Payment Plan Transition statementsoPrinciples of Negotiation

•Types of Negotiation

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Detailed Detailed Program Outline:Program Outline:

•Benefits/Uses of Negotiating•Variables in Negotiating

Part B

•Power to influence Negotiation•Key Essential Rules in Negotiating•Tactics of Negotiating

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

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

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Detailed Detailed Program Outline:Program Outline:

Back-end Systems & ProceduresReminder letters/emails & other methods of Chasing: How should they

Part C

g ybe handled Importance & Samples of Different Records/Reports/ProceduresMethods to Track/Monitor & Measure Performances, Documentation P d S t ti F llProcedures Systematic Follow-up Categorizing Customers/Defaulters with specific skills sets to handle each typeImportance of Coding Customers/ Unique Method of CodingImportance of Coding Customers/ Unique Method of CodingGeneral tips for chasing money (by encouraging proactive methods!)

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Detailed Detailed Program Outline:Program Outline:

Coping with Stress & Pressures experienced by the CollectorCompliance requirements

Part D

Compliance requirements Avoiding debtor rights from being violated & adhering to the rules & ethical behavior for Collectors. Managing your time/ PrioritizingManaging your time/ PrioritizingVideo clippings of Good/ Bad callRole-Plays of entire Call Q & A SessionQ & A Session

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ActionAction Plan:Plan:

At the end of the program participants would have learnt to manage credit and

ActionAction Plan:Plan:

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.

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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 needbe specifically tailor-made to suit any exact need.

At every important stage of the call, video clippings would be played to reinstate a point.At 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 An exhaustive exercise on the various Excuses/ Objections raised by customers and the professional approach used to handle these.An 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

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Testimonials:Testimonials:

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

b t i db t i d

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

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

li l A t fli l A t fby step, organized by step, organized course, that I would course, that I would

highly recommend !”highly recommend !”

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

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

highly recommend..!highly recommend..!

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

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

Email:[email protected],Training@CollectionSkills com

We service some of the top most names as Clients in India, Middle East , Africa & SE

( )Mobile: +91 98400 99899

[email protected]@SalesTrainingIndia.com,

p , ,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