Having an effective credit control function is essential, as slow payment and bad debts can have a serious effect on the profitability and success of your business. Understanding your rights and knowing how to communicate powerfully in writing and by telephone can improve your debt-collection process significantly.
This highly practical course will guide you through the key principles of credit control. It will provide you with some of the best methods and techniques to use when communicating with debtors and help you understand what processes should be in place to ensure it is a success. The presenter will discuss the key issues credit control teams are facing and what you can do to overcome them.
The knowledge gained on the course will equip you with the confidence and skills required to communicate with and obtain monies from late payers and ultimately run an effective and successful credit control operation.
The course covers the following topic areas:
- Purpose and importance of credit control
- The contract and its terms and conditions
- Customer identity and credit assessment
- Organising the collection campaign
- Collection letters
- Telephone collection techniques
- Collecting tough debts
This course will be of great benefit to anyone working in credit control - whether you are the sole person responsible or part of a larger team. If you are an experienced collector or someone relatively new to the role, this practical course will greatly enhance your skills.
It will also benefit anyone in more senior roles seeking a greater understanding of the principles of credit control in order to manage their organisation's process more effectively.
The course answers the following questions:
- What is the meaning of credit in a commercial context?
- What is the purpose of credit management?
- Why is cash flow important?
- What are bad debts and how can they be reduced?
- How can I succeed without upsetting the customer?
- How can teamwork help with credit control?
- Why is it important to have a policy and what should be included?
- What constitutes a contract?
- What are the different ‘terms’ included in a contract and how enforceable are they?
- The Battle of the Forms: whose terms apply?
- How do I sell the need to pay?
- How does legislation help credit controllers?
- Why is it important to understand the legal entity of your customers?
- How do you carry out credit risk assessments?
- Should you use a Credit Reference Agency and can they be relied upon?
- What variety of cash collection methods are available to you?
- How do you prioritise which debts to collect and when?
- How do you write an effective reminder letter?
- What should I do to prepare for a call?
- How do I recognise excuses and how do I counter them?
- What should I say at various stages within a typical call?
- How do I use questions effectively and what are the best questions to ask?
- How should I negotiate the timing and value of the payment?
- How do I conclude a call?
- What should I do after the call?
- What are the tactics for recovering difficult debts?
