Overview

The Debt Collection Management Course aims to equip you or your team with comprehensive knowledge on effectively handling clients who owe you money, ensuring a consistent positive cash flow for your business.

This course is tailored for Business Enterprises that extend credit terms to their clients and need to master the best practices for managing their accounts receivable to optimize Working Capital.

Running a successful business is always challenging. Even in times of prosperity, businesses are confronted with the daunting task of pursuing payment for outstanding invoices. For some, this can be an arduous and painful endeavor. Conversely, the unfortunate truth is that some businesses encounter difficulties in this area.

Businesses with proficient debt recovery practices prioritize outlining the rights and obligations of all parties from the outset in any documented terms of trade, credit applications, or on invoices. This approach simplifies the process of debt recovery solutions at a later stage and ensures that the creditor business is in a strong position to demand payment.

When recovery action becomes necessary, businesses should adopt specific strategies that establish strict timeframes for recovery activities, such as issuing demand letters, making phone calls, and escalating matters to legal proceedings or referring them to a collection agency.

During this course, the following topics will be covered:

The significance of Working Capital & Cashflow: Understanding when a sale truly translates into a paid sale
The importance of Risk Assessment: How to select clients wisely
The implementation of a Credit Policy: Best practices for managing client credit
Effective communication styles with customers: How to engage with clients
Letters of Demand & Repayment plans: How clients should respond
Evaluating the effectiveness of your Debt Collection: Ensuring all possible steps are taken to collect outstanding payments due to your business