Successful Collections in the New Economy

Live Virtual Training: 8:30am to 12:30pm (2 days of 4-hour sessions)        

Remaining Slots: 12 [ Limited to 15 participants only ]

Registration closes September 6, 2021                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

With the economy getting tougher every day, the “slow-pays” and the “no-pays” are on the rise. Customers now have a tendency to drag out payments as long as possible, leaving creditor companies dangerously vulnerable to cash-flow crises. But whatever the economic climate, it is simply good business to arm our collection professionals with new concepts to help them do their best. After all, a healthy accounts receivable collection drives everything from a business’ sales operations to its long-term growth plans.

This live virtual training was designed to enhance the skills of credit and collection professionals to enable them to deal effectively with the new challenges they encounter in performing their functions. Packed with updated and applicable Collection concepts and competencies, the participants are expected to get more energized to reach their collection targets.

Module I – The Collection Professional in a Changing Environment

A. Understanding The Impact Of The Pandemic On Your Company’s Stability And Your Clients’ Ability To Pay

1. The Factors Affecting Today’s Debt Collection Situation
2. Implications on Debt Collection
3. The New Keys to Effective Debt Collection

[ Activity: Open Discussions about the participant’s current collection problems ]

B. Forming The Right Mindset To Support Your Company’s Healthy Cash Position

1. The Collector as the Guardian of the company’s Healthy Cash position
2. The great opportunities present for Credit and Collection Professionals in the New Economy
3. Understanding  the Push and Pull Elements of Motivation
4. Emotional Elements that Hinder Effective Collections
5. Traits of Effective Collectors

[ Activity: Introspection, Analyses ]

Module II – The New Essentials of Effective Collection Management 

A. Implementing Proactive Measures to encourage prompt payment from clients

1. The Importance of Systematizing your Collection Efforts
2. Tools for Organizing your Collection Activities
3. The Power of Notification Reminders
4. Maximizing the Power of communication  in Credit and Collection
5. Treating Collection work as part of Customer Service

B. Developing Appropriate Collection Strategies for Different Client Situations 

1. Understanding the Psychology of Debtors
2. Utilizing “Guilt” Effectively as a Powerful Tool in the Collection Process
3. Establishing Gain and/or Loss for the Client as Motivation to Pay
4. The Different Problem Debtor Personalities
5. How to Approach Each Type to Develop Results-driven Conversations

[ Application Exercises- 1 ]

C. Managing Excuses and Gaining Commitment to Pay

1. Developing Assertiveness as a Collection Professional
2. The Anatomy of a Customer Smokescreen or Excuse
3. Distinguishing a Smokescreen from a Valid Reason
4. Responding to Common Excuses in the Philippine Setting
5. Establishing the commitment to pay
6. Preparing for Collection Negotiation

[ Application Exercises- 2 ]

Module IV – Take-home Action Assignment

A. Identifying your Collection Improvement Areas

B. Developing your Action Plan to Enhance Collection Performance

C. Evaluating the Results of your Action Plan

D. Re-designing Collection Activities for Better Performance 

Special Business Recovery Rate for 2021:

1. P3, 499+VAT rate will apply for reservations paid within the assigned due date

2. P3, 999+VAT rate will be applied for payments made beyond the assigned due date (system generated)

3. The P4, 399+VAT shall apply for on-the-day payments

4. Payments should be made through bank to bank payment system.