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
[ Activity: Open Discussions about the participant’s current collection problems ]
B. Forming The Right Mindset To Support Your Company’s Healthy Cash Position
[ Activity: Introspection, Analyses ]
Module II – The New Essentials of Effective Collection Management
A. Implementing Proactive Measures to encourage prompt payment from clients
B. Developing Appropriate Collection Strategies for Different Client Situations
[ Application Exercises- 1 ]
C. Managing Excuses and Gaining Commitment to Pay
[ 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
Rates per slot:
P4, 299+VAT for payments made beyond the assigned due date
P4, 999+VAT for on-the-day payments