Debt management is the process of establishing and executing a strategy for managing debt in order to realize the initially expected revenue. This helps in reducing organizational financial risks while meeting the required cost objectives and other debt management goals. This course provides an overview of debt and credit management by explaining concepts in a user-friendly language, avoiding mathematics and using simple illustrations and practical examples.

DURATION

5 Days

COURSE OBJECTIVES

Upon completion of this training course, participants will be able to:

Communicate with a creditor after careful planning in order to handle objections from the debtor and deal with queries.

Identify negotiating strategies in order to reach payment agreement from the debtor.

Demonstrate effective communication as a debt collector.

Understand the importance of recording all communications and discussions made between the debtor and the debt collector.

Implement the negotiation steps and processes and understand the need thereof.

Implement effective debt collecting strategies according to the code of conduct.

COURSE OUTLINE

Module 1:

Understanding company credit and debt

Reviewing the credit cycle from application to payment

Identifying possible causes of outstanding payments

Assessing the impact of outstanding debt on your company's financial results

Identifying ways in which you can motivate your customers to pay their outstanding debts

Module 2:

Debt collection as a vital financial activity

Completing debtor reports as an effective debt management tool

Setting definite and realistic debt collection targets

Comparing your debt collection results to your initial objectives

Analyzing the return-on-investment of your debt collection activities

Module 3:

Planning and preparing for effective debt collection

Classifying your debtors to enable a well-targeted approach Understanding the essential elements of debt collection correspondence

Paraphrasing the "pay up or else" threat in a more effective and customer friendly fashion

Acquiring essential skills for compiling debt collection letters, telegrams, e-mails and faxes

Addressing your correspondence to the correct person to guarantee results

Using the debtors classification to analyze the potential risk each debtor poses to your company

Drawing up a collection checklist to facilitate systematic collections

Making use of a customer card system as a comprehensive record of all debtors' histories

How do you decide whether to collect the debt by telephone or by letter?

Module 4:

Ensuring the success of your debt collection correspondence

Understanding the essential elements of debt collection correspondence

Paraphrasing the "pay up or else" threat in a more effective and customer friendly fashion

Acquiring essential skills for compiling debt collection letters, telegrams, e-mails and faxes

Addressing your correspondence to the correct person to guarantee results

Module 5:

Essential telephone techniques

Ensuring that you are sufficiently prepared before dialing the debtor

Understanding professional telephone procedure

Dealing with angry customers and excuses

Overcoming personal and company objectives

Turning promises into commitments to pay

Using agreed payment dates and reminders to ensure that the debt is paid

Learning how to close calls amicably

TRAINING CUSTOMIZATION

This training can also be customized for your institution upon request. You can also have it delivered your preferred location. For further inquiries, please contact us through Mobile: +254 759 285 295. You can also email us on: [email protected]

REQUIREMENTS

Participants should be reasonably proficient in English. During the trainings, participants should come with their own laptops.

TRAINING FEE

The course fee covers the course tuition, training materials, two break refreshments, lunch, and study visits.

ACCOMMODATION

Accommodation is arranged upon request. For reservations contact us through Mobile: +254 759 285 295 or Email: [email protected]

PAYMENT

Payment should be transferred to FineResults Research Services bank account before commencement of training. Send proof of payment through the email: [email protected]

CANCELLATION POLICY

All requests for cancellations must be received in writing.
Changes will become effective on the date of written confirmation being received.

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FineResults Research Services offers training solutions to individuals, communities, governments and civil society organizations, both local and international.

We also provide application-oriented and field-based consultancy services in all aspects of research and evaluations from inception to completion. This includes research designs, designing monitoring and evaluations systems, technical reviews, programme evaluations, questionnaire validation, data collection, data capture, data analysis and report writing. FineResults Research Services is a limited company incorporated under the laws of Kenya. Its head office is in Nairobi Kenya.

The organization has a wide range of experience working with both local and international organizations in both consultancies and capacity building in Africa and beyond.

Mission

A world class training and research organization for the realization of individuals, organizations and community welfare.

Vision

To provide world class training and research services that increase individuals and organizations productivity in their development role.

Our Value Statement

We cherish partnerships.
We believe that our Training and Research Solutions can re-energise organisations by creating vision, certainty and strategic intent. ...

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