Debt collection skills & techniques

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Specialists in Training for PREVENTION & COLLECTION of DEBT-Any sector!
see: www.CollectionSkills.com

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Debt collection skills & techniques

  1. 1. ‘Professional Debt Collection Techniques’ Techniques to Prevent & Collect Outstanding Receivables
  2. 2. Professional Debt Collection Techniques Techniques to Prevent & Collect Outstanding Receivables Collect your Outstanding Dues with our 2 Day Training on: Professional Debt Collection Techniques (Techniques to Prevent & Collect Outstanding Receivables)Facilitated by Leading Corporate Trainer: Gerard Assey, CMC, FInstSMM (UK) Websites: If you have 8 or more personnel, www.Sales-Training.in this session could be tailor-made & www.CollectionSkills.com conducted at your premises or www.SalesTrainingIndia.com venue of choice
  3. 3. Professional Debt Collection Techniques Techniques to Prevent & Collect Outstanding ReceivablesAbout Us :‘Collection Skills’- a leading Training Provider & the only one in this part of the world to belisted in the ‘Collections & Credit Risk Magazine’ under ‘Who’s Who in Training’ & ranked TOPon most search engines.‘Collection Skills’- as the name says, specializes in conducting Professional TrainingPrograms for the industry in ‘Prevention & Collection of Debt’ and has been regularly doing sofor over 10 years serving customers from a diverse range of industries, with an impressive listof some of the top most names in India, Middle East, Africa & SE Asia.Right now, with cash tight and business slowing down, banks need to go after the bad debts likenever before. They need to go after the receivables even it if means getting just something now!Like all significant economic change, it creates opportunities for those who have it in them todeal with it. During economic downturns, one of the main reasons why businesses go under isbecause they run out of cash. However sound your business is in other ways, successful CashFlow Management should be the main priority.
  4. 4. Professional Debt Collection Techniques Techniques to Prevent & Collect Outstanding ReceivablesAbout Us :A recent study on the growing sickness in industries and businesses reveals that BAD DEBT isthe one major cause for bankruptcy. In a buoyant economy, selling on credit has a number ofadvantages, especially when it generates a larger volume of business as well as widens onesmarket share. In fact, selling on credit often Makes or Breaks a sale and at most times givesone that edge over competition. Yet, one cannot afford to take this area of credit control lightly,as too many companies everyday are mounting with debts that are increasingly doubtful ofrecoveryHas it ever occurred? …That before the customer buys your goods both are interested - he inyour goods and you in his money, but once he gets the goods he is no more interested. Its onlyyou (for your money!). A company can have the finest product, a superb sales record and themost dedicated workforce, but if it does not get paid (.... and on time!) it will die. An unpaid debt
  5. 5. Professional Debt Collection Techniques Techniques to Prevent & Collect Outstanding ReceivablesAbout Us :is a loan being financed by your company - it means that many companies are prevented fromachieving their full potential, because instead of using borrowed money to develop and growtheir business, they are having to borrow money just to fund their own sales ledgers - with themost precarious risk to a companys profit on the sale being the interest expense from non-payment on time. Managing credit and collecting money therefore are the 2 most important and vital factors which decide the fate of any business
  6. 6. Professional Debt Collection Techniques Techniques to Prevent & Collect Outstanding ReceivablesObjective of the Program: To ensure participants are equipped with the necessary skills in Collecting/Minimizing the outstanding, while yet keeping the Customer. To provide a thorough understanding of how bad debt occurs, the impact it has on the organization & how the prevent it (the most vital part!). To equip participants with the skills in understanding the behavior pattern of customers, (beginning by understanding their pattern), in order to ensure that they fine-tune theirs to that of each customer. To ensure that the team is equipped with the skills to manage /control/ monitor Collections on a day- to- day basis.
  7. 7. Professional Debt Collection Techniques Techniques to Prevent & Collect Outstanding ReceivablesTarget Participants: A must for anyone involved in collecting money: Managers & Executives in Collections, Credit Control, Sales, Finance, Internal Audit & Customer Service, at all levels, (right from top down to the front line) will find this program extremely beneficialProgram Outline: ‘Collection Skills’ program on ‘Professional Training Skills for Collection of Bad Debt’, would cover the basics in credit & cash flow management right from how bad debt occurs, through the steps of an effective collection call (both on phone & face to face) with emphasis on the importance of documentation/ reports/ procedures for systematic follow-up; including series of letters and general tips for chasing your money too (by encouraging proactive methods!).
  8. 8. Professional Debt Collection Techniques Techniques to Prevent & Collect Outstanding ReceivablesDetailed Program Outline: Part A qIntroduction qBusiness Cycle (Cash Flow Merry-go –round) qSlide to Insolvency qHow money is lost everyday qPareto Principle (80:20 rule) qBad Debt- A major profit leak qMajor Causes for Bad Debt qDanger/ Warning Signs that can alert u! qWhy Customers don’t pay qBenefits of paying on time
  9. 9. Professional Debt Collection Techniques Techniques to Prevent & Collect Outstanding ReceivablesDetailed Program Outline: Part B q Qualities & Attributes that can make you a Professional Collector q Key Activities & Responsibilities of a Collector q Strategy & Implementing the Collection Program q Steps to an Effective Collection Call q Objectives of your Call q Pre-Call Planning /Importance of Preparation (Physical, Mental, Voice, Tools, Client information: Past History, Assessing Intent/ Ability to pay, Market/ Industry/ Competition Analysis/ Situation, Call Strategy)
  10. 10. Professional Debt Collection Techniques Techniques to Prevent & Collect Outstanding ReceivablesDetailed Program Outline: Part B q The Collection Call -Approach/ Control/ Follow-up oApproach-When, Where & How to contact customers •Opening your Call: What to say oFact-finding •Communicating with Confidence •Effective Listening & Obstacles to Listening •Skillful Questioning Use of Open-ended questions •Confirming Understanding/Paraphrasing •Being Assertive! oBridge to Payment Plan-Transition statements oPrinciples of Negotiation •Types of Negotiation
  11. 11. Professional Debt Collection Techniques Techniques to Prevent & Collect Outstanding ReceivablesDetailed Program Outline: Part B •Benefits/Uses of Negotiating •Variables in Negotiating •Power to influence Negotiation •Key Essential Rules in Negotiating •Tactics of Negotiating oThe Payment Plan oOvercoming/Handling Problematic/ Difficult Customers oThe Close oFollow-up q Understanding yourself, to be able to understand others better, & how to use this tool in interacting with customers as partners, to build long-term relationships.
  12. 12. Professional Debt Collection Techniques Techniques to Prevent & Collect Outstanding ReceivablesDetailed Program Outline: Part C qBack-end Systems & Procedures qReminder letters/emails & other methods of Chasing: How should they be handled qImportance & Samples of Different Records/Reports/Procedures qMethods to Track/Monitor & Measure Performances, Documentation Procedures Systematic Follow-up qCategorizing Customers/Defaulters with specific skills sets to handle each type qImportance of Coding Customers/ Unique Method of Coding qGeneral tips for chasing money (by encouraging proactive methods!)
  13. 13. Professional Debt Collection Techniques Techniques to Prevent & Collect Outstanding ReceivablesDetailed Program Outline: Part D qCoping with Stress & Pressures experienced by the Collector qCompliance requirements qAvoiding debtor rights from being violated & adhering to the rules & ethical behavior for Collectors. qManaging your time/ Prioritizing qVideo clippings of Good/ Bad call qRole-Plays of entire Call qQ & A Session
  14. 14. Professional Debt Collection Techniques Techniques to Prevent & Collect Outstanding ReceivablesAction Plan: At the end of the program participants would have learnt to manage credit, and would have learnt to develop a complete systematic collection program, gained confidence in collecting money and have acquired several new ideas for immediate use, including taking back an Action Plan which can be put to immediate practice.
  15. 15. Professional Debt Collection Techniques Techniques to Prevent & Collect Outstanding ReceivablesProgram Methodology: Using a combination of SEE & REMEMBER, along with DO & UNDERSTAND, supported by audio-visuals, video clippings/movies, exercises & role-plays, providing everyone an opportunity to experience & practice the skills throughout the session, the program could be specifically tailor-made to suit any exact need. üAt every important stage of the call, video clippings would be played to reinstate a point. üAt the end of the session, video clippings on a ‘GOOD’ & ‘BAD’ call would be shown followed by role-plays to ensure that participants are fully equipped üAn exhaustive exercise on the various Excuses/ Objections raised by customers and the professional approach used to handle these. üAn exercise on understanding the behavior pattern of Customers, & how to use this tool in interacting with the internal & external customers, to build long-term relationships
  16. 16. Professional Debt Collection Techniques Techniques to Prevent & Collect Outstanding ReceivablesTestimonials: “Very very interesting “Valuable delivered “Gerard pieces of course…very practical & advice…very good, step from his heart…welllively structured for our a course…A must for by step, organized professional” course, that I would job!” highly recommend..!”
  17. 17. Professional Debt Collection Techniques Techniques to Prevent & Collect Outstanding Receivables Phone: Hotline: Email: (091-44) 43531000 +91 94440 365(days)24(hrs) Training@SalesTraining.in, (091-44) 43531300 Training@CollectionSkills.com Mobile: +91 98400 99899 Training@SalesTrainingIndia.com,We service some of the top most names as Clients in India, Middle East , Africa & SE Asia…names and testimonials of which can be seen on the websites listed below: Websites: www.Sales-Training.in www.EtiquetteWorks.in www.CollectionSkills.com www.RetailSalesTraining.in www.SalesTrainingIndia.com www.ManualPreparation.com www.FirstContactAcademy.com

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