Practical Credit Control
Course
In Sandbach
Description
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Type
Workshop
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Location
Sandbach
Enhance existing skills and knowledge through involvement in a series of specially designed, practical skills development, workshops. Subjects covered include: trading terms, terms of payment, making the decision to give credit, chasing the debt, measuring performance, setting goals and targets, using the courts, credit agencies, reporting principles and mechanisms, forming a credit policy. Suitable for: Intended for all those involved in Credit Control.
Facilities
Location
Start date
Start date
Reviews
Course programme
CONTENTS
Introduction and Objectives
- Background to Credit Control.
- The implications of granting credit.
- Putting together an effective credit and collections strategy.
What is Credit Control?
- Why have credit control?
- The role and responsibilities of credit control.
- How the credit function fits into the bigger picture.
- Business objectives and the importance of cash flow.
Payment Terms
- What to include in your conditions of sale to ensure maximum protection of your financial investment in the sale.
- Retention of Title.
Pre Sale Activity
- What is the point & purpose of risk control/vetting.
- Can you establish if your customers are ABLE to pay?
- Can you establish if your customers are WILLING to pay?
- The need for credit limits.
- Data sources - getting the information you want.
- Analysing the data available.
- Making the credit decision.
Credit Measures - Measuring Performance
- DSO/Debtor Days - calculations and definitions.
- Aged Debt.
- Goals, targets and priorities.
- Monitoring personal/team performance and effectiveness.
- Measuring/calculating cash and cash flows.
Appreciation of Debt Collection Methods
- Collection tools available.
- Collection strategies.
- Call planning.
- Principles of good telephone technique.
- Managing the collection process.
- Prioritising techniques.
- Escalation procedures.
- Customer visits/meetings: preparation etc.
The Courts - Legal Collections
- An appreciation of the legal system.
- The Woolf reforms.
- Making the decision to sue.
- Brief overview of procedures: Preparation, Issue and Service.
- Judgement and Enforcement - getting paid.
Liquidations: Receiverships: Bankruptcy
- The legal trading entity.
- Factors leading to liquidations etc.
- Your rights.
- Definitions and procedures.
Credit Policy
- A Charter and Philosophy for Credit Control.
- Understanding credit procedures/credit policy.
- An effective working policy.
- Liaising with Sales and Administration - a team solution.
- Content and extent.
- Purpose, applicability, provisions and responsibilities.
Conclusion
- Analysis - questions - discussion.
Practical Credit Control