Why Credit Control Failed…….. And What You Can Do About It
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Upon completion of this programme, the participants will be able to:
- Enhance their ability to evaluate customers and the ability to detect potential bad debts
- Become aware of the pitfalls and remedies in granting trade credit
- Recognize the important role of credit management in formulation of the company's sales strategies.
- Learn of the importance and significance of the application form and dealership agreement.
- Develop an effective monitoring system to control slow-paying, delinquent and bad accounts.
- Learn how to motivate your collection department to achieve higher collection target.
- Create effective collection strategies and methodology.
IntroductionMany companies have well-formulated policies on credit management and control which are good and yet they failed to achieve the optimum result for cash collection. Why?
Could this be due to the credit culture of the companies, the lowly position accorded to the credit control function and the “sell at all costs attitude" of the companies?
What can credit control professionals do in such an environment and what fixes need to be done?
In this seminar, we will examine the pitfalls and remedies to address the problem. We will examine the attitude of management towards the importance of credit management in the formulation of strategic sales plan. We will also discuss the risky strategies that companies take to generate more sales and examine various methods which customers use to “cheat" multinational companies.
At the end of the seminar, you will be able to arm yourself with the necessary tools and knowledge to combat all bad practices and help your company to turn their culture around to one of “generating profitable sales volume" rather than creating more sales and more bad debts.
Who Should AttendThis course is targeted towards managers who are involved in maintaining the financial health of the company. These include the credit/collection managers, sales managers, finance managers, sales administration manager. However, the contents are also suitable for junior managers, sales supervisors, credit controllers and finance personnel.
MethodologyThis is a highly interactive training program, whereby facilitator will present them with real-life examples; and participants are encouraged to discuss the issues involved and to share their experiences.
Why did Credit Control Fail?
What You Can Do About It
Building Up The System