A-Z of Credit Control

Day 1: Introduction to Credit Management

• Understanding the significance of credit management in an organization's financial health
• Impact of credit management on profitability and risk control
• Fundamentals of contracts and their role in credit control
• Best practices for establishing a robust credit management system

Day 2: Legal Framework and Collections Cycle

• Overview of key legal principles related to credit control
• Understanding debtor rights and obligations in different jurisdictions
• Stages of the collections cycle and how to manage each phase effectively
• Introduction to various methods for collecting cash and minimizing bad debts

Day 3: Communication Strategies for Debt Collection

• Techniques for effective debtor communication, particularly over the phone
• Strategies for handling difficult debtors and maintaining professionalism
• When and how to adopt a stricter approach, including legal language in communication
• Importance of setting the right tone and language for successful debt recovery

Day 4: Strategies for Debt Collection and Ledger Management

• Best practices for combining collection methods (letters, calls, legal action, etc.)
• Effective ledger management and reporting techniques to track debts
• Techniques for prioritizing accounts and optimizing collections processes
• Understanding the financial implications of maintaining an effective credit control strategy

Day 5: Course Review and Effective Credit Control Management

• Review of key concepts and skills learned throughout the course
• Reflection on individual and organizational goals for credit control
• Developing an action plan to implement best practices in credit control
• Open discussion and Q&A session to clarify doubts and share insights