Get Out Of Debt Quickly Financial Freedom Techniques

Course overview

This course’s objective is to provide participants the skills and resources they need to effectively manage their accounts receivable and increase their working capital and cash flow.

What tools and techniques are used for credit management? Credit management is a broad phrase that refers to all of your business’s procedures, systems, techniques, and practises for managing the credit you extend to your clients and consumers.

Without efficient and functional credit management systems and procedures in place, there is a good probability that your company may eventually run out of money and fail.

What is the procedure of credit management? Your credit management procedures should include assessing the risk to your business at each stage of dealing with clients and customers, starting with negotiating the terms and conditions and progressing through effective invoicing, credit control, and debt collection.

We’ll cover and go into further detail about each of these crucial operations of your company in individual data sheets. What steps are involved in debt collection? The act of seeking payment of debts owed by people or companies is known as debt collection.

Introduction

Credit Management and Debt Collection are two closely related but separate concepts. Credit Management is the process of managing the relationship between the lender and the borrower. It involves setting credit terms, evaluating credit applications, and managing collections. Debt Collection is the process of collecting past-due payments from borrowers. It involves contacting the borrowers, negotiating repayment arrangements, and taking legal action if necessary. Both processes are essential in maintaining a healthy financial life.

We are The Training Bee, a global training and education firm providing services in many countries. We are specialized in capacity building and talent development solutions for individuals and organizations, with our highly customized programs and training sessions.

Learning Objectives

Upon completing Get Out Of Debt Quickly: Financial Freedom Techniques, participants will be able to:

• Recognise debtors and be able to properly interact with them
• Reduce bad debts and risk for your business.
• Use Review of credit limits and credit assessment
• Knowledge of and adherence to the credit evaluation policy and its control mechanism
• Obtain optimal resource use and higher cash conversion

Our Unique Training Methodology

This interactive course comprises the following training methods:

• Role-playing – Participants will take part in several roleplays and understand practical ways of solving issues.
• Journaling – This consists of setting a timer and letting your thoughts flow, unedited and unscripted recording events, ideas, and thoughts over a while, related to the topic.
• Social learning – Information and expertise exchanged amongst peers via computer-based technologies and interactive conversations including  Blogging, instant messaging, and forums for debate in groups.
• Mind mapping and brainstorming – A session will be carried out between participants to uncover unique ideas, thoughts, and opinions having a quality discussion.
• Interactive sessions – The course will use informative lectures to introduce key concepts and theories related to the topic.
• Presentations – Participants will be presented with multimedia tools such as videos and graphics to enhance learning. These will be delivered engagingly and interactively.

Training Medium

This Get Out Of Debt Quickly: Financial Freedom Techniques training is designed in a way that it can be delivered face-to-face and virtually.

Course Duration

This training is versatile in its delivery. The training can be delivered as a full-fledged 40-hour training program or a 15- hours crash course covering 5 hours of content each day over 3 days

Pre-course Assessment

Before you enroll in this course all we wanted to know is your exact mindset and your way of thinking.
For that, we have designed this questionnaire attached below.

• What experience do you have with credit management processes?
• What do you understand about the legal framework for debt collection?
• What strategies do you have in place to monitor customer creditworthiness?
• How do you handle customer complaints regarding credit or debt collection?
• What types of debt collection software do you use?
• What strategies do you use to ensure customer satisfaction during the debt collection process?

Course Modules

This Get Out Of Debt Quickly: Financial Freedom Techniques covers the following topics for understanding the essentials of the Agile Workplace:

Module 1 – Overview of Credit Management

• How do you manage your credit?
• Managing credit is important.
• Department of Credit’s Responsibilities

Module 2 – Credit Risk Evaluation

• Financial Factors Affecting Credit Decisions (What to Look for in Financial Statements) Loss given Default, Expected Loss, Exposure at Default, and Probability of Default
• Assessment of Borrowing Need and Capacity
• Ratios of Leverage and Coverage

Module 3 – Non-Financial Considerations That Impact Credit Decision

• Economic and industry conditions
• Business Vulnerability
• Management Execution, Integrity, and Skill

Module 4 – Assessing Risk for Mitigation

• The credit limit being set
• Examine the New Accounts
• Review the current account

Module 5 – Loan Organisation

• Credit augmentations and LTV ceilings
• Loan Conditions
• Problem loans and restructuring
• Loan pricing and negotiation

Module 6 – Performance and Efficiency of Collections

• Analysis of Bad Debt Reserves and Receivable Ageing
• Days Sales Outstanding and the Turnover of Accounts Receivable
• Analyzing the Cash and Operating Cycles

Module 7 – What-If Analysis and Credit Efficiency Decision-Making Techniques

• Managing Scenarios
• Set goals
• Solution Method

Post-course Assessment

Participants need to complete an assessment post-course completion so our mentors will get to know their understanding of the course. A mentor will also have interrogative conversations with participants and provide valuable feedback.

• What strategies should debt collectors use to ensure efficient and effective debt collection?
• What methods can be used to identify and manage high-risk customers?
• What are the legal implications of collecting past-due debts?
• What are the best practices for communicating with debtors?
• How can Credit Management and Debt Collection processes be automated?
• What important factors should be considered when creating a debt collection policy?

Lessons Learned

The most important lesson learned from the Credit Management and Debt Collection Course is that relationships are key when it comes to managing credit and collecting debt. It is important to build a relationship of trust with customers and creditors, as this will help ensure that payments are made on time and in full. Additionally, it is important to understand the terms and conditions of any credit agreement before entering into it and to ensure that customers understand the terms of the agreement. Finally, it is important to have clear and consistent policies in place for managing credit and collecting debt, as this will help ensure that any debts are paid in a timely and effective manner.

“ Stop letting debt run your life by taking charge with a credit management and debt collection strategy. “