Don't Let Your Customers Run Your Business
- 2.5 hours on-demand video
- 20 downloadable resources
- Full lifetime access
- Access on mobile and TV
- Certificate of Completion
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- Manage a debtor's ledger efficiently and effectively
- Be able to use the Debtor's Ledger Health Check Questionnaire to assess their office procedures and identify gaps in the system.
- Be able to use the strategy to reduce the current customer debt and make decisions on old outstanding invoices. And how to manage the changeover from the old system to the new.to
- Know how to use the strategy to manage the ongoing ledger and what policies and procedures are required to manage the ledger successfully.
- Know when to make the first phone call or send the right letter out to the customer whose account is overdue by using the overdue invoice strategy..
- Use a phone script and have confidence and the knowledge of all the questions to ask an overdue invoice customer all the quesrions necessary to get prompt payment.
- You should have a basic knowledge of bookkeeping and accounts receivable.
Controlling Customer Debt and Managing the Ledger
Small business owners:
- Wouldn't you like a strategy to reduce your current customer debt?
- Wouldn't you like a strategy to manage your ongoing customer debt?
- Wouldn't you like to streamline your office procedures and save money?
- Wouldn't you like to be in control of your ledger?
"Don't Let Your Customers Run Your Business" is not just about debt collection. It is about proactively managing a debtor's ledger, controlling customer debt and getting customers to pay by due date. There is no point in making a sale if it is not paid.
My Experience to Deliver this Course
I am a business manager, qualified trainer and small business owner. My background has been in office administration and then business management for over years in 20 different industries. Cash flow control and cost management in addition to accounting, budgeting and debt collection has been by strengths. After initially delivering debt collection courses I designed this course to encompass accounts receivable, assessing a new customer for creditworthiness, debt collection, policies and procedures, training employees, customer negotiation skills, meetings for monitoring customer debt and evaluating office procedures.
What You Will Learn
Managing a Debtor's Ledger and Debt Collection Skills
Cost of Running a Ledger
- Why don't customer pay? You will learn some reasons.
- The cost of running a debtor's ledger. The cost may shock you.
- The cost to the business to write off a sale.
Evaluating Office Procedures
- Evaluate office procedures to identify inefficiencies. A detailed Debtor's Ledger Health Check questionnaire is attached to the course to assist in the evaluation
Can your Business Afford to Give Credit
- Identify the best credit method for a particular business type
- Issues to determine whether to give credit and who to give it to
Setting up Policies and Procedures
- The importance of policies and procedures in a business
- Which are the important policies needed to manage the ledger?
- There are 4 and each are discussed in detail
Strategy to Reduce the Current Debt
- Evaluate the current customer debt and using a strategy to reduce it
- Clean up the old ledger to set up an efficient new system
Strategy to Manage the Ongoing Ledger
Step by step to advice to:
- Negotiate your terms of trade with the customer so they pay bt due date
- Assess the new customer for creditworthiness
- Set up the customer account
- Process invoices, payments, credits, complaints and reports
- How to enhance customer relationships
- Use the overdue invoice Strategy
- Deal with customer excuses
- Run customer debt monitoring meetings with an agenda
- Use a detailed phone call script to give callers confidence
- 28 lectures and over 2.5 hours of content
- Learn how to control customer debt, reduce your stress and save money
- Many forms and templates such as:
- Debtor's Ledger Health Check questionnaire
- A phone script - for people who are uncomfortable making collection calls
- Collection letters
- An agenda for meetings
- Credit application and trade reference questionnaire
- Customer approval and decline letters
- Payment installment agreement
- The strategy to reduce the current debt
- Simple spreadsheet to track payment plan customers
For Small Business Owners in Particular:
- Debtor's Ledger Health Check questionnaire
- A strategy to reduce the current customer debt
- A strategy to proactively manage the ongoing ledger
For Current and Future Bookkeeping and Accounts Receivable employees
- Efficient methods of controlling customer debt
- Ways of dealing with customer excuses
- Ways of streamlining your office procedures
I am sure you are like most people who go into business; you are doing it to make money, and you feel you need to give credit to make sales. Debt collecting cost you money. so let's give you a new strategy of running your business, so you can reduce that cost considerably and keep a good relationship your customer.
- Small and medium business owners will learn how to control customer debt, reduce their stress and save money. They will achieve this with the assessing their office procedures with the strategies outlined in the course for reducing the current debt, managing the ongoing ledger and the overdue invoice strategy for those customers who do not pay by due date. Tools included to assist in this process are the Debtors Health Check Questionnaire, the phone script, collection letters, customer application form and many other templates.
- Bookkeepers and accounts receivable staff will learn the correct processes to manage a ledger with a course that incorporates the accounts receivable with customer credit assessment, policies and procedures, debt collection and running regular customer debt monitoring meetings.
- Students of credit management will obtain benefits from this course with the different perspective from someone who has worked in many industries and has a first person point of view of managing customer debt.
Introduction to what managing customer debt is about, and what is ahead in the course such as assessing the customer for creditworthiness, customer negotiation skills, and the difference between the current debt collection courses run by debt collection agencies and this course
This lecture discusses the benefits the student will get from the course in the knowledge of being able to save a business money, instigating a better procedures system and being control of the ledger. There is a list methods describing how these goals will be achieved.
In this lecture, reasons are listed why customers do not pay and discusses background information like the definitions of credit control and cash flow, why these criteria are important to a business and there is a case study to illustrate the consequences of cash flow mismanagement.
This lecture is a continuation of the previous lecture as it explains in detail how the interest in the previous lectures spreadsheet is calculated and why a business would find it a useful tool in their business as a way to project the incoming customer payments to assist in a cash flow forecast.
The costs of writing off a sale and the consequences of that write off are discussed and also the amount of sales that are needed to be generated to break even. Spreadsheets are used to demonstrate these costs. The hidden costs are revealed. The lecture concludes with the consequences of customer debt in the general management of the business.
A list of office procedure inefficiencies and what students can do to asses and fix the problems. Lecture includes reference to and how to use the Debtor's Ledger Health Check Questionnaire so students can assess their own office procedures and policies Also a case study to illustrate the importance of everyone in the business being mindful of the policies of the business the consequences when things go wrong.
Explanation of how various types of businesses such as service, trade, supply and repair negotiate terms of trade with their customer. Different issues are explained of what businesses need to be wary of in their quest to get sales over the risk of increasing customer debt.
A explanation of what the Terms of Trade Policy is, what it does, why it is important to a business and what sort of statements should be included in it. A strategy of how to negotiate the terms of trade with a customer is included in this lecture to increase the confidence of business owners.
A explanation of what the Complaints Policy is, what it does, why it is important to a business and what sort of statements should be included in it. Discussion abut the consumer laws which require business owners to have a complaints policy and how customers will react if a complaints is not resolved.
Explanation of what the Debtor's Ledger Management Policy is and what sort of statements should be included. A case study illustrating the importance of everyone in the business following the policies of the business. The importance of weekly meetings to monitor the customer debt.
Explains all the steps required to assess a customer for creditworthiness. Details what forms are needed from the resources section of the course and also other activities such as the requirements setting up the new customer accounts, meetings and who should manage the ledger.
This lecture describes the activities of payments, complaints and reports. When the payments should be entered into the accounts software. What happens if a complaint is not resolved in a systematic way; and the consequences if a complaint has not been resolved. The detailed ageing report is also discussed and an example is displayed showing the necessary items to be included in the report.