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How can you improve the way that you manage credit control?

Credit control is an important part of financial management for any business. It not only allows an organisation to build strong relationships with customers and accelerate sales but also helps to avoid potential problems that can arise from non-payment and bad debts. Improving the way that credit control is managed can be transformative.

The consequences of poor credit control

Credit control starts the moment that an order is placed. It’s a function that needs to be integrated throughout the rest of the business to ensure that it provides maximum input. Without effective credit control it’s easy for late payments to spiral into non-payments and bad debts. The consequences of this can range from a lack of cash flow in the business to the company being unable to pay its own debts. If credit control is currently poor then it’s crucial to take steps to improve the way that this is being managed.

Improving credit control management

 

Establish a clear credit control process

It’s all too easy to overlook the need to have a clearly defined credit control process in place. This should cover all the stages involved, from the moment the order is placed to the point at which polite phone calls chasing invoices become more formal action.

State your terms and conditions clearly up front

It’s important to ensure that your customers know how long they have to pay. Equally crucial is making clear the steps that you will take where payments are late, including applying interest and fees.

Carry out customer research

It really pays to take the time to establish the viability of your customer before extending credit to them. Make sure you have key data such as name, address, company details and registration, as well as who is responsible for making the payments. You may even want to look into whether it’s worth getting a credit expert to carry out a credit check on your behalf (with the customer’s consent).

Make sure your invoicing process is sound

Be efficient when it comes to invoicing and make sure customers get theirs as soon as possible. Ensure that the invoice is correct, clear and addressed to the right person. It can be useful to include your payment terms on the invoice too.

Give customers plenty of payment options

The easier you make it for customers to pay (e.g. cheque, bank transfer, standing order, PayPal), the less likely you are to run into issues of non-payment.

Keep a note of problem customers

Maintain a regularly updated list of businesses or customers who have proven problematic in the past so that you don’t end up overextending credit to them in the future.

Take action as soon as credit terms are exceeded

Credit control requires swift action to avoid a late payment situation escalating. Don’t be afraid to take action – it is usually possible to preserve a positive relationship with a client by politely but firmly setting out what is required in terms of action on their part.

Our Credit Control course is ideal for anyone looking to have a better understanding of credit control and how to manage it. Get in touch to find out more today.

In-House Training with PTP

PTP stands for Practical Training for Professionals and our aim is to make our training as practical as possible so delegates can return to the workplace with skills they can implement immediately. PTP now delivers training to over 40% of the FTSE 100.

What you get for your money

What is 1-to-1 training?

1-to-1 training can be based on any of the 100 plus courses that PTP provides, it includes an initial telephone conference of up to 1 hour, a 1/2 day (3.5 hours) on-site one to one training session at your premises with one of PTP's expert trainers and then a further telephone conference call of up to an hour within 2 weeks of the on-site visit.

You have the option of a line manager being involved in both telephone conferences, the second telephone conference which can be for feedback and action planning is generally scheduled during the on-site visit.

Who does 1-to-1 training suit?

Individuals taking on a new challenge or responsibilities. Professionals who want a trusted "sounding board" and thinking partner. Executives or managers who want to enhance their leadership effectiveness to achieve organizational and career success. Executives and professionals wanting to compete successfully but still retain balance in their life. Individuals who want to understand their blind spots so that they don't stand in their own way on their path to success. Executives and Professionals who want to improve their interpersonal skills so as to be more effective with bosses, peers, subordinates, or people in general. How much does 1-to-1 training cost?

A 1-to-1 training session costs from as little as £400 + VAT and will include an initial telephone conference of up to 1 hour, a 1/2 day (3.5 hours) on-site training at your premises and then a further telephone conference call of up to an hour within 2 weeks of the on-site visit.

What is U-Choose?

Choose from any of the 150 plus courses that PTP provides, and choose from 1 of our 50 plus UK wide training venues. You must book for 2 or more delegates and at least 4 weeks in advance, but that’s it, the course you want where you want it. The reason we ask for a minimum of 4 weeks notice is to enable us to market the course you have scheduled to other companies and organisations. However, if we fail to sell any additional places we guarantee to run the course just for you.

How much does U-Choose Training cost?

U-choose costs the same as our normal open courses i.e. the normal delegate rate. This includes lunch and refreshments throughout the day, framed certification and comprehensive training notes. A U-Choose booking can only be confirmed once we receive payment which can be made via credit/debit card, BACS or cheque. Payment is due at least 4 weeks before the date you request. Please note to be eligible for U-Choose you must book a minimum of 2 delegates on the same course & date.