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It’s Your Money – here’s how to get it - now

It’s Your Money – here’s how to get it - now. CI M A AIB International Centre IFSC. Develop a sense of urgency. You have done the work, you have provided the service, now you require all the money owed – today. Ask properly. It is a game – not a battle. Building strong

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It’s Your Money – here’s how to get it - now

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  1. It’s Your Money – here’s how to get it - now CIMA AIB International Centre IFSC

  2. Develop a sense of urgency You have done the work, you have provided the service, now you require all the money owed – today.

  3. Ask properly It is a game – not a battle. Building strong relationships with your customers is the most important thing you can do.

  4. Completion of the salevCollectionsvCompletion of the Sale

  5. Prioritise Start with the largest amounts and the newest balances.

  6. 7 point plan for every call • Opening - who to ask for • What style to adapt • Ask for the money • The first two reasons for non payment • The next three reasons for non payment • Get a commitment • Keep a note of every call • Follow up

  7. Collections Strategy • Top 10 customers • Second tier to 30% • Bottom 70%

  8. Collection Methods • Statements • Phone call • Letters • Standard letters • Individual Letters • Personal Calls • 3rd Party • Legal

  9. Financing Options • Settlement discount • Charging interest • Invoice Finance • Debt Sale

  10. ATTACK • Assessment • Terms & Conditions • Teamwork • Administration • Collections • Key Performance Indicators

  11. Assessment • What information to get • Why you want it • Where to get it • What protection you should get • How to get it • What forms to use

  12. Terms & Conditions • What they should contain • What it all means • Why you must protect yourself

  13. Teamwork • Why you all have to work together • Who does what and when • Drawing up the boundaries • The difference between boundaries and bunkers

  14. Administration • Right First time • Proper documentation • Work flows • Excellence in processes • Technology available to help • What must be checked

  15. Collections • Strategies • Approach • Segmenting your customers • Use of a third party • The legal process

  16. KPI’s • What you should measure • How you should measure it • How to assess your performance

  17. Any other business?

  18. Contact Us Declan Flood FIICM Chief Executive Irish Institute of Credit Management 121 Lr Baggot Street Dublin 2 Tel: 01 6599466 info@iicm.ie

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