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A practical and comprehensive approach to lay down a strong foundation to manage the credit extending, credit evaluating and credit recovery so as to minimize the level of bad debts. Thus, it only takes 36 days to erode 25 per cent of a net profit of 10% and 148 days to wipe out the whole 10 per cent.
This module then reminds the participants the necessities to understand the legal process that require early preparation of documents to quickly obtain the judgment orders. At the same time, the participants must be prepared that such legal actions can be futile too, which therefore call for early and inexpensive out-of-court settlement.
Objectives
The objectives of the workshop:
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To understand the meaning of Credit Managing. |
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To lay down the credit rules to early select the good customers. |
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To avail to all available information to assess the collectability of all accounts. |
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To maintain a continuous vigilance on the existing customers in view of the ever-changing dynamics of business.
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To establish the collection policies & processes to monitor and control the slow-paying, delinquent and bad accounts. |
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To lay down the various strategies on negotiation and restructuring terms on payment. |
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To be wary of all the consumer excuses that likely to delay payment. |
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To appreciate the Malaysian Judicial System that can help or break the business. |
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To pre-plan the appropriate legal proceedings that will yield the best result on collection. |
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To consider all means on legal recoveries at the least costs. |
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To understand all legal issues relating to debt collecting as laid down in the judgements of the courts in Malaysia. |
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