Basics of Collection Negotiation
Venue: Lourdes Suites, Makati City
It is common for customers to negotiate longer terms and better payment considerations with the collector. The problem is if the debtor is a better negotiator than the collector, the company might bear the negative effects.
If cash flow is the engine that drives businesses forward, delinquent accounts are the brakes that bring businesses to a sudden and screeching halt. Most credit and collection professionals are aware of the fact that the probability of collecting from delinquent debtors is getting out of control. Why? It is because the debtors are getting better at negotiating terms and conditions to favor themselves, and the collectors are not.
In this seminar, practical tips and concepts will be presented that can help the participants as they negotiate and collect more effectively. The key is on knowing how to prevent as well as negotiate with debtors to ensure payment is important for every collection professional to master.
Who should attend:
This seminar is specifically for Credit and Collection professionals as well as salespeople doing collection tasks who would like to learn new techniques and gather fresh ideas on how to negotiate well with debtors to get the collection as fast as possible and as complete as possible.
Module I - The Fundamentals of Collection Negotiation
A. The No. 1 Rule in Collection Negotiation
1. Never negotiate unless you need to
2. What it means when you negotiate on collections
B. Understanding the Problem Debtor
1. Personality Analysis
2. Situational Analysis
3. Historical Analysis
C. Factors of Effective Collection Negotiation
1. Both parties' bargaining style
2. Both parties' goals and expectations
3. Value of the Relationship
4. Protecting both parties' interests
Module II - Phases of Problem Account Negotiation: The Initial Analysis
A. The Essence of Negotiating with Problem Debtors
1. What is your objective?
2. What is your stand?
3. What options are open to you?
B. Calculating the Risks
1. What are the stakes involved?
2. Setting Limits and Boundaries: Bracketing your Offer
3. Negotiating Pressure Points
C. Understanding the Power Equation in Collection
1. Situations that shift the balance of power between creditor and debtor
2. What to do to improve your bargaining position
3. Understanding your Walk-away Options
4. Using your Best Alternative to a Negotiated Agreement (BATNA)
Module III - Phases of Problem Account Negotiation: The Face-off
A. Developing your Assertiveness
1. Courage Strategies
2. Confidence Strategies
3. Controlling the Negotiation Strategies
B. The Collection Negotiation Traps
1. Soft bargaining traps
2. Confrontational Negotiation
3. Revealing your Stance
4. Accepting the first offer
5. Relinquishing control of the negotiation
Module IV - Managing the Negotiation Outcome
A. Reaching Acceptable Agreements
1. Collect in full or as much as possible
2. Collect as soon as possible
3. Preserve the relationship
B. Handling Negotiation Problems
1. The Stall
2. The Impasse
3. The Deadlock
TERMS AND CONDITIONS:
The P1, 699+VAT per participant, per seminar rate will be applied for reservations made until September 26, 2017 and paid within the assigned due date and P1, 999+VAT per participant, per seminar will be applied for on-site payments.
[ Seminar Fee includes snacks, materials and certificate of completion ]