Pros and Cons of Attending Improving Cash Flow Courses
Deciding whether to invest in a training course that covers improving collection performance and cash flow can be a difficult decision to make, you want to ensure that it will cover what you need to be covered to see a viable outcome that will benefit your business. Here we have compiled a list of pros and cons that should hopefully make your decision to attend an improving cash flow course much easier:
Pros of improving cash flow courses
Builds confidence
This is the feedback we receive often from attendees to our improving collection performance course. Credit control collections can be an extremely nerve-wracking task, especially if you have limited experience with telephone conversations. Therefore by receiving tips and tricks to dealing with these conversations, as well as a more in depth knowledge on collection processes in general, delegates often leave feeling much more confident in carrying out the task at hand.
Ask questions to an expert
You may have a number of questions that you need answers regarding collections, whether your processes are correct, how could they be made more efficient, why is one customer a particular struggle to retrieve payment from? A training course is the ideal time to ask these questions from an expert that has a huge amount of experience in this area.
You will hone your skills in vital areas of collections
Improving the collection letters you send to customers can be extremely beneficial to your cash flow, as well as improving your negotiating techniques that can potentially make or break your likelihood of being paid but also the likelihood of maintaining a positive business relationship with your customer.
Identifying customer types
Discussing the customers you deal with can help you to identify their ‘customer type’ which should inform your overall collection strategy regarding them. There are a number of customers types, categorising your own customers can prove a vital tool in your collections activity.
Identifying a viable collection strategy
This is a must for courses to improve cash flow; you can identify a collections strategy during your training course and you will have an expert opinion at hand to evaluate its effectiveness. To me this is one of the most important takeaways for any course so you have actionable tasks that you can carry out upon returning to work.
Cons of improving cash flow courses
Fitting course in around busy schedule
We are well aware how busy a credit controller can be, so fitting a course in around this hectic schedule can difficult. I suggest making the time attending relevant courses as the benefits outweigh a day away from the office greatly.
Finding cover in a small business
If you are attending a day-long training course you may need to find cover for the day so that your responsibilities are taken care of. Smaller businesses may find this task more difficult than others but it is one that will have fantastic benefits by the end of your training course.
Have to trust the course will be relevant to you
When you attend any training course you have to trust that the content of the course is relevant to your business and that it covers topics you need it to cover. At CMG UK we keep the attendee count low for each of our courses so that we can ensure each delegate can ask relevant questions and contribute in conversations that will ultimately benefit them within their specific role.
Discussing your business practices that may be industry specific
If say, for example, your business lies in the construction sector, there are very specific things that will relate to your collection activity that will not apply to other industries. This is the exact reason why I, personally, run the Improving Collection Performance course, as I have a lot of experience in a great number of different sectors that come with their own rules and regulations. This is again another benefit of having a small group of delegates on each course.
Improving cash flow courses, in my experience, can provide a huge improvement in the collection performance of a business; therefore I believe the pros far exceed the cons.
Book your place on our improving collection performance course and your business could greatly benefit from the pros listed above.
