Credit Boot Camp
Agenda
Day One
Introduction: Orientation
In the long run, we shape our lives, and we shape ourselves. The process never ends until we die. And the choices we make are ultimately our own responsibility.
— Eleanor Roosevelt
Welcome Remarks
Answering where: The Company and its Environment
The participants will learn about the company, the place where work is performed, its structure, organizational chart, roles, and culture.
Break and Q&A
Answering what: Reviewing Job Descriptions
The participants will review job descriptions covering: credit and collection, A/R and A/P, bank teller and financial service associate. (The purpose is to extract the needed skills in these fields)
Lunch
Answering what: The Soft and Hard Skills of Employability
The participants will learn about the top qualities that employers seek in employees. They will uncover the A through Z of employability.
Break and Q&A
Answering what: Ownership Structure and the Legal Environment
The participants will learn about the main ownership structures: Sole ownership, Partnership, and Corporation. They will also get a summary review of the main laws and regulations affecting the field of Credit and Collection.
Day Two
Spotlight on Credit:
Every morning in Africa, a gazelle wakes up.
It knows it must run faster than the fastest lion or it will be killed.
Every morning a lion wakes up.
It knows it must outrun the slowest gazelle or it will starve to death.
It doesn’t matter whether you are a lion or a gazelle.
When the sun comes up, you better start running.
— An African proverb
Welcome Remarks & Review
Answering what: The Role of Credit Management
The participants will learn about the meaning, role, and function of credit and its relationship and importance to the rest of the company.
Break and Q&A
Answering what & how: The Role of Policies and Procedures
The participants will uncover the importance of policies and procedures and will gain insight into the process of credit by highlighting the key elements.
Lunch
Answering how: The Matrix and the Credit Decision Process
The participants will learn about the Matrix of Ability and Willingness. They will uncover the basic steps in the credit decision process and become familiar with the Cs of credit.
Break and Q&A
Answering how: The Cornerstones—The Credit Application and the Credit Report
The participants will learn about the cornerstones of the credit file: The Credit Application and the Credit Report. A review of a commercial and consumer credit application and credit report.
Spotlight on Collection:
There comes a moment when you have to stop revving up the car and shove it into gear.
— David Mahoney
Welcome Remarks & Review
Answering what: The Role of Collection Management
The participants will learn about the meaning, role, and function of collection and its significance in protecting the lifeblood, the precious cashflow, of the company.
Break and Q&A
Answering what & how: The Role of Portfolio Management
The participants will learn about the importance of the aging report and will uncover strategies to effectively collect accounts receivable.
Lunch
Answering how: Communicating with the Debtor
The participants will learn about the most important tool: The Telephone. They will also look at examples of written collection communication.
Break and Q&A
Answering how: Enhancing the Collection Experience
The participants will learn about how to deal effectively with angry debtors and when to refer to third parties for collection.
Day Four
Spotlight on Accounts Receivable and Accounts Payable:
“A person often meets his destiny on the road he took to avoid it”.
— Jean de la Fontaine
Welcome Remarks & Review
Answering what: Understanding Accounts Receivable (A/R)
The participants will learn about the importance of managing accounts receivable and timely cash application. Bonus discussion: Terminology.
Break and Q&A
Answering what & how: The Role of Data Input, Credit Memos, and Debit Memos
The participants will learn about the importance of accurate and correct application of cash as well as how to work with debit and credit memos. Review the process, from cash receipts, to payment identification, to application, to dealing with discrepancies.
Lunch
Answering what: Understanding Accounts Payable
The participants will learn about the function of accounts payable and the importance of timely payments to protect the company’s credit standing.
Break and Q&A
Answering what & how: Vendor Management and Payment Processing
The participants will learn about vendor set-up, vendor agreements and contracts, issuing purchase orders, invoice processing, and check handling.
Spotlight on Enhancers and Experts:
It all depends on how we look at things, and not how they are in themselves.
— Carl Jung
Welcome Remarks & Review
Business Etiquette & Networking
The participants will learn about the importance of business etiquette and being professional. They will also gain insight into the meaning and significance of effective networking.
Break and Q&A
The Role of Negotiation
The participants will uncover the meaning of negotiation and learn about the styles and strategies.
Lunch
Expert Forum: Tips and Nuggets of Wisdom
The participants will meet the experts in the fields of credit, collections, banking and finance. They will hear from them about their experiences.
Break and Q&A
Meeting the Experts: Roundtable Q&A
The participants will get to interact and ask the experts about any questions and or concerns they have. Participants interview the experts.
The Credit Boot Camp Adjourns
At the center of your being you have the answer; you know who you are and you know what you want. — Lao Tzu