22 April 2022

Debt Collection Demystified

Submitted by Oliver Nagaya

In order to have a successful business you need to have a healthy cash flow. Most businesses believe that to have a decent cash flow they need to be focusing on new sales. While this is true it is only half of the picture, collecting on debt owed to the business is a vital part of revenue management and business growth. 

Most small business owners don't have an MBA or formal business training, but what they do have is clients and a great business idea. For these business owners there are many things that they have to learn on the job in order to keep their businesses afloat. 

While there are a vast number of courses on business management and business processes, there are very few that cover the in's and out's of debt collection. This is because debt collection is like that cousin in jail that no one wants to speak about but should. 

In order to have a health business you need to understand how your cash flow works and this includes understanding the debt collections process. At Kitrin we took the experience of Shaz Hattingh Macfie who has been in the debt collection industry for 5 years. As well as our experience of working with our managed service clients and complied a short debt collection course to help you understand what debt collection is as well as how to implement a collections strategy within your business to manage your revenue. 

Key elements that you will take away from this course.

  • History and definition of debt collecting
  • The do’s and dont’s of debt collecting
  • Effecting communication
  • Pro’s and con’s of a debt collection agency vs a debt collection software
  • The debt collection legal process in South Africa
  • Letter and email templates for your debt collection process

Why this course would benefit a business owner? 

Many small businesses struggle with bad debts and it’s a huge issue for a number of businesses. One of the biggest areas, that small businesses do run into a hurdle is with debt recovery. A healthy cash flow is instrumental in running a successful business, a limited cash flow will affect the business. Whereas a healthy cash flow could turn a struggling operation into a really successful one. 

If you are a business owner who would like to understand the debt collection process better and be able to implement a healthy collections process within your business follow the link below and take the next step in your business. 

https://kitrin.com/debt-collection-demystified-course/

KITRIN (UK) LIMITED

KITRIN is a software product focused company that develops solutions for healthcare practitioners, financial advisors and small business owners which help them in all business functions. Our products are innovative, magical and deliver outstanding value which most healthcare practitioners, financial advisors and small business owners can afford, while still maintaining the highest professional levels that you should expect from a publicly listed company. We also offer a holistic solution based approach to our clients - much like the therapy and consulting offered by all clients.