(Brunei Press, Bandar Seri Begawan, 13) The Young Entrepreneurs Association of Brunei (YEAB) successfully held its second seminar in a series last Saturday.
The theme of the seminar was 'How to Pursue Unpaid Debts'. This seminar provided a valuable opportunity for young entrepreneurs in Brunei to learn effective debt collection management strategies and ensure the financial health of their businesses.
The seminar highlighted several key points: 1. Restructuring debt collection goals - Participants were encouraged to prioritize securing payment within a reasonable timeframe rather than insisting on full prepayment.
2. Streamlining processes - The seminar emphasized the need for effective systems, such as standardized reminders and documentation, to minimize costs and resources.
3. Understanding the debtor - Participants explored the importance of assessing the debtor's financial situation to evaluate payment feasibility and identify the risk of default.
4. Effective communication - Open communication and negotiation were stressed as crucial for establishing a mutually agreed payment plan.
5. Legal protection - The importance of a Letter of Undertaking (LOU) was explained, along with guidance on how to use them to enforce payment plans and reduce risk.
6. Risk mitigation - Strategies such as thorough due diligence and involving third parties were discussed.
7. Timely action - Participants were reminded of the importance of taking swift action in resolving contract breaches, and Brunei's legal procedures and statutes of limitations were outlined.
The interactive seminar encouraged participants to engage in discussions and explore creative and empathetic debt recovery methods.
It also emphasized the importance of improving payment systems, contracts, and documentation to prevent disputes and ensure smooth business operations.
The seminar series continues to offer practical tools and knowledge to empower young entrepreneurs in Brunei. By addressing real-world business challenges, the association reinforces its mission to cultivate a resilient and innovative entrepreneurial community in the country.
Stay tuned for more seminars and events from the association. For more information, please visit our website or follow us on social media.
The theme of the seminar was 'How to Pursue Unpaid Debts'. This seminar provided a valuable opportunity for young entrepreneurs in Brunei to learn effective debt collection management strategies and ensure the financial health of their businesses.
The seminar highlighted several key points: 1. Restructuring debt collection goals - Participants were encouraged to prioritize securing payment within a reasonable timeframe rather than insisting on full prepayment.
2. Streamlining processes - The seminar emphasized the need for effective systems, such as standardized reminders and documentation, to minimize costs and resources.
3. Understanding the debtor - Participants explored the importance of assessing the debtor's financial situation to evaluate payment feasibility and identify the risk of default.
4. Effective communication - Open communication and negotiation were stressed as crucial for establishing a mutually agreed payment plan.
5. Legal protection - The importance of a Letter of Undertaking (LOU) was explained, along with guidance on how to use them to enforce payment plans and reduce risk.
6. Risk mitigation - Strategies such as thorough due diligence and involving third parties were discussed.
7. Timely action - Participants were reminded of the importance of taking swift action in resolving contract breaches, and Brunei's legal procedures and statutes of limitations were outlined.
The interactive seminar encouraged participants to engage in discussions and explore creative and empathetic debt recovery methods.
It also emphasized the importance of improving payment systems, contracts, and documentation to prevent disputes and ensure smooth business operations.
The seminar series continues to offer practical tools and knowledge to empower young entrepreneurs in Brunei. By addressing real-world business challenges, the association reinforces its mission to cultivate a resilient and innovative entrepreneurial community in the country.
Stay tuned for more seminars and events from the association. For more information, please visit our website or follow us on social media.