You secure a new client win. Great news, congratulations. You find a new supplier that can deliver on time as well as undercutting your existing supplier – again, a positive and good for business, yes? But what do you really know about these new partnerships? Can they really deliver on time – or are they a smaller operation that you understood them to be? Do they pay their invoices – or are they a habitual late payer? Could you be left for months waiting on payment – struggling with cash flow and unable to pay suppliers or invest in new business? Are you relying on gut instinct or do you have a more rigorous risk strategy at play? Successful business leaders make a habit of knowing the answers to these questions..
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Whilst gut instinct is not to be underestimated in business, something more tangible is prudent, so having all the key facts about a partner is vital. Every business has to take some risk but it is calculated risk that pays off. The key is to have a risk strategy in place in order to avoid poor decision making which can have costly repercussions – and some that can be difficult to recover from. By implementing a risk management strategy, your company will increase successes, experience growth, reduce failures and hold the information to negotiate better terms and conditions for your business. Whilst due diligence doesn’t exactly get the blood pumping, a full understanding of the capabilities of new clients, prospects or partners will protect and sustain your business in today’s challenging commercial environment.
Transparency is vital in today’s business climate where we have seen big names buckle from risky partnerships that haven’t paid off. Companies need to have a full understanding of their customers’ ability to pay when working on payment terms of up to 90 days or more – or they too could become vulnerable. Viewing credit reports prior to entering into a payment agreement is good practice in order to avoid incurring a bad debt in the unfortunate circumstances that your customer defaults on a payment through insolvency.
Savvy companies are minimising these risks with identeco’s online Business Support Toolkit, which allows them to access and download detailed financial reports on over 6 million registered UK businesses – giving them a thorough understanding of the stability of customers’ finances before supplying goods and services. The financial health check and creditor days facility gives an indicator of suitable credit limit and payment terms for individual customers. Access to the Business Support Toolkit is unlimited – unlike its competitors – and is priced at £79.95 + VAT per year.
In addition to the wealth of financial insight the Business Support Toolkit offers, subscribers have unlimited access to B2B marketing and prospecting lists for any industry sector – searchable by keyword or sector. These are fully GDPR compliant, allowing businesses to target a specific sector and grow their market share. We also offer a market entrants information and a data audit service where we can check your database remains compliant with GDPR and CTPS as well as checking for duplicates.
And if that wasn’t enough, your subscription will provide access to further toolkits at preferential rates. The Customer Screening toolkit provides detailed financial reporting on sole traders, partnerships and firms and can future proof your business relationship with account monitoring on any UK registered company – flagging potential warning signs – changes in financial health, structure or trading detailing –giving you the heads up that a second look might be needed. This helps to build a profitable portfolio of clients and maintains the integrity of your supplier or customer database with the latest most recent information available.
Market Sector Toolkit provides market research, helping you scope out the competition. There is also Data Cleansing & Enhancement Toolkit for cleansing of databases, email and telephone appending and a Resource Toolkit for any back office functions you wish to outsource – these include branded credit control services and call centre support. Whilst identeco’s Tracing & Asset Intelligence Toolkit provides primary and employment tracing, probate searches, land registry, pre litigation and asset intelligence information – helping you avoid throwing good money after bad.
Identeco offers businesses a unique and flexible, fully integrated solution to the questions that we need answers. You know the saying: knowledge is power and through identeco’s online toolkits, we can provide the assurance to help you drive your business forward. Remember, whilst gut instinct is still an enviable business skill; it’s good to have a second opinion.