As costs increase, inflation remains unsteady and economic uncertainty still feels top-of-mind, it’s never been more essential that businesses use their smartest tactics.
When it comes to maintaining business control, obtaining the best terms from suppliers and lenders is one important part of that jigsaw puzzle.
When lenders are looking at your company and drafting up funding quotes, they’ll start by assessing your business based on your publicly available credit score. Credit reference agencies such as Experian publish this information, based on data they acquire from a myriad of sources.
However, many small businesses don’t publish a lot of information in the public domain, and credit reference agencies sometimes have to make assumptions, meaning that your score may look lower than you would expect. And on top of this, some sectors are having a tougher time than others, and are being downgraded by the market. You may be in one of those sectors, yet are performing well, so it can feel unfair and frustrating.
Get your business ‘credit-ready’
There are almost 100 things that affect a business’ credit score, so it can be tricky to find out exactly what is impacting yours.
With the help of one of the UK’s leading credit bureaus Experian, Capitalise for Business can help find out those credit risks and even check its accuracy.
With the Capitalise for Business market-leading business credit tools, you can:
- Check your own business credit score
- Understand what affects your credit and your credit risks
- See your payment performance data
- Credit check the companies you work with to minimise the chance of bad debts
If you’re trading in a supply chain which you’re concerned about, checking your suppliers’ credit score can be a great way to reduce risk, stay ahead and protect your business cashflow.
When surveyed by Capitalise, 42% of small business owners said they intended to carry out more credit checks, now that times are getting tougher. And data shows that if a company carries out credit checks on its own customers, they are 6 times more likely to be in the top credit score band themselves.
Protect your business credit, and stay ahead of any risks. Especially important in this challenging economic time.
Knowledge is power, grab your tools to stay informed!
Get started today
The easiest way to get started is from within your Clear Books account, simply log in or start a free 30 day Clear Books trial.
Otherwise, get started for free, or learn more about Capitalise for Business.
