Credit and Finance, Hints and tips, Small Business
Applying The Gareth Southgate Touch To Your Business Finances
Posted on by Tas
Estimated read time: 4 mins
Managing your business’ finances and the repercussions of bad debt can be as challenging as managing a top football team. Just as one weak link in a football team can lead to a series of losses, a bad debt can be the undoing of even the most successful business.
England’s current football manager, Gareth Southgate, is no stranger to tricky situations but what can you take away from his leadership skills during this year’s World Cup and how will they ensure your business is a finance victor this year?
Have a clear strategy
Just like when it comes to prepping for a football match, ensuring you have a clear strategy for your business’ finances is essential. Football managers need to know the role of each player in a football team. The same too is true of understanding the role different factors could have on impacting your business’ long term credit score, and ultimately its ability to secure credit.
There are a whole range of factors that contribute to your business’ credit score including your company’s payment history, whether your business has previously defaulted on loans or has exceeded agreed credit limits. It’s important to be in the know about all this key information and have a clear plan in place for their implications on your business’ credit score.
Keep your eye on the ball
Keeping a close eye on your own business’ finances is one sure fire way to protect your business from a potential own goal further on down the line.
Tools such as My Business Profile allow you to see exactly what creditors see on your credit file before they make the decision to offer you credit. Through the tool you can monitor and continually improve your business credit score quickly and easily, so you don’t get stung with any nasty surprises.
Get clued up on the ‘other teams’
Knowing the opposition’s weaknesses and what makes them tick is an asset out there on the pitch, but did you know the same practice can be applied to your current and future customers?
Late payments from customers are something that can affect any business, in any sector, at any time. If left unaddressed, it can even lead to your bills and staff not being paid on time and ultimately have a damaging effect on your business’ own credit score.
Taking the time to research a customer before going into business with them will help you make a well informed decision about whether to go into business with them and can be done through our Business Express Credit Reports. Allowing you to check any business’ credit score, it’ll help you spot the warning signs before you commit to working with them.
You can also keep tabs on all your existing customers too through our monitoring service which updates you with regular alerts about any changes in their credit score so you can catch any problems before they put your business’ own finances at risk.
Tackling your business’ finances is no mean feat but with a few simple changes you can make sure your business brings it home this year.
Find out more about how to make safer, smarter, better-informed business decisions, here.