Credit and Finance
Are your business finances failing to bowl you over?
Posted on by Jo Shaw
Estimated read time: 4 mins
Here’s how to ensure your business hits a six every time this cricket season.
Just like any good cricket match, looking after your business finances requires a careful, well thought out strategy, patience and teamwork to succeed.
Running a successful business can be highly-pressurised, especially when facing competition from others in the sector.
The England Cricket Team is no stranger to the pressure of operating in a fast-paced competitive environment. Having featured in all 11 Cricket World Cups to date and reaching the finals on three occasions, they certainly know a thing or two about what it takes to be great.
With the Cricket World Cup kicking off at the end of May, here are our thoughts for how to ensure you don’t get caught out with your business finances this summer.
Do your fieldwork
Before a cricket match, any good team will know it’s worth taking the time to research the opposition so you can gain a clear understanding of their strengths and weaknesses and better know how to use them to your advantage.
Similarly, as a business owner, it’s essential to make regular checks on the businesses you choose to partner with so you can make a well-informed decision about whether to work with them or, indeed, to carry on working with them.
With late payments from customers a very serious factor inhibiting the cash flow of many UK businesses, it pays to have a clear understanding of the financial statuses of the businesses you choose to work with. By using a tool like Experian Business Express you’ll be able to see the payment trends of your customers and suppliers so you don’t get stung by any nasty surprises.
In addition, its monitoring service gives you regular alerts about any changes in the financial statuses of any businesses you’re working with, so you can spot any issues that might have a damaging impact on your business’ own finances before it’s too late.
Keep your eye on the ball at all times
It can be tempting to rest on your laurels if everything is going smoothly, but taking the time to regularly look into your own business’ finances is essential for ensuring your business doesn’t end up in no man’s land.
This is something that can be done quickly and easily with the help of tools such as Experian’s My Business Profile which provides a clear picture of your credit score and indicates what creditors see before deciding to offer you credit. By delivering regular insight into the factors that might be affecting your financial status, the tool allows you to put steps in place for improving your business credit score should it need it.
Protect your business wicket
No cricketer ever wants to get caught out hitting their own stumps and similarly, no business owner wants to be the cause of their own business’ downfall.
There are a number of simple things that can be done to ensure your business has a good innings time and time again. Regular late payments, exceeding agreed credit limits and defaulting on loans are all factors that can have a serious and damaging effect on your business finances, and are often unavoidable so it’s important to take the time to monitor such habits.
Running a successful business can be challenging, but our tips should stop you getting stumped, and have you batting off the competition and swinging for success.
Make safer, smarter, better-informed business decisions with help from Experian Business Assist.