Credit and Finance, Growth, Management, Hints and tips, Small Business
Give your business a spring clean by breathing new life into your finances
Posted on by Jo Shaw
Estimated read time: 3 mins
Read our 3 top tips for spring cleaning your business this year.
Spring is in full swing, and as the days start to get longer, now is the perfect time to give your business a spruce up. Just as if you were tidying up your home, it’s a case of digging into long-forgotten drawers and cupboards and making sure you clear out anything that’s no longer needed.
April is the start of the new financial year for most businesses, so to make sure you put your best foot forward, we’ve supplied a few financial “spring cleaning” tips to help give you a fresh new start.
Tip 1: Out with the old
As the saying goes, “old habits die hard”, and often we can get into bad habits like paying bills slightly later than the due date or filing annual returns and financial accounts after the deadline. All of these habits can cause a lot of damage to your business’ credit score and ability to secure future credit – so it’s best to box these habits up and let go before it gets too late.
It’s also important to regularly check your business credit score, so you understand the current status of your business. For startups, it’s important to review your own personal finances too, and register the business with a credit reference agency.
Checking your customers’ financial status, before making a deal can also prove useful, as it will give you a clearer picture of your customer base and the likelihood of late payments.
Tip 2: A fresh new start
Start by getting to the core of your finances and conduct a company health check. Using a tool such as Experian’s My Business Profile can provide you with a clearer picture of what creditors see before deciding to offer you credit. With access to your business’ credit profile, you’ll be able to see the overall credit score of the business. Once you understand this, plans can be put in place to improve it if needed.
Tip 3: Keep on the right tracks
Using a tool like Experian Business Express makes the process of tracking the financial health of other businesses easier. Its monitoring alerts feature sends notifications straight to your inbox, informing you of any changes to a customer’s financial health.
Spring is also the perfect opportunity to take the time to review your list of suppliers and decide whether to carry on working with them or not based on their financial status. Experian Business Express can help you evaluate the relationship between you and your supplier, offering the information needed to make an informed decision about the future.
Cleaning up your finances shouldn’t be a chore, and, with our handy tips, you’ll be ready for whatever opportunities lie ahead this summer.
With Experian Business Express make safer decisions about who you do business with.