Credit and Finance, Growth, Hints and tips, Small Business
Hatch a plan for business success this Easter
Posted on by Jo Shaw
Estimated read time: 4 mins
Read our cracking tips to help your business grow and flourish
Easter is here, which means a third of the year has already hopped on by. As we say goodbye to the first part of 2019, and start a new financial year, there’s never been a better time to treat your business to a refresh.
In traditional Easter fashion, we have some cracking tips that will help you hunt out the customers and suppliers that will put you on the path to growth.
A new beginning
Easter is a good time to look at the way your business runs and remove any barriers to success. At times, it can be easy to bury ourselves into a burrow with bad habits like paying bills a few days late, or missing the deadline on filing annual returns.
The occasional mishap may not seem like an issue at the time, but in the long run, it can cause serious damage – especially to your business credit score. These habits can make it difficult for you to secure future credit from suppliers, as well as business loans and credit cards.
After letting go of old habits, it’s time to start anew with a company-wide financial health check. With a tool like Experian’s My Business Profile, you can get a clearer picture of how creditors see your company when deciding to offer credit. This means you can begin to create plans for how to improve it if needed.
On an Easter egg hunt, you never leave a stone unturned, and that should be the same for your business. If you want to make the business stronger, take a look at what forces are affecting it from the outside.
Reviewing your list of suppliers using a tool like Experian Business Express is a good start, as it will show their financial status, and help you make an informed decision about the relationship going forward. If you know of a similar supplier, you can search through the list of businesses, and compare the financial status of both, finding the best deal for the business.
Having breathed new life into your company finances, it’s important to nurture them throughout the year. After checking your business credit score, make a habit of keeping on top of it. Start-ups need to establish a strong credit score as soon as possible as it can be difficult to get loans and credit in the early years.
Don’t get scrambled
Bad debt caused by late payments is one of the reasons new businesses close down. One way to protect your finances is to always check the credit scores of any potential customers before striking up a deal. This will give you a better idea of how your future relationship will play out, and help you decide whether to offer credit, or ask for payment up front.
With Experian Business Express, you can activate monitoring alerts to notify you when a customer is running the risk of a late payment. These notifications are sent straight to your inbox so you can act quickly, reducing the damage caused by bad debt.
Easter is the perfect time to breathe new life into your business, and with these cracking tips, your business will beat the competition and flourish. Grow your business without taking unnecessary risks with Experian Business Express.