Credit and Finance
Tips for how to make your business a success
Posted on by Jo Shaw
Estimated read time: 4 mins
With the Tour de France underway, we’ve turned to the world of cycling to help you make your business a success this summer.
Much like this epic road race, running a business is full of ups and downs, winners and losers. For every ‘King of the Mountains’, there are plenty of others who crash out at the first stage. There are times when everything is an uphill struggle – and you need nerves of steel to tackle the challenges you face – but as any pro will tell you, business success lies in determination and having a clear strategy in place.
Study the terrain
While nobody can predict the future, good planning helps you navigate any problems, and make the most of opportunities that lie ahead. Just as cyclists study the route, as well as their competitors’ form and tactics, so too should you be aware of what’s happening in your industry.
Could you target currently under-served customers, for example, or use new technology to improve operational efficiency? Once you understand the landscape, you’re better-placed to make informed decisions, such as whether to take on new staff or when to launch a new product or service.
Get the right support team
Just as pro cyclists rely on nutritionists, coaches, physios and mechanics to get them over the line, you too will need your own support team of staff and, of course, suppliers.
A good supplier is ready to deliver at the crucial stages – which is where Experian Business Express comes in. Whether it’s a long-term supplier, or new one, any business can experience financial difficulties, so use the tool to keep an eye on their credit score and make sure they’re not going to let you down. You can also set up monitoring alerts for suppliers and check for any red flags such as CCJs and bankruptcy.
There comes a point when ambitious firms, keen to move to the next stage, take out a business loan. Whether you’re investing in the premises, equipment or product development, it’s important to get your company finances in order if you want to access the best deals.
Experian’s My Business Profile allows you to check your business credit score as well as what factors are impacting it and what you can do improve it.
Avoid crashing out
In a nail-biting cycling race, it only takes one rider to clip another’s wheel for the whole peloton to fall down – and the same is true of the business world. A late or missed payment from one of your customers could lead to serious financial problems, to the extent that you experience cash flow problems and even fall into bad debt.
So how can you safeguard your business, without turning down work?
As well as checking your suppliers’ credit score, Experian Business Express lets you monitor the financial health of new and prospective customers. With this information, you can then decide whether to ask for full or partial payment upfront or refuse credit altogether.
Now you know what it takes to grab the winner’s jersey, we wish you every success in the race ahead. Allez, allez!
With Experian Business Express you can make safer decisions about who you do business with, one way to help you achieve business success.