Credit and Finance, Growth, Management, Hints and tips, Small Business
Why it’s time to give your business some love this Valentine’s Day
Posted on by Jo Shaw
Estimated read time: 4 mins
Useful top tips for giving your business some TLC this year.
Valentine’s is a day for spending time with that special someone and showing them how much you care. However, just as time with your loved one shouldn’t be something that’s exclusive to just one day, it’s also important to not just reserve assessing your business finances for the end of the financial year or indeed the start of it.
Instead, ensure you’re giving your business finances some much-needed attention throughout the year to avoid getting caught out by issues that might arise due to leaving them neglected.
Here are our top tips for how to ensure you don’t end up in business heartbreak hotel this year.
Set a business date night
Coordinating busy schedules can be tricky for many couples which is why the rise in scheduled special evenings spent enjoying quality time together – also known as date nights – have been on the rise in recent years.
However, a similar practice can also be applied to managing your business too. It’s worth diarising regular business credit score reviews to ensure you’re always in the know about your business’ financial health throughout the course of the year. This will allow you to make well-informed decisions about how to put steps in place to improve it – if needed – before it’s too late.
Experian’s My Business Profile lets you check your business credit score at the click of a few buttons at any time, on any day. Giving you a picture of what banks and suppliers see before offering you finance, it’s the perfect way to keep regular checks on your business’ finances.
Take the time to find your business soulmate
For many years Cupid has been famed for his hand in bringing star crossed lovers together, but when it comes to ensuring you’re working with the right business partners, the process is much more straightforward – and not a bow in sight!
Our Experian Business Express tool helps you check the credit scores of any business before you partner with them, so you can make a well-informed decision about whether they’re right for you. Not just exclusive to new customers, it also lets you keep an eye on the credit scores of all your existing customers and suppliers – alerting you to any changes in their financial status so you don’t end up within the midst of a nasty business break-up.
Get to know your business
Letting external factors come between you and your partner is often a fast-track to singledom and the same can be said for you and your business too. Factors such as regular late payments and submitting accounts and tax returns late can all have a damaging effect on your business’ credit score which if left unchecked could hinder you from securing future credit.
Ensuring you’ve got robust plans in place for keeping on top of those factors that might affect your business’ credit score really could be the key to ensuring your business flourishes rather than wilts like two-day old Valentine’s Day flowers.
If you’d like to see how Experian could help your business this year, click here for more information.