Credit and Finance, Hints and tips, Small Business
How to score a business try this rugby season
Posted on by Jo Shaw
Estimated read time: 4 mins
Now the Rugby World Cup is underway, it’s the perfect time to punt your business finances into gear.
As any good sporting team will know, success isn’t instantaneous – it takes months and sometimes years of preparation and training.
If you feel your finances are falling short of greatness, take a look at our top tips and you’ll be top of the league before you know it.
Draw out your play
Before embarking on any changes, sit down and plan out exactly what you want to achieve for the rest of the year. Documenting these goals will cement your plans and allows you to set up annual, quarterly and monthly objectives. This means you can benchmark company performance, check you’re on track and change your tactics if necessary.
A good plan should clearly identify any big goals you’re chasing, such as growing your market share, building the team or boosting profits. No matter how big or small your wins are, make sure you celebrate them and then congratulate members of the team who helped you get there.
Check on the team
Before stepping out onto the pitch, a rugby coach will always ensure that the team has everything they need to perform and give the team the best chance of winning. This is an approach all business owners should adopt too by monitoring the business’ financial health and assessing what changes are needed to steer the business to its full potential.
Regular late payments, court county judgments or defaults on loan repayments all impact your business credit score and ability to get credit. Checking your business credit score on a regular basis using My Business Profile offers a picture of what lenders see before deciding to offer you credit. It also highlights any factors that might be bringing your rating down, which means you can start to improve it if need be.
Know your strengths
As time passes it can be easy to relax a little and forget about your annual goals, but it’s important to stay focused even during busy peak periods and seasonal campaigns. If you want your business to get to the top of the league, focus on the areas where you’re making the most profit and hone them to achieve further growth.
Much like a scrum, everyone needs to play their part to gain the edge on the competition, so make sure every member of staff knows what goals you’re working towards and what part they play in helping the business reach them. Reviewing your profits and loses regularly will help you see the areas that are bringing the business down, so you can put a clear strategy in place to limit the damage.
Assess the competition
Understanding your own strengths and weaknesses is only the first step – next you have to work out what external factors you’re up against, including frequent late payments. While a customer may look like a perfect match at the start of your working relationship, they may lead you into a business ‘dummy pass’.
If a customer starts to struggle with their own finances, they could end up paying their bills later than agreed or not at all. Not surprisingly, this will, in turn, impact your business’ cash flow.
To avoid this, set up regular alerts with Experian Business Express so you receive notifications whenever there is a change in a customer’s credit score. You’ll then be able to make on-the-spot decisions about how to continue with the relationship, such as asking for full or partial payment up front or refusing to work with them at all.
Running a successful business can be tricky work and getting to the top doesn’t happen overnight. However, our top tips should have you tackling the competition, converting all your business goals and ultimately, give you that all-important edge above the competition.
Find out more about how Experian can help support your business, here.