Credit and Finance, Growth, Hints and tips, Small Business
Trick or treat: Our top tips and tricks to keep you out of the dark this Halloween
Posted on by Jo Shaw
Estimated read time: 4 mins
Autumn signals the start of longer nights and chillier mornings, but while the leaves begin to change and many of us start planning our Christmas lists, something scary could be lurking in the dark.
This Halloween, we’ve cooked up a few devilish tips to help you avoid your business ending up as another addition to the cemetery of businesses that could have been.
Tip 1: Explore what lies in the shadows
At the start of the financial year, most companies plan for the future by setting optimistic goals, with deadlines and opportunities for success. October marks the midway point for the financial year for many businesses, so is the perfect opportunity to revisit those goals and see whether there are any ghouls in the closet that are holding you back.
These could be internal, such as a significant investment into a department or service that is giving little back, or a lack of attention on customer retention. On the other hand, it’s important to not forget about external factors too, including the arrival of any new competitors into the market.
In such cases, you should evaluate all the hurdles you have faced, or are currently facing, and make a plan to defeat them so you can get back on track for the second half of the year. Whether that’s by reviewing your investments, training staff on how to deliver better customer service and upsell, or through improved marketing efforts.
Tip 2: Destroy the skeletons in your closet and don’t get haunted by bad debt
Paying bills later than the due date and filing annual returns or financial accounts after their deadlines are all bad habits that can damage your business’ credit score if left to fester, ultimately resulting in bad debt.
Staying on top of payments is essential for not only keeping your business out of the red but also for giving you the best chance of securing credit should you need it further down the line.
Tip 3: Know what’s behind the mask
Taking on new customers is an essential part of any business’ growth strategy, but without thorough research, those customers could end up being a real nightmare.
Before deciding to work with a customer or to offer an existing one credit, it’s important to do your homework first. Experian Business Express give you a clear picture of any client’s financial status, including their payment patterns and credit score so you can decide whether to offer credit, ask for payment upfront or indeed, work with them at all.
As an extra layer of protection, ongoing check-ins on your customers’ financial profile from time to time is a great way to ensure you don’t get spooked by any nasty surprises in the future.
Using Experian Business Express, you’ll be able to track your customer’s financial health with monitoring alerts which notify you when there are any changes in a client’s credit score. This allows you to make hasty decisions about the future of your relationship, such as whether to alter the payment terms or stop the service temporarily until they’re financially stable.
Clearing out the cobwebs of your business and staving off any horrors that lurk ahead is no easy task, but our tips will help you vanquish any future business demons that lie in your path.
To find out more about how Experian can help your business, click here.