Tank make informed financial decisions to achieve business growth
Founded by Trevor Palmer in 2010, Tank is a digital PR agency based in Nottingham city centre, employing 28 members of staff.
Tank has been using Experian Business Express to check the payment history, and monitor the ongoing performance of both new and existing clients.
Originally solely delivering PR services to clients, Tank has expanded its offering to include a digital division that now makes up a quarter of the agency – offering SEO, PPC, social media, digital PR and content strategy. Before taking on a new client, the team always run a comprehensive credit check on the businesses’ payment and financial history to identify any potential warning signs such as a poor credit rating, that could suggest that they might not be able to meet agreed payment terms.
As the agency has continued to grow and take on more clients from a range of different sectors and localities around the world, Trevor is acutely aware of the importance of reviewing the payment history of potential clients. Explaining more, he said:
“A growing list of clients is great news for our business, but it also could have increased our exposure to bad debt, had we not used tools such as Experian Business Express to understand more about the businesses that approach us.
“We decided to use Experian to carry out our company credit checks as it’s a trusted source, and market leader in its sector.
“The software allows us to understand a new client’s financial position before we do business with them. It offers a better understanding of their financial health, giving us faith that they’re in the habit of making payments in full and on time – a necessity for good cash flow.”
Looking to the Future
To accommodate a growing team, the agency relocated in Spring 2018 to larger, owned premises in Nottingham’s historic Lace Market. Having the financial confidence in their future has enabled Tank to take this step forward.
Thanks to the help of tools such as Experian Business Express, Trevor is confident that Tank’s growth won’t be slowed by bad debt, as new customers can be assessed for risk.
“For us, making sure we’ve got a clear picture of new clients’ financial status is essential for making well-informed decisions about which to take on.”