It's the Most Wonderful Time of the Year
Yes, it’s time for annual account reviews! What, were you thinking of something else?
When our minds turn toward family, faith and shopping, we must not forget that it’s also the end of the year, and if your portfolio of credit accounts has not undergone a complete review yet this year, now is the time to do so.
If it's been a while since you reviewed their credit profile, the risk of some of your customers may have changed. Do you know which of your customers will soon start paying you late or not at all? What about those customers to whom you can offer a credit line increase or better terms to generate more cash flow into your company? Business Credit Reports can help you answer these questions as you plan for 2014.
Before trouble shows up in the form of slow payments, companies’ credit reports will usually show trouble brewing. Increasing balances, judgments, liens and negative comments are some of the warning signs. Credit managers who regularly review their balance-carrying accounts are better aware of the credit health of their customers. Detecting problems early can direct asset protection measures like credit line reductions, credit holds and deposits.
Increasing revenue is probably a goal for the new year, right? Your existing customers are often the best place to gain that revenue. A credit line could determine which vendor a company buys from. Therefore, increasing credit limits on some of your credit healthy customers can help your company increase market share and revenue. Just as credit reports can tell you when to take evasive action, they can tell you when it’s time to do more business with a company.
Proactive credit reviews of existing customers, especially those with large balances, high credit lines or have been late on a payment during the year, is a good practice to keep. We can help you stay informed and on top of your accounts. Let the experts at Business Credit Reports help you make 2014 a year of new records for low bad debt and high revenue-per customer.