Here we are, alive and well in 2017. Who would have thought that it would be here so soon? It seems like just yesterday we were crunching numbers and making last minute collection calls to close out 2015. The best part of the New Year is that it serves as a time to reflect and improve in your personal life and in business. Within the credit world, a lot is changing and now more than ever there are tools and solutions available to help everyone within the B2B credit industry succeed. Here are some New Years business resolutions that every credit professional should make in 2017.
Investigate Every Company You Work With
Big, small, old, or new; you need to pull a report on every single company you work with. If one of your biggest customers starts paying a little later, don’t let it slide because “they’ve been a great customer for years”. There could be something bigger going on. In order to protect your own business, you need to dig a little deeper and find out what’s going on beneath the surface. Did you get burned last year when a business suddenly closed its doors? Suffer a major financial loss when one of your customers filed for bankruptcy? Did you extend too much credit to a business who couldn’t pay you back quickly? All of these mistakes are learning experiences. In 2017, take the time and make the investment to evaluate each and every business that you work with.
Seek Guidance from a Commercial Credit Bureau
Commercial Credit Bureaus exist to help make your job easier. By taking advantage of the different tools they offer, you can significantly improve efficiency and spend more time on the things that need your attention most. Whether you’re looking for a comprehensive credit report on a company, industry trends, or you want to know how much credit you should give to a particular business, commercial credit bureaus are here to help. There’s a wealth of information and resources available to you right at your fingertips. Some solutions even offer daily benefits that will help keep you ahead of any problems or opportunities that may soon arise. Even if it’s your first time working with a company like this, don’t be scared to pick up the phone and get more information. Trust us, there’s a solution for everyone and you’ll be glad you did.
Update your Data
Data is timely and data is always changing. While it is extremely powerful for virtually every operating business, not having updated data is actually working against you. Using a batch file append system will ensure that you have the most up-to-date information in real-time, whenever you need it. Performing this type of clean-up is relatively inexpensive, and the ROI will quickly become obvious. In order to succeed in B2B sales and transactions, you need to be able to target the right people at the right time. This means you need to have the best possible information on those businesses in order to get your foot in the door. Appending your data at the beginning of the year and on a regular basis can help you achieve this.
We hope that this year brings nothing but great success to your credit department and your entire team. To kick-start these business resolutions and get a complimentary business review from one of Cortera’s seasoned Solutions Specialists, please click here.