Dust Off Old Strategies for Better Business Performance
In the B2B world, it’s easy to get caught up in the way things have always been done. But is that really the best way to go about doing business? Without change there is no growth, so old strategies need to be dusted off in order for businesses in the trade sector to perform effectively. Spring cleaning isn’t just something that needs to be done in your home. Businesses, too, must take advantage of this fresh time of year to get their customer portfolios back on track.
Update Your Data Files
Spring cleaning for business starts from the inside out. Appending your business’s data files and making sure that you have the most accurate, up to date information helps set you up for success during this new season. Throughout the course of a year, businesses change; people leave, spending fluctuates, budgets change and priorities shift direction without any warning. Luckily, commercial credit bureaus track this information and provide it in actionable formats to make sure you understand everything there is to know about your customers’ behavior.
Take a Proactive Approach
Spring cleaning your customer portfolio requires taking a proactive approach to risk mitigation. When taking a look at your business’s pipeline, it’s important to factor in leading financial indicators such as payment behavior and trends, rather than relying solely on payment behavior data. This process might include adjusting credit limits on current customers and re-evaluating how much credit should be extended to new ones. Start by identifying which customers are showing signs of demise and which are out-performing others. Focus on the companies who are showing signs of growth, and look for ways to cut the loss of those who are not. Make sure that as these numbers get adjusted, you are taking into consideration the most information possible. Cortera’s Deep Dive Credit Reports offer the most robust information on the market of any business in our database, for only $6.50.
Rid of High Costs
Antiquated credit reports cost a fortune – and for what? A lack of innovative, useful information. Traditional credit bureaus do not provide the full picture because they don’t report all of the necessary information. In addition, those reporting and monitoring services can be upwards of thousands of dollars. Spring cleaning your customer portfolio requires ridding of high costs and increasing your bottom line however possible. If you’re looking to get the most valuable information at the lowest possible cost, it’s time to re-evaluate your provider and look into the alternatives.
Spring cleaning is a concept that can be applied to all areas of life, especially business. Take advantage of this time of year to evaluate your customer portfolio and get your business back on track.