Research Payment History Before You Do Business
Sales are great, but if you close a sale and a distributor doesn’t pay, you were better off not closing it in the first place. But how can you know whether or not a new distributor customer will pay? You need to use a credit tool like Connect, which assesses risk before sales by looking at distributors’ past buying habits. Other suppliers report on their business experiences with distributors, and you can use this information in turn to make smarter decisions.
Measure Other Risks
You also need to measure risk aspects in other areas of your business. Here are places you should look and a few questions to get you started.
Prepare for Uncertainty
You can never prepare for everything, but you can develop practices to help you look to the future, create plans and act quickly when necessary. A future-focused attitude is crucial to the survival of small businesses, and you’ll save time, money and worry. Plus, you’ll get a BIG leg up on your competitors.
Check out Connect™ and learn how it can help you assess financial risk. Visit the Connect page to learn more.