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A regular day can be stressful for an enterpriser and focus is often on solving the day-to-day challenges of the business. The longer-term work to secure future income easily suffers, and many companies have several different and parallel business systems that make the processes more difficult.
One way to keep track of future revenue is to ensure that customers are good payers. “Most companies have clear processes for checking out new customers,” says Mikael Jakobsson, credit expert at Dun & Bradstreet, “but many forget about continuing to check the payment ability of existing customers.”
Statistics show that more than 80 percent of all credit losses come from existing customers. A bankruptcy client not only entails lost earnings, it also costs time and energy to handle the customer case. Preparing petitions and depositions, appearing in court, managing accounting, and so forth, means that valuable time is lost that could have been put into sales, growth and new customers.
“Most companies have clear processes for checking out new customers, but many forget about continuing to check the payment ability of existing customers.”
Mikael Jakobsson, credit expert at Dun & Bradstreet
With the right business system, it’s easy to avoid both credit and time losses by ensuring that you are doing business with good payers — whether they are new or existing customers.
To help companies avoid bad payers, Dun & Bradstreet has created a package of tools for the self-employed, a comprehensive solution that includes services to minimize credit losses, find new business opportunities, boost growth, and enhance the company’s marketing activities. For many companies, business and private finance are closely linked and therefore it also includes protection against fraudsters and identity thefts both for the company and for you as an individual.