cocredo - company credit checks

Due diligence – what else should you be doing to protect your business

  • 29/07/2020
  • Jane Bray

As a credit reference agency, we will of course always advise you that you should be running credit reports on the businesses you extend credit to. Not only do they protect you from the risk of bad debt, but they can also provide insight and opportunity.

But at the moment you shouldn’t just rely on a credit report alone, you have access to so much more at your fingertips … you just need to know where to look.

Here are our top suggestions on where else you should be looking to give you that critical advantage…

  • Pick up the phone and speak to customers, suppliers and even competitors – ask questions, keep up a dialogue with them
  • Sign up to customer newsletters to keep proactively up-to-date
  • As well as using monitoring alongside your credit reports, you can also closely monitor companies you work with, Google alerts can be useful
  • Look for relevant webinars, podcasts, vodcasts, blogs and white papers
  • Follow your customers on social media – Facebook, Twitter and LinkedIn
  • Share your experiences and learn to politely question everything

If you are also experiencing customers in other countries that are struggling to pay, research what support is available in each country and help your customers to help themselves, create solutions not problems!

Dan has covered this topic a lot in many of his webinars. Take a look at the presentation he gave to the CICMQ that goes into more detail