Credit crunch small business guide

Now that the UK is officially in a recession, 192.com has a few simple pointers for small businesses that will help reduce your risk in 2009.

Keep your client list up to date

Now is the time to focus on client retention. If you’ve lost contact with key clients, search for their current address details on the recently published 2009 edited electoral roll.

If clients have moved address take the opportunity to check out the new address and property price. Have they upgraded or downgraded?

Know the business stability of your suppliers & customers

Something as simple as snapshot financials including net worth, turnover, year established and number of employees, will give you a good indication of a company’s stability.

This information is quick and easy to access and a lot cheaper than a full company credit check. Knowing the basic financials of suppliers and customers gives peace of mind that you’re dealing with stable companies.

Even something as simple as checking out a business on aerial photographs helps paint a picture of the type of business that you’re dealing with.

Would you prefer to be dealing with a company located above a chip shop or one located in a business park?

Evaluate company directors & key executives

If you’re checking out a business, don’t just stop at the business financials. Find out as much as you can about its directors also.

Director reports will give you current address, age, nationality, property prices and even all the other businesses they are or have been associated with.

Stay on top of your debtors

Now is not the time to lose track of your debtors. Ensuring you have complete and current contact details is the first step. If you need to trace consumers, 192.com is a good resource to use.

It has search options including the ability to search without having to specify a location and the ability to refine your search by age. If you’re tracing individuals for business debts, company reports will give you the full contact details of company directors and key executives as well.

Verify new customers

Fraud is a big issue for any business. If you’re taking on large orders or projects it’s a good idea to check out your customers first.

Edited electoral roll listings will give you an indication of a person’s situation with additional information such as length of residence or the sale price of their property.

If you’re selling goods online through your own website or even through sites such as eBay, it’s a good idea to verify someone’s details before shipping goods to avoid costly fraudulent orders.

If you’re renting accommodation, from permanent residences to holiday lettings, always check out potential occupants on recent edited electoral rolls first.

Find new customers

Make the most of any opportunities that are out there by being proactive and targeted with your marketing. 

Use business directory sites to find other businesses in your area that would benefit from your goods or services and get on the phone or send them a letter.

Check staff details

Of course you’re not going to achieve any of this without reliable and trustworthy staff behind you. Again, the edited electoral roll is great for verifying the identity of potential employees.

Use this database to check their address, length of residence, other household occupants and even to find up-to-date contact details. 

Cut down on directory enquiry costs

The cost of 118 calls may seem insignificant but some businesses find that they end up costing so much that they ban calls to these services altogether.

You can cut down on the cost of your own calls by using an online website such as 192.com to search directory enquiries for free.

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By LaunchLab.co.uk  on   Feb 04,2009

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Keywords

credit crunch    recession    research    customers    late payment   

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