How to Use Business Credit Reports to Understand Your Customers & Suppliers During the Pandemic
After the world economy grew by 2.8% in 2019, it is poised to shrink by -4.4% in 2020. What this means for business is a need for a relentless focus on cash flow, customers, and margins. For many businesses, these days, it is about survival.
In today’s environment, it is important to understand your customers and suppliers at a deeper level. You should be aware of their financial situation before extending credit or issuing purchase orders. One easy way to do that is by using business credit reports.
A business credit report can help you identify potential problems that could prevent you from getting paid by clients or customers, or experiencing problems receiving your supply of raw materials from suppliers.
Business Credit Reports Help You Make Better Business Decisions
- Likelihood to Repay Indicator
- Business Future Viability
- Timeliness of Payments
- Public Record Filings
- Tradeline Details
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