In the fast-paced, complicated world of running a business, the companies you choose to support your operations are essential to delivering the best products and services for your customers. Whether it’s sourcing raw materials or developing marketing campaigns, these businesses can keep your company performing at its highest level. At the same time, this choice carries significant risk, as choosing the wrong supplier can result in considerable losses for your firm. Below are three reasons you need to check on the companies with whom you do business.
It can save you money
Companies with chronic delinquent payment behavior can affect your bottom line. Because these businesses fail to pay their own suppliers promptly, they may not deliver to your company on time, they may not deliver goods and services of sufficient quality, or both. This leads not only to lost sales for your business but also the additional financial burden of finding new suppliers that are more reliable.
It can save you time
Companies that are financially unstable can drastically reduce your firm’s operating efficiency. The 21st-century customer is more demanding than ever before, and to quickly deliver high-quality goods and services, your company needs to operate smoothly. If the businesses with which you do business are struggling financially, they will be slow to deliver on their contracts, and that delay is passed on to your company, which is ultimately passed on to your customers.
It can save your reputation
Finally, companies with poor credit history can hurt your firm’s reputation. Guilt by association may become an unfortunate reality when your company does business with an organization in a weak financial position. The consequences can be damaging, making it more difficult to build relationships with credit-worthy suppliers. In some industries, these harmful reputational effects can reduce your customer base.
How CheckPoint can help
CheckPoint can help you mitigate these risks to your company’s money, time, and reputation by providing in-depth analysis of the firms with which you do business. By exploring a company’s payment behavior, credit attributes, public records, and financial stability, CheckPoint can not only provide you with historical data but can also predict future trends. CheckPoint uses the latest technology, including Experian Business Profile, Experian Owner Profile, and Intelliscore Plus, to create an information package that is useful for your company’s research needs. CheckPoint enables you to guard against future losses and protect the business you have worked so hard to build.