Your customer may be financially healthy today - but will it be the same tomorrow?
Today margins on all sides are under pressure. Around 30% of all invoices are paid late in Belgium / UK / the Netherlands. At least 10% of all invoices are not even paid at all. A fact that many entrepreneurs have to take into account. Because defaults can, in turn, threaten financially stable companies. However, monitoring can prevent a great deal of danger. In turn monitoring also offers opportunities.
Monitoring for customers and suppliers
A new customer can go through the acceptance process without a problem today, but that offers no guarantees for the future. Wrong investments, incorrect budgeting or a health crisis can have a serious impact on the financial stability of a company. And as a supplier you do not want to be the victim of that.
Monitoring can be compared to an alarm system, both in the positive and in the negative sense. It registers every movement and keeps a constant eye on your business relations. If something changes within the company that you are following, you will be notified immediately. This way you will never be faced with surprises and you can intervene immediately if necessary.
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Monitoring for risks and opportunities
With monitoring you are already avoiding your customers (but also vital suppliers) bringing you into their negative spiral. Because you must generate a substantial amount of extra revenue to make up for the loss of a bad debt. Monitoring keeps you constantly informed of their financial situation. Necessary if you enter into a professional relationship with a customer (or a supplier) for a longer term and you do not want to miss any information.
But the alarm system is not only triggered by increased financial risks. It also helps you to detect new opportunities. If the scores of a certain customer are steadily increasing, then the business may be doing well. Perhaps there is room for more business. An interesting signal for your sales team to get in touch and generate extra business.
Benefits of monitoring
- No more surprises, you can immediately intervene if the risk profile changes
- Detect new opportunities to generate more revenue
- Daily or weekly reports of changes to your client portfolio
- Select the message type and the companies that really interest you
- Create and manage unlimited lists and profiles