Not knowing if your suppliers are about to cost you hundreds of thousands of pounds, and damage your brand reputation could be a disaster waiting to happen!
As a business you will manage the financial risk of your customers by completing a financial risk assessment, which normally involves understanding their credit rating.
Because you want to know your customers have the ability to pay you, pay you on time and are unlikely to become insolvent leaving you exposed on contracts.
With your suppliers you will also do an initial analysis, and if you don’t you should!
Why? You need to know your suppliers are not a point of risk in your business.
Any indication that a supplier is financial unstable should be a warning light to you. It should flash bright red, as any supplier who is at risk of insolvency is putting your business at risk. For if they cannot provide the goods and services upon which you rely, then you cannot meet your customers’ requirements! Or creating a chaos in your business and impacting your productivity.
But most companies only check the credit score at the point of contract. How do you know when something changes, who manages that for you and do they have the resource to do it, and how often do you check?
Help is at hand
Simply provide us with your list of suppliers and will monitor any changes in their financial circumstances.
We shall provide a monthly report and notify you immediately of any changes in their financial rating and indicate what is driving this.
This alert system, enables you to understand any warnings that your supplier maybe in financial difficulty and allowing you plenty of time to assess and mitigate accordingly.
Contact us today to see how we can help your business manage its supply chain risks.
Monthly subscription of £15.00 per month
Annual Subscription of £120 per year