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How well do you know your customers?

There were 4,187 company insolvencies in Q1 2019; which is a 6.3% increase from Q4, 2018. There are many reasons why businesses fail – increase in competition, loss of a valuable customer, poor employee retention – but the most common reason for failing businesses is poor cash flow; basically not enough money coming in to cover the costs going out. One of the best ways to keep cash flow moving through a business is to make sure that you are getting paid when you expect to get paid.

When it comes to protecting your business from working with a customer who has a poor trading history, it is vital that you have procedures in place that can flag negative activity to you before you enter into a business relationship. All companies – no matter what their size – should apply a basic due diligence assessment of a potential customer’s business before signing on the dotted line.

A quick and cost-effective way to check if a company is financially stable is to carry out a company audit through identeco’s Business Support Toolkit. Instant, real time reports will provide insights into a company’s trading history as well as key information on finances, directors and their associated directorships (take a look at how often companies are changing hands – this can give you an understanding of how operations within the business work.) Does your customer have a manageable number of creditors outstanding? Does their turnover justify the credit terms you are offering? Are there any CCJs against the firm? By knowing the answers to these questions, you can future proof your business against any nasty surprises.

identeco’s Business Support Toolkit provides unlimited company searches and reports for a one off annual fee of £79.95. For a free trial, with no obligation, complete our call back form here.

What our customers say

The team at identeco have been a pleasure to deal with and have gone above and beyond to deal with our bespoke needs. They have enabled us to improve our business strategy and make us feel more comfortable in the businesses we are trading with. I would not hesitate to recommend their services to any business that require such piece of mind when trading in the B2B market space. We look forward to being a valued client for many years to come

Bobby Russell

Managing Director at Contact Finance

We have used identeco's service for several months and found it to be excellent value for money.

Sean Hemmings

Credit Reform

Brilliant product and team. This is our second year using the product and it has been very useful. The identeco system itself is user friendly, with large levels of easily readable and useful information. The supporting team are friendly and knowledgeable.

Kevin Billingham

CFS Representative Senior at FedEx Express UK Limited

I've used identeco several times now and it's provided me, as a freelance Social Media Manager, with a huge amount of reassurance when considering taking on new clients. I've been able to check their financial status and I can be pre-warned if they don't have a favorable payment history!

Laura

Social Media Manager at Virtually Savvy

Such excellent value for money. I use the portal everyday for checking out business stability. Marketing lists have enabled me to reach my audience and increase business growth

Sonya

Managing Director at Adore Your Outdoors

The interface is really easy to use and the information available on companies performance helps us decide to extend credit and on what terms. The mail data available is an added bonus and the annual cost is amazing. Customer support is real people. and I cannot recommend a credit check and business support package that is better value

Guy Sinclair

Managing Director at Modus Agency

identeco is a great platform for any business. It provides a great service and at a great price. We were slow to start but now use the service at least once a day. The team even set up a free training session to ensure we get the best from the software.

Andy

Managing Director at Hayward Miller

Very good

EU Radici Ltd

Fantastic Product. For the price, I had a slight reservation as to how helpful this was going to be. I should NOT have been worried - 5 Stars and an Excellent Product!

RJ

Ops Director at Richard Jefferies Limited

Great product, great service - Easy to use tool that helped our marketing campaign. The data was good quality and very useful. Customer service was really quick and efficient whenever I had a question, which makes the whole thing even better!

Ceri Rogers

Managing Director at NS Events Group Ltd

Service is good, and the turnaround for traces is fast. Highly recommend.

Rebecca

Legal Clerk at Ward Hadaway

I have used the service on a few occasions to check out businesses details and have been impressed by their service and how thorough the details are. With one particular company highlighted to me that it was not safe to do business with them - so it made me think twice about engaging them. Their customer service is excellent too and all the staff are extremely helpful if you get stuck.

Sadie Skipworth

Social Media Manager at Sadie Skipworth Social Media

Excellent, friendly service with fast turnaround of the results. Just what I was looking for!

Alison Miller

Senior Research Executive at Scott Porter Research

Being able to obtain information in one place saves time, and the fee charged on an annual basis is cost effective.

Mike

Managing Director at Debt Solve UK

The portal has become an intrinsic part of our account opening process; giving us the ability to understand credit terms for our customers and set them accordingly. For the price, it's become invaluable to our business.

Oliver

Sales Director at CJUK

Paul Brindley

Insolvency Practitioner at Midlands Business Recovery