James Weaver
James Weaver
Head of Marketing and Digital
Using Satago

How to future-proof your business with Satago

September 3, 2020 | 7 minutes

Running a small company is a risky business. At every turn there are threats that could dampen your success. What if cash runs low? What if customers pay late? Or don’t pay at all, leaving you with bad debt?

It’s frustrating that even when business is good and you’re gaining new customers, there are still pitfalls which can affect your cashflow, cost you money and prevent your company from thriving.

Unfortunately, these risks have only increased since the outbreak of COVID-19. A recent survey from the Federation of Small Businesses (FSB) suggested that 62% of small businesses have been subjected to late or frozen payments since the pandemic began.

Fortunately, even in these challenging times, there are ways you can avoid risk and future-proof your business.

Know your customer

Too often, B2B companies will take on a new customer without running proper background checks.

Before you agree to supply goods or services to a customer, it’s essential that you answer the following questions:

  • Should your customer pay upfront or be offered credit?
  • If offered credit, how long should the customer be given to pay?
  • How long does your customer usually take to pay their invoices?
  • Are there any court orders against your customer relating to late payments?
  • What are your customer’s financials, can they afford to pay?

Getting to know your customers in this way is fundamental to retaining a healthy sales ledger. Without this information, you have no way of knowing if your latest deal is putting your company at risk of late or non-payment.

A digital financial advisor

Satago’s risk insight tool is designed to keep you informed, so you can make business decisions that will protect your company.

As well as providing you with access to full credit reports, our software acts like a digital financial advisor—suggesting workable payment terms for each customer, notifying you if their credit score changes and alerting you of any breaches in your sales ledger.

Satago’s software is always live, so if anything happens that could threaten your business, you’ll be the first to know.

In the past, this level of financial advice was only available to those who could pay a hefty fee, Satago makes it affordable for every business.

In these challenging times, we encourage our users to make the most of our risk insight tools in order to prevent late and unpaid invoices piling up.

  • Use the Credit Search tool to find out your customers’ risk band and credit score
  • Request a full credit report for new customers
  • Use the Analysis page to view your aged debtors and calculate the risk of late payment
  • Turn on notifications for credit limit breaches and customer credit score changes

If you’d like to learn more about how to use Satago’s risk tools effectively, book a demo with our team today.

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