Growing their company is the ultimate goal for all company directors, but it can be a difficult thing to achieve. This is especially true in the current climate, where years of economic stagnation, COVID and successive macroeconomic pressures have resulted in an epidemic of insolvencies.
Many directors are now focusing solely on surviving until economic conditions improve, but this does not mean that growth is impossible. By leveraging B2B data correctly, business directors can transform their prospecting from only just surviving to thriving.
Red Flag Alert is the ideal business data and credit reference agency for helping ambitious directors and owners achieve sustainable business growth. In this article, we will review just some of the ways it will help your business.
At Red Flag Alert, we have over twenty years of experience in accurately assessing business financial health and predicting both insolvency and growth. We approach data differently and always innovate in how we can deliver our customers accurate and meaningful data that will help them avoid bad debt and grow their business. We have a proven track record and were the first to predict such high-profile failures as Carillion, P&O Ferries and Buckingham Group.
When we designed our platform, we understood that data needs to be understandable as well as accurate. This led us to develop our unique Red Flag Alert health ratings and business credit score, which put businesses in easy-to-understand risk categories. This means that whoever is using our system will be able to easily understand the financial health and associated risks of any UK company.
Red Flag Alert contains detailed company reports on every single UK company and hundreds of millions of foreign businesses. We understand that to be effective, data needs to be actionable, so we have specifically designed our company reports to be easy-to-understand and clear to everyone. This means that no matter who you are considering doing business with, you will be able to base your growth strategy on our accurate, reliable and current data.
Not only does our database contain detailed records on every UK company but the Red Flag Alert platform places them at your fingertips with our B2B Prospector Tool. You can quickly and easily find and create sales lists of only the most suitable prospects that are ready to buy and offer credit too.
Our B2B Prospector Tool allows you to set your search with over 100 different filters, including turnover, best match SIC code, Red Flag Alert Health Rating and our proprietary growth score. Searches can be as granular or general as you like and, just like the rest of our platform, have been designed to be user-friendly and simple to use. With our platform, you can find your top 50 prospects in just 50 seconds.
Whilst most company directors are aware of the need to practice credit risk management, many neglect to place the necessary care to protect their supply chain. Both domestic and international supply chains have not recovered from COVID and both wait times and prices have increased significantly. This has left companies vulnerable to the effects of experiencing supplier failure.
When a supplier fails, directors must scramble to find a replacement and, pre-COVID, faced the difficulty of negotiating with potential new suppliers from a weakened position and in a short time frame, often resulting in less favourable payment terms.
Now there is the very real threat that replacement materials are not able to be sourced at all before the company’s stocks run out. Any new orders are likely to be placed at the back of a wait list that could be months in length.
Using our B2B Prospector Tool you can find potential suppliers just as easily as you can find prospects. By including our health ratings as a parameter in your search you can find financially stable suppliers that can be relied on.
Once you’ve found your ideal customers and suppliers with our platform you will have done a lot to mitigate the credit and supply chain risks that your company faces but there is still the need to be vigilant as financial ill health can strike at any time. Conversely, you want to maximise your sales and marketing efforts by contacting prospects when they are ready to buy.
We make this easy with our innovative and market-leading Monitoring tool. The Red Flag Alert platform allows you to create separate monitoring lists and customise each one by choosing which events trigger alerts; after all, what you need to know about a customer is different from a prospect. You can choose which alerts are sent to you instantly and which you would like to receive in a convenient and inbox-friendly daily round-up email, you can even share your monitoring lists and alerts with any other members of your company.
By monitoring your clients and suppliers with Red Flag Alert, you will gain vital early warning of business failures and have vital extra time to source a replacement and chase any outstanding debts before your cash flow is interrupted. By monitoring prospects you can be alerted to buying signals and start to market and sell at precisely the right time.
These are just a few ways that Red Flag Alert will help to grow your company. We are obsessed with data and continue to develop our platform and innovate in how business data is delivered. Don’t just take our word for it. To see all the ways Red Flag Alert will boost your growth. Get your free trial today!