With increased uncertainty for the future of thousands of UK businesses, it’s more important than ever to make sure you’re monitoring the performance of your clients, suppliers and even competitors to protect your business. For example, suppose your suppliers suddenly experience profit dips or begin the process of insolvency. In that case, you’ll want to know first to prevent disruption to your business, and you may ask yourself, how can I monitor a company or all companies I do or want to do business with?
Throughout the pandemic company, insolvency rates have, unsurprisingly, remained rather high. However, recently there has been a sustained monthly rise in insolvency rates, with cases up by 63% compared to June of last year. 1,207 companies filed for insolvency in June, even higher than the 1,011 recorded in May of this year. With COVID support schemes set to be lifted in September, we can only expect insolvency cases to rise alongside the dissolution of business welfare.
Continuously monitoring companies you do business with can help your company avoid relying on failing businesses for goods or services.
Beyond monitoring companies you do business with, you may also want to keep tabs on your reports to make sure they reflect your company’s performance. Monitoring your own company can come with its unique benefits as business reports collate data from across your company, including data on growth and profits. Keeping your reports up to date is a sure way to reflect your company’s current performance and help you identify any errors or areas of improvement that need to be made within your company.
DataGardener provides an intensely detailed rundown of any UK based company, with figures and statistics on anything and everything from financial performance to detailed director information. Our ‘Company Search’ function allows you to know exactly who you’re dealing with and how their company is performing. All you need to do is type in their trading name to view hundreds of the most accurate and recent data points, including metrics such as predicted revenue and a risk assessment profile.
Especially in an environment of increasing uncertainty, DataGardener’s additional company monitoring feature makes it easier than ever to keep up to date on your clients, suppliers and competitors. By clicking ‘monitor’ underneath a company’s name, you’ll get updates about that company straight to your inbox. This means that if a client sustains a significant development in their status, such as an increase in revenue or a director resignation, you’ll be amongst the first to know and take action accordingly.
Why not put 100 companies on monitor and start enjoying the benefits of DataGardener? All you need to do is sign up for a free account.