Company Credit checks can be used in so many ways other than checking your customers if they are likely to pay you on time. They can be used to build a strong competitor analysis sand get valuable insight to your competitors that isn’t available anywhere else.
You’ll know the ins and outs of their business without the lengthy process of carrying out competitor research, saving you valuable time and effort.
When you carry out a company credit check on your competitors, you’ll be looking a few key points:
With these 4 key pieces of information, you’ll gain good insight into your business, financial and credit status. To find out in more detail what’s included in a company credit check click here
When you perform a business credit check on your competitor, all the information above is accessible with a click of a button. No need to conduct lengthy research, using up your valuable time.
Its important to stay up to date with your competitors because they, like you, will be conducting research on what other businesses in your industry are doing. With CreditFocus you can add your competitors to your credit monitoring watchlist, this removes the need to constantly carry out company credit checks to stay up to date with your competitors.
Once your competitors are on your credit monitoring watchlist you’ll automatically be notified if anything changes to your competitor’s financial status as long as they are on your credit monitoring watch list.
When this happens, you should carry out research into what is affecting your competitors, both positive and negative. Resulting as discussed above – employing similar or improved strategies and staying one step ahead of the competition or taking advantage of their financial situation and capturing market share when they can’t compete with you.
Click below to find the other ways credit checks can be used to benefit your business or even start your free trial with credit focus today and get one step ahead of your competitors today!
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