SME Business News

Credit management company Graydons UK, have warned that on the back of the credit crunch and economic slowdown, SMEs are facing a tough time with suppliers tightening their credit terms or requirements.

Businesses that have been trading for less than 20 months are currently the most likely to suffer, because they are considered to be most at risk from the economic downturn. Some companies are simply saying ‘no’ to new business, says Graydons.

New SMEs can boost their credit rankings by allowing suppliers to run a check on their  home address, while this is unusual and can only be done with the permission of the home owner.

Small business owners are urged to ensure that their customers are paying on time and look out for tell tale sign’s with customers who change their pattern of payment or ask for longer payment terms.

Keeping the cash flowing in a small business is extremely taxing at the best of times, but in times such as these it is imperative to keep on top of it.

Always use a credit management company such as Graydons when accepting new business on account, a few pounds paid for a report could save your business or home.