Develop your business
Expanding your business, finding new customers is an operation that requires some preventive assessments to be profitable, especially in an international market.
New business relationships represent new opportunities, but can also hide risks; therefore, it is important to carry out some proper investigations before dealing with unknown partners.
Let’s see together main steps to follow in this process:
-
Step one:
Customers ‘creditworthiness is the first assumption to start a new commercial relationship, in order to avoid dangerous loss of resources with subjects in uncertain economic situations.
Consulting a Credit Report or a Slim Report, it is possible have an immediate confirmation of the current risk level and the specific indication of the rating and the credit limit recommended for the company in question.
-
Step two:
Dangers in a new business relationship can depend by not only the economic size, but come from other factors, like an ambiguous management or ownership of the company we are making business with. Having a clear idea of the corporate structure is the only way to prevent unpleasant surprises. All data regarding this aspect can be found in the KYC Report, making clear firstly the identity of the beneficial owner.
-
Step three:
When we are making business with a company, its reputation become our reputation. Verify if our partner is implied in illicit or criminal activities is a fundamental step to do before start every kind of operation. Compliance Check Report and Extended Compliance Check Report are apposite tools to make this kind of verifications, checking if a subject is present in lists regarding every kind of crime (fraud, terrorism, money laundering etc.) and if he respect the compliance regulations.
-
Step four:
Assessed all these information, it is necessary keep in mind that these data are not forever the same. Changes in a company situation are frequent and it is necessary react consequently to not be affected. Monitor our partners is the key to be constantly aware of what happens and take appropriate decisions to our business. Monitoring Solutions are the easiest way to perform this continuous assessment.