Risk Management
CREDITORWATCH | 2 MIN READ In a world that seems to be moving faster every day, it might feel harder to find the time to manage your customer database and perform due diligence. However, the further you fall behind, the more at risk your business may become from bad debtors. For example, if a debtor has […]
CREDITORWATCH | 5 MIN READ Do you have a blind spot in your business that is hidden, waiting to make an appearance when you least expect it? A car’s engine doesn’t run well or may even fail to work if one part goes wrong. For example, if the timing belt breaks, then your car is off […]
In a perfect world, suppliers would prefer to be paid cash up front. However, in reality, the world works on credit. Trade credit is inevitable and so is the debt that comes with it. For most businesses, trade credit is essential for growth as businesses don’t have to pay suppliers on the spot but rather […]
Within the SME tangled web of suppliers and customers, there is a chance that some of the debtors will be family, friends or people who you have been working with for years. Most relationships are built on trust and therefore, businesses might be inclined to allow a debtor extra time to pay up if needed. […]
CREDITORWATCH | 2 MIN READ The first Small Business Risk Review for 2018 presents positive outcomes to the start of the year with a large decline in unincorporated entities and court actions across some states. Despite this, it is not all rosy as payment defaults have increased. Notable Findings In comparison to Q1 2017, New […]
CREDITORWATCH | 3 MIN READ CreditorWatch has recently introduced a new product, Bankruptcy Plus, in light of customer feedback. Just how valuable is this new tool and is it worth adding on to your subscription? Over two years in the making, Colin Porter, founder of CreditorWatch, has been lobbying Australian Financial Securities Authority (AFSA) to […]
CREDITORWATCH | 12 MIN READ Notifiable Data Breaches (“NDB”) With the commencement of the Privacy Amendment (Notifiable Data Breaches) Act 2017 (Cth) (“Privacy Act”) on 22 February 2018, not only is there an obligation on businesses to notify the regulator (the OAIC) about a “serious data breach” but also a requirement to have a Data […]
Fewer businesses were taken to court over outstanding debt during the final three months of 2017 compared with the same period a year earlier, according to CreditorWatch’s latest quarterly Small Business Risk Review. Four states saw a decline in the number of court actions taken against debtors in quarter four; namely, Queensland (-9%), NSW (-16%), […]
It can be difficult, time consuming and stressful to process paper based credit applications on a daily basis. An online credit application can improve your credit management process efficiency to ensure you tick all the right boxes from a credit reporting point of view. You can collect important supporting documentation and automate trade references to […]
With any business relationship, performance is only ever as strong as the trust you hold in one another. And as your relationship progresses with a client where trust is lacking, it’s harder to cut ties and accept your losses. It’s critical then to decide whether a prospective client is the right fit for you and […]