There’s no denying the UK economy currently gives cause for concern to both individuals and businesses alike. For a few months now, we’ve been hearing from customers and small businesses in the local community about the effect inflation, interest rates and the energy crisis have had on them and their businesses.
Those fears are not unfounded. On 03 November 2022, the Bank of England imposed the highest increase in interest rates in thirty-three years, taking baseline borrowing costs from 2.25% to 3%. The Bank warned that rates are likely to rise higher still. It said that the country is facing its longest recession since records began a century ago, with the slump expected to last into the first half of 2024. They described the outlook for the economy as ‘very challenging’.
GreenStones in partnership with Capitalise
It’s against this backdrop that we have looked to find ways that will help the businesses we work with navigate the tricky waters we all find ourselves in, and as a result we have partnered with Capitalise.
Simon Chaplin, GreenStones’ MD says, “Through this partnership we are able to provide some new and exciting tools to the UK-registered limited companies we work with that will facilitate access to both crucial business information and funding”.
Capitalise’s vision is ‘to give small businesses and their advisers transparency and control over business finance, in one place.’
Experian business credit scores
Through Capitalise, you will be able to understand, track and review your own company’s Experian business credit score, allowing you to know exactly where you stand. An additional paid-for service will allow you to have your credit score reviewed by Experian.
You will also be able to monitor the credit profiles of your customers, suppliers and competitors which are all key relationships for your business.
Funding
Capitalise also provides access to business finance from over one hundred lenders, and you only need complete a single application form to be considered. Your credit score is key to securing funding and gaining access to the best deals, so yet another reason to monitor and understand your credit score and how to improve it.
Why it matters
The Bank of England don’t expect things to improve overnight. As we mentioned earlier, the downturn is expected to last into 2024. This presents challenges for all businesses, although certain industries – hospitality springs immediately to mind – are likely to particularly struggle in the face of increasing energy costs and inflation, coupled with individuals having less spending power, or simply being unwilling to spend due to economic uncertainty.
Now, more than ever, you need to know your figures to keep you grounded, and one of those figures has to be your credit score.
Access to the credit profiles of competitors helps with benchmarking, and awareness of the credit profiles of suppliers can help protect you against loss. For example, if your IT services supplier were to fail, the loss could be immediate and business-critical.
You also, arguably more than ever before, need to understand who you might take on as a new customer, again, to protect against loss. Monitoring existing key customers is also likely to be prudent – the bigger the customer, the bigger your exposure.
Sign-up now
In order to reap the benefits of:-
- Understanding, tracking and reviewing your Experian business credit score
- Monitoring the credit profiles of your customers, suppliers and competitors
- Accessing business finance from 100+ lenders from a single application form; and
- Having your credit score reviewed by Experian (this is a paid service)