Recent financials show that the coronavirus crisis is continuing to disrupt the glazing industry. After a difficult start to 2020, the financial implications for the fenestration sector are only just starting to show. 

Managing directors are concerned that the entire supply chain may only be seeing the tip of a very large iceberg in terms of financial instability.  

Many businesses in the fenestration sector are now looking for new ways to target the most relevant and high yielding leads.  

However, doing business with companies that seem keen but have been hit hard by coronavirus may be a risky strategy. If that prospect is ‘in the red’ they may not be able to pay for services or orders they have made.  

Businesses in the industry are now looking for financially ‘safe’ leads.  

Credit risk – ‘vital intel’  

But how can you tell if a target lead is a safe or risky proposition? When looking for new clients, discovering whether that proposition is a credit risk or not is vitally important. 

If you’re deciding what prospects to go after, understanding the credit risk associated with each target is essential to protecting your business in the short and long term.  

Businesses with bad credit ratings  

Businesses can have a bad credit rating based on their payment history and current financial situation. People often avoid doing business with credit risk prospects. 

This is because they are considered riskier than businesses that are more financially secure. If a business has a bad credit rating, they may represent a credit risk to people that want to sell them materials or products.  

Financials in the fenestration industry  

Prospect credit control and managing debt risk with new leads is now just common sense if you want to safeguard your business.  

Here at Insight Data, we monitor important sector financials to help our clients avoid credit risk.  

Insight Data recently analysed the financial data of over 9,075 fabricators and installers.  

• 1,038 companies had poor or very poor credit ratings. 
• 12% of profiled fabricators were deemed as high risk. 
• 12% of profiled installers were shown to have poor credit ratings 

At Insight Data we forecast that numbers of businesses struggling with bad credit is set to increase over the rest of the year into 2021. This means that sales teams need to be extremely vigilant in checking potential leads before signing off on product or service deals.  

Salestracker – identifying credit risk

• Are you trying to find better quality sales leads?  
• Is your sales team struggling to find the right prospects for your services/products? 

Insight Data have developed a market–leading digital lead generation tool called Salestracker. Salestracker has a credit risk feature built in that is designed to provide finance and credit teams with all the tools and details needed to make informed, data-driven decisions. 

Salestracker provides users with a financial snapshot including credit rating, net worth and any adverse credit history (such as County Court Judgements).  

Credit profiling can be applied to new or existing customers you may have. Salestracker can generate weekly reports on those customers allowing you to prepare for any potential situations that may occur.  

Credit Monitoring is included with the Salestracker subscription. 

For a FREE demo of Salestracker, or further information on our services, then call Insight Data on 01934 808293, or contact us now!