The key to survival – how businesses can improve poor credit ratings and beat the upcoming recession

The key to survival – how businesses can improve poor credit ratings and beat the upcoming recession

Lynne Darcey Quigley, Founder & CEO of credit management solution Know-it, talks about the importance of a good credit score and how businesses need to embrace good credit management practices now.

In the light of the recent rises in inflation, rising operational costs and the recession expected to hit later this year, many businesses will look to boost their credit ratings to limit hiring freezes and supply chain shortages, which impact productivity and output.

The key to thriving even at the darkest times of a recession is to have a business credit score that will hold a business in good stead for a successful future and strengthen financial security in the event of a downturn in the market due to uncertainty surrounding the economy.

Yet it is important to remember that ratings can vary depending on which credit reference agency a business chooses to use. Each uses slightly different criteria and algorithms to calculate credit ratings. But typically, a good business credit rating from one credit reference agency will translate to another.

A good business credit rating opens doors to growth

A host of opportunities for growth and expansion is possible once a company has a good credit rating while also giving businesses peace of mind if there is a downturn in the market. In times of downturn, enterprises are likely to turn to seek out funding avenues and the company’s credit score will be checked to see how trustworthy a business is and how likely they are to default on payment. A company’s credit report will also be checked in the event they purchase large ticket items such as machinery or commercial premises and when ordering large quantities of stock.

A low rating suggests that a company is slow-paying invoices (if they pay them at all) or does not abide by payment terms, so they are deemed a high credit risk to lenders and suppliers. A low rating can restrict a company’s operations and drastically limit its overall growth potential.as it will also determine how much money a business can borrow, how much stock it can purchase per order, payment terms and interest rates.

Addressing why your business might have a poor credit rating

There are several ways a business can improve its credit rating, starting with immediate activities such as addressing missed payments on loans, credit cards, suppliers, and other expenses such as rent. Yet, it is also essential to understand that it cannot just be an overdue payment that can lower a credit rating.

Not abiding by an agreed repayment schedule or credit terms can reduce a business’s credit score. Even County Court Judgements (CCJs), Insolvency or bankruptcy, having a poor debt to credit limit ratio, also known as credit utilisation rate, late filing accounts to Companies House, and making multiple credit applications simultaneously can lower even the best of business credit ratings.

Fraudulent activity can also harm a business’s credit score as criminals typically try to take out credit and loans in a company’s name. Businesses may notice a sudden unexpected drop in their business credit score, and it is always worth checking for potential fraud.

Turning a poor credit score into an excellent one for your business Whether a business has a poor, fair or reasonable credit rating, it always helps to improve it where possible. For example, keeping relevant parties up to date with any financial and business changes can boost a failing score. Be sure to inform customers, lenders, suppliers, banks, and directories like Companies House of changes that affect your rating. Inconsistencies or inaccuracies in business information can make it look untrustworthy and unreliable, which may negatively impact a rating. Other activities to boost a score include:

• Making your payments on time

• Ensure your finances, such as your turnover, are transparent

• Submitting your full accounts on time to Companies House

• Consider setting up a private limited company (Ltd)

• Opt-in to open banking

• Limit the number of credit applications in a short period of time

• Reduce your debt-to-credit ratio

• Dispute any errors on your credit file

• Establish a good relationship with your suppliers

It is critical that businesses check their credit scores and reports frequently so they can react quickly to any changes. An automated company credit checking, and monitoring solution makes this easier, using the most up-to-date intelligence from multiple reliable sources to help managers make informed credit decisions. Business owners can consider running a credit report that keeps them up to date on changes if it offers a credit monitoring facility that can forward notifications of any changes.

When working to build a business’ credit rating, it is essential that its progress is available in real-time. Business owners, finance managers and credit controllers can unlock key insights from a business credit rating that will help them see what improvements a business can make for future financial prospects. At the same time, companies should be able to check other business credit ratings if they are potential suppliers and key customers to know the shape of their customers’ credit reports.

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Typically thought of as being an easy to clean area of the home, hard floors have risen in popularity in recent decades. Globally, hard floors are the most common floor type,2 and research released today by Dyson has uncovered poor cleaning habits that mean hard floors are likely to be harbouring an array of hidden nasties. This comes as 32% of Brits – equating to 21.6 million people in the UK – will use the same dirty mop head for six months or more before replacing it. What’s more, one in 20 also admit to keeping the same mop for a year or longer, and one in 10 think it is acceptable to use the same mop 100 times, spreading dirt around their floors every time they use it. Cross contamination is a primary issue for most common and traditional mopping methods with germs and bacteria further being unknowingly spread around homes as Brits use dirty water to clean floors.3 45% only change the water to new water between rooms, whereas 41% wait even longer until it looks dirty. This could mean that floors are being washed with dirty water, adding more dirt rather than taking it away. Surprisingly, almost one in 10 (9%) even admit to not changing the dirty water at all when mopping. Over a quarter (28%) admit to mopping their floors once a fortnight or less while over half (53%) admit they don’t regularly clean behind appliances and leave dirt to build up for as long as six months at a time. image002.jpg On how to achieve a perfect barefoot clean feel after mopping, Geli Lee, Dyson Engineer and Home Cleaning Expert offers their top tips for eliminating dirt around the home: 1. Create a cleaning schedule to stay on top of dirt build-up. In the last year, there has been a 15% global reduction in the number of people who maintain regular cleaning schedules. 47% of the British public admitted to only being motivated to clean when they spot visible dirt or dust.4 Regular floor cleaning with a wet hard floor cleaner like the Dyson WashG1™ removes more stubborn dirt than vacuuming alone. It is important to have a debris free surface, clear any clutter from the floor or other surfaces. Choose the right machine: Different vacuums are designed for different floor types and home sizes. Some machines will be engineered with hard floors in mind and will struggle on thick pile carpets, for example. Choosing the right machine for your home will make a big difference to the ease and speed with which you’re able to clean your home. Clean your floors ‘little and often’. Washing your floors frequently in areas that receive more foot fall will help to stop dirt building up and getting trodden into your floor. Using a dedicated wet floor cleaner on hard flooring such as the Dyson WashG1 is helpful for this, as the versatile format means it vacuums and washes the floor simultaneously. Cleaning schedules have also become less regimented. In recent years only 41% of people claim to have a regular cleaning schedule, and 60% admit to cleaning reactively; being motivated to clean only when there is visible dirt or dust5. It’s perhaps not surprising, that a fifth of people are still concerned their floors are dirty after they’ve mopped them (22%) and one in four6 feel extremely worried about indoor dust at home. Geli Lee, Dyson Engineer and Home Cleaning Expert reveals why it is important to change the way we mop: “Cleaning your hard floors properly and regularly is important for maintaining a healthy environment around your home. Without a proper cleaning routine, dirt may unknowingly build up and spread around your home. It is evident from our research that current mopping habits mean British households aren’t cleaning their floors as effectively as they should. “From ignoring problem areas where dust and debris build up, cross contamination with dirty water to not replacing mop heads or inconsistent cleaning, current mopping behaviours may be making floors dirtier as opposed to cleaner. Moving away from traditional methods, wet floor cleaners like the Dyson WashG1 simplify the floor cleaning experience and provide a modern efficient and hygienic solution” To help take the guesswork out of mopping, the brand new WashG1 is Dyson’s first dedicated wet floor cleaner that tackles wet and dry debris in one go. Engineered for hygienic cleaning and maintenance, the WashG1 is revolutionising wet floor cleaning, removing the need for multi-products and multi-steps to achieve a barefoot clean feel around the home. To put the product to the test, Dyson have cleaned one of London’s most iconic landmarks The Victoria and Albert Museum. From cleaning the grand marble floors housing the most prestigious exhibits, to cleaning up leftover food in the Gamble Room Cafe, the WashG1 had a dirt busting tour of the museum leaving it spotless. Images can be found here. The WashG1 introduces Dyson’s engineering expertise to cleaning hard floors. With a 1 litre clean-water tank to cover flooring up to 290m2, the Dyson WashG1 uses a combination of hydration, absorption, and extraction technologies to remove wet and dry spills and stains simultaneously. The Dyson WashG1 is available to purchase now from Dyson.co.uk, retailing at £599.99.

Typically thought of as being an easy to clean area of the home, hard floors have risen in popularity in recent decades. Globally, hard floors are the most common floor type,2 and research released today by Dyson has uncovered poor cleaning habits that mean hard floors are likely to be harbouring an array of hidden nasties. This comes as 32% of Brits – equating to 21.6 million people in the UK – will use the same dirty mop head for six months or more before replacing it. What’s more, one in 20 also admit to keeping the same mop for a year or longer, and one in 10 think it is acceptable to use the same mop 100 times, spreading dirt around their floors every time they use it. Cross contamination is a primary issue for most common and traditional mopping methods with germs and bacteria further being unknowingly spread around homes as Brits use dirty water to clean floors.3 45% only change the water to new water between rooms, whereas 41% wait even longer until it looks dirty. This could mean that floors are being washed with dirty water, adding more dirt rather than taking it away. Surprisingly, almost one in 10 (9%) even admit to not changing the dirty water at all when mopping. Over a quarter (28%) admit to mopping their floors once a fortnight or less while over half (53%) admit they don’t regularly clean behind appliances and leave dirt to build up for as long as six months at a time. image002.jpg On how to achieve a perfect barefoot clean feel after mopping, Geli Lee, Dyson Engineer and Home Cleaning Expert offers their top tips for eliminating dirt around the home: 1. Create a cleaning schedule to stay on top of dirt build-up. In the last year, there has been a 15% global reduction in the number of people who maintain regular cleaning schedules. 47% of the British public admitted to only being motivated to clean when they spot visible dirt or dust.4 Regular floor cleaning with a wet hard floor cleaner like the Dyson WashG1™ removes more stubborn dirt than vacuuming alone. It is important to have a debris free surface, clear any clutter from the floor or other surfaces. Choose the right machine: Different vacuums are designed for different floor types and home sizes. Some machines will be engineered with hard floors in mind and will struggle on thick pile carpets, for example. Choosing the right machine for your home will make a big difference to the ease and speed with which you’re able to clean your home. Clean your floors ‘little and often’. Washing your floors frequently in areas that receive more foot fall will help to stop dirt building up and getting trodden into your floor. Using a dedicated wet floor cleaner on hard flooring such as the Dyson WashG1 is helpful for this, as the versatile format means it vacuums and washes the floor simultaneously. Cleaning schedules have also become less regimented. In recent years only 41% of people claim to have a regular cleaning schedule, and 60% admit to cleaning reactively; being motivated to clean only when there is visible dirt or dust5. It’s perhaps not surprising, that a fifth of people are still concerned their floors are dirty after they’ve mopped them (22%) and one in four6 feel extremely worried about indoor dust at home. Geli Lee, Dyson Engineer and Home Cleaning Expert reveals why it is important to change the way we mop: “Cleaning your hard floors properly and regularly is important for maintaining a healthy environment around your home. Without a proper cleaning routine, dirt may unknowingly build up and spread around your home. It is evident from our research that current mopping habits mean British households aren’t cleaning their floors as effectively as they should. “From ignoring problem areas where dust and debris build up, cross contamination with dirty water to not replacing mop heads or inconsistent cleaning, current mopping behaviours may be making floors dirtier as opposed to cleaner. Moving away from traditional methods, wet floor cleaners like the Dyson WashG1 simplify the floor cleaning experience and provide a modern efficient and hygienic solution” To help take the guesswork out of mopping, the brand new WashG1 is Dyson’s first dedicated wet floor cleaner that tackles wet and dry debris in one go. Engineered for hygienic cleaning and maintenance, the WashG1 is revolutionising wet floor cleaning, removing the need for multi-products and multi-steps to achieve a barefoot clean feel around the home. To put the product to the test, Dyson have cleaned one of London’s most iconic landmarks The Victoria and Albert Museum. From cleaning the grand marble floors housing the most prestigious exhibits, to cleaning up leftover food in the Gamble Room Cafe, the WashG1 had a dirt busting tour of the museum leaving it spotless. Images can be found here. The WashG1 introduces Dyson’s engineering expertise to cleaning hard floors. With a 1 litre clean-water tank to cover flooring up to 290m2, the Dyson WashG1 uses a combination of hydration, absorption, and extraction technologies to remove wet and dry spills and stains simultaneously. The Dyson WashG1 is available to purchase now from Dyson.co.uk, retailing at £599.99.

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