Ultimately it is also about your ability to pay and the continued existence of the company. With Echobot CONNECT you can have insolvency reports relevant to you automatically sent to you by email within minutes. LEARN MORE Recognizing and responding to warning signals Whether you are a small medium sized or large company it is important that you check your partners before signing the contract and then keep an eye on them. In contrast to a speed camera bankruptcy does not simply hide behind the next corner unnoticed. If you pay attention you can see them coming from afar. Many small signs can indicate an imbalance. Echobot has defined so called risk signals for this.
This includes job cuts strikes site closures sales reductions and much more With regular quality controls you can quickly determine for yourself whether a supplier is having delivery problems or whether the quality of the services is changing. If these signs add up you are prepared for an insolvency announcement and can find a way with your business partner at an early stage or fall back on your alternatives. You should also check your customers Latest Mailing Database for solvency before you start working with them. Financial figures and reports on the internet already tell you important details. If you recognize certain risks here caution is advised when working together. As a customer you don't have to reject it just yet.
There are suitable payment options e.g. advance payment and securities that you can offer him to rule out from the outset that you will not be left with the claims. Lecture How to improve credit decisions with machine learning If you notice the emergency too late try to minimize the damage in any case. Perhaps your business partner cannot settle his debts with funds but with goods or services? Very important Don't forget your customers and all parties to whom you have obligations.