Risk Score Glancing - The little-known secret to better business decisions.

In the world of small and medium enterprises (SMEs), risk is as common a part of the business landscape as vanilla is to ice cream .

At every stage of your business’s growth, every decision you make has the potential to impact your progress. As a business owner or operator, one of your (many) tasks is to uncover unknown risks and to develop processes to deal with them. One key way to assess customer risk is by staying informed about your customers’ risk scores.

Having access to real-time risk score data can significantly improve your business decisions.

A customer’s ability to pay can change unexpectedly, and if this goes unnoticed, it can cause issues that impact your business. Receiving immediate alerts when a customer’s situation shifts can prevent problems and help maintain strong relationships.

For tasks like monitoring payments, you don’t need in-depth reports on every customer. Instead, you need just enough information to quickly spot trends and identify pressing issues. By having access to concise data that allows for a quick overview, you can more easily steer your business toward reliable customers while avoiding riskier ones.

Big business knows this and it's one of their key tools for deciding how and with whom they'll do business. On the other hand, few SMEs know this is even an option. At last count, only ~2% of businesses access even the most basic risk data about their own business customers and suppliers. The other 98% who don't? Almost entirely SMEs.

Often, the biggest improvements come from small adjustments in decision-making.

Keeping track of your customers’ risk scores can influence how you work with them. You might offer more incentives to consistently good payers, or initiate conversations with those whose financial health is declining.

Whatever it is, the first step is being informed and regular risk score glancing is the easiest way to do that - which is a key part of the reason we created Bizly.

Bizly isn't the only place to get risk scores but it is the only place you can get them for free, for any business in Australia.

So if you're keen to start making small adjustments in your decision-making about who to do business with and who to avoid, head on over to the Bizly website and perform your first search for free.

We think you'll like it :)